American Academy and Academy Members Mentioned in Money Magazine!
SAN DIEGO, California – May 18, 2009 – Couples today are facing a new reality when it comes to their net worth and passing their hard earned assets onto their children. With the tumultuous economy, the rise in the federal estate-tax exclusion and changing interest rates it is time to consider reviewing estate planning documents. Carolyn Bigda’s article “Rethink Your Legacy” in the June issue of Money Magazine explores the five questions you should be asking regarding your estate.
Academy Member Tony Perrelli of Hedeker and Perrelli, Ltd. is quoted in the article regarding a grantor-retained annuity trust (grat). “It works like an annuity: You put money in and receive an annual payout based on the IRS-assumed interest rate at the time you set up the trust (it's currently 2.4%). At maturity any appreciation above that goes to designated beneficiaries, such as your children, tax-free. Now that both interest rates and asset values are low, guess what? There's a good chance that the contents of the trust will grow more quickly than 2.4%, with plenty of money left over. ‘That makes this the perfect time to set one up, ’says Tony Perrelli, an estate-planning attorney in Lincolnshire, Ill. Cost: $3,000 to $4,000.”
Another Academy Member Gerald Dorn of Anderson, Dorn and Radar, Ltd. was mentioned in the article. “Before giving your money away, ‘you need to make for darn sure your retirement needs will be covered,’ says Gerald Dorn, an estate-planning attorney in Reno.”
Steve Hartnett lent his expertise to the first question: Give now or later? “‘Doing some giving now is a kind of insurance policy,’ says Steve Hartnett, associate director of education at the American Academy of Estate Planning Attorneys.”
The Academy’s website, www.aaepa.com, was mentioned as a source to find a qualified estate planning attorney.
The Academy is a national organization dedicated to promoting excellence in estate planning by providing its exclusive membership of attorneys with up-to-date research on estate and tax planning, educational materials, and other important resources to empower them to provide superior estate planning services. The Academy expects members to have at least 36 hours of legal education each year specifically in estate, tax, probate and/or elder law subjects. To ensure this goal is met, the Academy provides over 40 hours of continuing legal education each year. For over 16 years, the Academy has been a highly-regarded and sought-after resource for attorneys and consumers alike, and has been recognized by Consumer Reports, Suze Orman in her book, 9 Steps to Financial Freedom and numerous times by Money Magazine.
For further information please contact:
Erin Laverty
858-453-2128 x 111
erin@aaepa.com
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Wesley G. — Kentucky Member