![]() ![]() While this article focuses most of its attention on clients facing a shorter life expectancy (including the elderly, chronically ill and terminally ill), all affluent clients should consider the relevant traps and opportunities of planning in 2012. You might also want to alert your staff that all Fall vacations are canceled. ![]() If you are an appraiser, a tax adviser or an estate planning professional representing affluent clients, cancel those vacations you were considering for the Fall of 2012 – it is going to be a very busy year-end. For example, if your parent is terminally ill, do you pull the plug early enough in 2012 that you are assured of a passage before year-end? Some terminally ill clients may decide to take matters into their own hands before the end of 2012.Īs the national media have recently discovered, 2012 will be a year of massive gifting by affluent clients. If Congress failures to adopt new estate tax laws before the end of 2012, we will see some rather peculiar and unsavory choices. Given that those few days might cost the family over $3.0 million in additional federal estate taxes, how often would the response be: “ Doc … could you work with me here?“ His doctor comes to his children and says he can keep dad alive for a few days into 2013. Assume a terminally ill, unmarried client’s estate is valued at $10 million. Planning for the death of a client is never an easy process, but as we near the end of 2012, that process will become more complicated and perhaps a bit macabre. Jeff owns one of the largest collections of tax memorabilia in the U.S. Jeff is a nationally recognized speaker on estate, business and tax planning issues and has been quoted extensively, including multiple times in the Wall Street Journal. He has held an “AV” preeminent ranking from Martindale-Hubbell since 1990. ![]() He has been selected for inclusion in Georgia Super Lawyers and as a Five Star Wealth Advisor for the last four years. He is the author of over 240 published articles and columns. Jeff served as Founding Editor of the NAEPC Journal of Estate and Tax Planning for five years and was Co-Editor of Commerce Clearing House’s Journal of Practical Estate Planning for two years. He is a member of the Board of Trustees of the University of Florida College of Law and holds a BSBA in accounting, J.D., and LL.M (Tax) from the University of Florida. (“Jeff”) Scroggin has practiced as a business, tax and estate planning attorney (and as a CPA with Arthur Andersen) in Atlanta for 33 years. “Anyone who says they know what the tax rules will be after 2012 is either clairvoyant or deranged!” Afterward, the individual can decide who they believe is the best fit to handle their end-of-life decisions as well as who to give their property after death.“Life is pleasant. To create an estate plan, an individual will need to understand the laws in their State and gather a list of their assets. This is especially useful in the chance a person can no longer pay bills or take care of everyday matters for themselves. Power of Attorney – Select an individual to act as an agent and make financial decisions while alive. Select a spouse or family members and detail exactly who will and who won’t be a beneficiary. Last Will and Testament – Used to designate how personal assets will be distributed after death. Also allows the selection of end-of-life treatment options. ![]() Estate Planning Checklists: By StateĪdvance Directive – Choose a person to assist and make medical decisions in the chance someone cannot do so for themselves. In addition, someone can establish who will get what after they die and whether it’s best for the estate to go through the probate process. This will allow a person to decide who they would like to handle their personal finances if they should not be able to themselves. By following the checklist, an individual can get an idea of the estate laws in their State and choose which forms suit their personal financial situation best. An estate planning checklist is a guide on how to plan an individual’s assets and end-of-life health care if they should die or become incapacitated. ![]()
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