Rumors are circulating that the $5 million lifetime gift exemption will end on November 23 when the Congressional Super Committee makes it recommendations. If you are contemplating making a large gift, I advise doing it now rather than taking a chance by waiting later.

In an interview with an estate planning author, the key points are to have flexible documents and that attorneys add value over the low cost of do it yourself will packages.

Half of the top 10 richest individuals in the US inherited their wealth. The US could be returning to a period where large fortunes were the result of trust funds or energy production.

Five years after his death, the estate of James Brown remains embroiled in litigation. One of the lessons to be learned is to update estate planning documents after a re-marriage or birth of a child. His failure to do so has led to some of the litigation.

Steve Jobs apparently used trusts to shield his post-mortem financial affairs from the public. I have always viewed privacy as an ancillary benefit of trust planning (behind estate tax reduction, delaying distributions to children, and avoiding the probate process), but in the case of Steve Jobs, who reveled in secrecy, the privacy provided by trusts is paramount.