THE ESTATE TAX AND STUPID LAWYERS

Last year, a lawyers group, Wealth Counsel, conducted a survey of estate planning lawyers from all over the US.  I participated in the survey.

63% said they opposed repealing the estate tax.  32% said they supported taxing "beneficiaries who did not earn their wealth", and argued that not taxing the family inheritance "could create generations of individuals who stand idly by without being productive members of society". (A Look Inside The Estate Planning Industry:  Key Findings From the 4th Annual Industry Trends Survey)

While there are some reasonable arguments in support of the estate tax, the arguments above are just plain stupid.  

What they are saying is that they think your family shouldn't get your inheritance because your family didn't earn it.  

Well.... the government didn't earn it either; so why should it go to the government? 

 Are they looking out for their clients?   It doesn't appear so.

In my experience, all of my clients, poor or wealthy, want to give their estate to their families.  


If that natural and universal objective is repugnant to 2/3 of the estate planning attorneys out there (assuming the survey is accurate), how can they faithfully go about advising their clients on tax avoidance in estate planning?

I have no problem helping my clients protect their family through their estate plan.  

Who gets to decide whether the family deserves the client's inheritance?   It's not for me as the lawyer to decide that; that's the client's decision.


Being a lawyer is about jealously advocating for your client's legal rights, not about inserting your political views onto your client's motives.


Finally, many of my clients who have businesses commonly have the family working in the business itself.  Mom and Dad have often retired, and its the kids and grandchildren who are running the business.  Sometimes, making it more successful than their parents.  Wouldn't they deserve to get the family business in the estate? 



The bottom line is that estate planning attorneys should be advocates for their clients, not for the government, or others.   It is the clients goals and objectives that should be front and center in the representation of the client.


For more information about estate planning, including estate taxes, please visit my website at:


TOMPKINS-LAW.COM




  Dwight Edward Tompkins
Estate Planning Attorney

This blog is intended for informational purposes only and is not a substitute for legal advice from a qualified estate planning attorney in your jurisdiction.
 

10 PHONE CALLS TO MAKE AFTER THE DEATH OF A LOVED ONE

When a family member passes away, there are several phone calls to make.  In each case, follow-up calls, meetings, and paperwork will probably be required.

Also, the order of the calls may be different depending on the circumstances; however, the following list is a good general guide:

1.  Funeral home
2.  Family & friends
3.  Veteran's office
4.  The deceased's employer
5.  Attorney
6.  Social security office
7.  Insurance company
8.  Local newspaper
9.  Credit card companies & utilities
10. Banks

For more information, please visit my website:
TOMPKINS-LAW.COM

Dwight Edward Tompkins
Estate Planning Attorney

This blog is intended for informational purposes only and is not intended as a substitute for legal advice from a qualified estate planning attorney in your jurisdiction.

WILL YOU BE PREPARED WHEN THE FAMILY "HOARDER" DIES? (Part 3)

In concluding our 3 part series on hoarders, this final installment lists some of the dangers, both physical and emotional in combing through the family hoarder's home.

Some of these items involve proper removal and disposal:

• Firearms
• Ammunition, live and vintage
• Pornography
• Child Pornography
• Drugs
• Drug labs and materials
• Hazardous materials such as paints, solvents, cleaners, etc.
• Mercury
• Carcinogens such Benzene, Toluene and Asbestos
• Expired canned food

• Exploded cans of soda

One CPA reported that he worked on an estate of a pathologist who had samples of his favorite diseased kidneys, gall bladders, and other body parts at his home as specimens in a collection.

Ventura County Environmental Health Officer, Greg Smith observed:   "Hoarders have often become subjects of significant hazardous waste cleanups.  A local Environmental Health or Fire Department can provide guidance for proper handling and disposal; in addition, State or Federal Superfund accounts may provide financial assistance."


Families have to be careful about the handling and reporting of illegal materials such as drugs and child pornography, as these materials are evidence of a crime.


Interestingly, one accountant stated that the family of one hoarder sold his porn collection on eBay in the adult section, and "made double [the] cleanup fee on stuff that the family originally just wanted to toss out".


These kinds of situations require not only the attorneys and accountants, but appraisers, environmental health, fire, police, and clean up specialists to be involved at different levels depending on the situation.


TOMPKINS-LAW.COM

Dwight Edward Tompkins
Estate Planning Attorney

 This blog is intended for informational purposes only and is not a substitute for legal advice from a qualified estate planning attorney in your jurisdiction.

YOGA TO THE WORLD: How Many Calories Do I Burn Practicing Yoga?

YOGA TO THE WORLD: How Many Calories Do I Burn Practicing Yoga?: "'Is yoga a good workout?' I hear this question all the time. What I really think people are asking is “How many calories can I actually burn..."