Estate Planning & Artists: Light Shed by Thomas Kinkade’s Estate Plan

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Thomas Kinkade was an American painter who passed away in April of 2012. He passed away unexpectedly as a result of acute intoxication from alcohol and Valium. At the time of his death, he was legally separated from his wife and lived with his girlfriend. As part of the legal separation, Mr. Kinkade and his wife had divided some of their assets and Mr. Kinkade had received full ownership of his home. He and his estranged wife had also executed ...

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International Estate Planning: Estate Tax Planning Issues Involving a Non-Citizen Spouse

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International Estate Planning: Estate Tax Planning Issues Involving a Non-Citizen Spouse

Entire books could be written on estate tax planning for non-citizens. Here is a short analysis of the relevant issues involved with an estate plan for a non-citizen when married to a US citizen. The examples in this analysis involve a husband who is an Oregon resident a US citizen with a taxable estate for federal tax purposes whose wife is a non-citizen.

Issues Regarding a Green Card Holder Serving as Trustee of a Revocable Trust

If a non-citizen serves as trustee, ...

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Beware of Unintended Consequences of Beneficiary Designations

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Beware of Unintended Consequences of Beneficiary Designations

A beneficiary designation is when you name a specific person to receive your assets when you pass away. Retirement accounts, annuities, life insurance, pay on death accounts, all require beneficiary designations. You make these designations outside of traditional estate planning documents, such as a Will or trust.

Beneficiary designations can be very helpful because they allow assets to pass to beneficiaries automatically at your death without needing to go through a formal estate administration process.  The named beneficiary does not have ...

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Pets inherit the house: Portland owner’s life insurance policy goes to the dogs, cats

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A friend’s sudden death that left two old cats orphaned forced animal rights activist Elaine Budlong to face the future: What will happen to her cats and dogs when she dies?

“It’s a romantic notion to think ...

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Oregon Estate Transfer Tax Compliance Issues: Beneficiary Designations

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When a decedent who owned over $1,000,000 in assets passes away and all of his or her assets pass via beneficiary designations and not through the normal channels of estate administration, such as probate or trust administration, the Oregon Estate Transfer Tax Return (OR706) may slip through the cracks. This can result in hefty tax penalties and interest.  But how does the Oregon Department of ...

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Oregon Estate Planning: The Basics

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Basic Estate Planning

 

Are you considering creating or updating your estate plan?  Here is some helpful information to help you understand the basics about estate plans.

What is an Estate Plan?

An estate plan is a set of documents that provide instructions regarding your care and management of your assets if you become incapacitated and what happens to your property when you die.  ...

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Gert Boyle: A Case Study in Surviving Unexpected Business Transitions

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Originally published in the Portland Business Journal in March of 2017. 

Gert Boyle is the famous face of Columbia Sportswear and the first woman ever inducted into the International Sporting Goods Hall of Fame. How she got there should be an inspiration for small business owners and anyone facing daunting odds. She defied cultural expectations, both in terms of gender roles and traditional retirement age. ...

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Conservatorships vs. Guardianships: Learn the Basics

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Who can serve as the guardian or conservator?

  • A court will honor the protected person’s express wishes for who he or she would like to serve as guardian or conservator, if possible.
  • Usually a family member will serve as guardian or conservator, but he or she must be qualified to serve.
  • If there are family conflicts, or if no family member is qualified to serve ...
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Care and Estate Planning for Alzheimer’s Patients

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Originally published in the Portland Business Journal on March 14, 2016. Co-written with Tracy Morgan, executive director at the Alzheimer’s Association’s Oregon Chapter. 

Since 1982, the Alzheimer’s Association has invested more than $350 million in more than 2,300 scientific investigations.

Thanks to the efforts of the Alzheimer’s Association and its partners, Alzheimer’s disease is now at the forefront of biomedical research, ...

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Tax Law Lessons: The Drawbacks of GoFundMe Accounts

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Originally published in the Portland Business Journal on August 24, 2016

On Oct. 1, 2015, Chris Mintz was shot seven times while trying to protect others from the gunman at Umpqua Community College in Roseburg

The day after the shooting, his cousin set up a GoFundMe account to raise $10,000 to help pay for his medical bills. Within three weeks, ...

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