Strauss & Associates, P.A.
The Strauss & Associates Blog
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Sample Letter to the Family
Posted on: April 23rd, 2013
We often encourage clients to write a letter of wishes or instruction to their family regarding their estate plan. Below is a sample:...
Do you own a Gun?
Posted on: March 27th, 2013
Recent tragic events highlight the importance of maintaining a dialogue about the responsible, accountable and safe possession and transfer of firearms in our country....
What the New Tax Law Means to You
Posted on: January 17th, 2013
As you probably know, Congress avoided the so-called fiscal cliff by passing – at the 11th hour – the American Taxpayer Relief Act of 2012 (the 2012 Tax Act), signed into law by the President on January 2, 2013. The 2012 Tax Act makes several important revisions to the tax code that will affect estate planning for the foreseeable future. What follows is a brief description of some of these revisions – and their impact:...
Ten things to do before the end of 2012
Posted on: October 30th, 2012
The end of the year will be here before we know it. But there is still time to meet some major estate planning goals. Here are ten things to do before the end of 2012.
1. Have your estate
...
Veterans Administration Benefits for Long Term Care
Posted on: October 30th, 2012
Many wartime veterans and their surviving spouses are now spending significant amounts of money on their medical needs, and are also facing long-term care expenses or will need some type of long-term care in the near future. The Veterans Administration has funds that are available to help pay for Medical expenses and Long Term Care, but many families do not know that these benefits exist.
...
Business Succession
Posted on: September 14th, 2012
Have you been looking forward to the day you can retire, perhaps turn your business over to a son or daughter, or sell it? Even if you are not planning to stop working, you need to plan for the day you cannot run your business due to unforeseen illness or death....
Should we discuss our estate plan with our children?
Posted on: July 13th, 2012
This is a delicate decision that depends on your family, the relationship between you and your children, the relationships your children have with each other and whether or not you are treating your children equally....
Three Myths about Estate Planning
Posted on: July 13th, 2012
1. I’m too young to worry about estate planning.
Reality: If you’re young, you need to map out an estate plan to protect your loved ones, minor children in particular....
How does an irrevocable insurance trust work?
Posted on: July 13th, 2012
An insurance trust, like any trust has three parties. The grantor or trustmaker is the person creating the trust. The trustee is the person selected to manage the trust. The trust beneficiaries are the person(s) you name who will receive the trust assets after you die....
Art and Collectibles in your Estate
Posted on: July 13th, 2012
I have collected art throughout my life; some of it is quite valuable. Is it included in my estate for tax purposes?...
We both have children from prior marriages, how can our estate plans protect them?
Posted on: June 21st, 2012
It is extremely disturbing to hear about situations where one spouse received property from the other then left it to his or her own family excluding the spouse’s children. Sometimes this happens inadvertently through lack of planning or bad planning rather than a deliberate intent to exclude them....
The Most Important Love Letters You'll Ever Write?
Posted on: March 7th, 2012
Many people have the misperception that estate planning is simply preparing for what happens at death and is only necessary for the wealthy or affluent. To the contrary, estate planning is as much about passing values to loved ones as it is about passing material possessions....
What can I do to provide for my pets?
Posted on: February 24th, 2012
Many of our clients have expressed concern about providing for their pets if they are unable to care for them....
Planning Opportunities Available to Affluent Families
Posted on: January 24th, 2012
With the $5.12 million per person federal tax exemption ($10.24 million for married couples), most of the estate planning “talk” these days has been on the planning opportunities available to wealthy families. However, the need for estate planning affects everyone!
...
70 percent of intergenerational wealth transfers fail
Posted on: January 20th, 2012
Recently, a Forbes article claimed that "70% of intergenerational wealth transfers fail." This conclusion was reached in a new Williams Group study examining the long-term effects of wealth transfers in 3,250 families. According to the study, "Failure" means situations where the heirs wasted wealth, often with the family assets becoming a source of fighting and family discord....
Financial Power of Attorney
Posted on: January 16th, 2012
As you begin the process of estate planning, one of the considerations you should make it who you would like to handle your affairs and make decisions on your behalf if you become unable to do so for yourself. Some of the tools available to do this include living wills and various powers of attorney, such as a durable health care power of attorney and a financial power of attorney...
Pre-Need Funeral Contracts — What You Need to Know
Posted on: January 16th, 2012
Most, if not all, funeral homes offer pre-need funeral arrangements. Pre-need simply means you pay for your funeral arrangements in advance.
The allure of the pre-need arrangement is the sense of security it provides to those who wish to leave as little of a burden as possible on their loved ones...
What are Conservation Easements?
Posted on: January 12th, 2012
What would a conservation easement do for me?...
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