Message from the Firm
By Michael Foster
Few events in life are as difficult as dealing with a loved one who is displaying signs of weakening mental capacity. Estate planners have historically provided for methods of transferring financial control in these situations, to trusted family members or advisors. These financial controls can affect a client's business, business transition, investment portfolio, and personal support and care. As explained in Kaylani Chirra's article, recent changes in Federal law render much of this planning obsolete, and clients must be carefully advised on how to deal with this transfer of financial control under the new law.
We are also pleased to report on a new financial and estate planning technique developed by the Firm, and ratified by the Internal Revenue Service, in dealing with the often difficult problem of asset division and support in connection with a divorce. In the article by Brad Cohen and Kyle Neal, the authors explain how unique and creative solutions can be developed to satisfy the specific financial needs faced in a particular situation. The Firm has a long tradition of developing unique and innovative solutions for our clients, in estate planning, business planning, tax and employee benefits, and this article reflects the Firm's most recent efforts.
As always, if you have a question about an article in this newsletter, please contact the author or me.
Reprinted with permission, © 2005 Reish Luftman Reicher & Cohen. All rights reserved. The Reish Luftman Reicher & Cohen Trust and Estate Advisor Report is published as a general informational source. Articles are general in nature and are not intended to constitute legal advice in any particular matter. Transmission of this report does not create an attorney-client relationship. Reish Luftman Reicher & Cohen does not warrant and is not responsible for errors or omissions in the content of this report.
Learn more about R&R's related practice areas:
Tax, Estate Planning & Probate
