The Restoring American Financial Stability Act of 2010 passed the U.S. Senate late yesterday by a vote of 60-39 and now goes to President Obama for signature, which is expected to happen by next week.

In an Associated Press article, Federal Reserve Chairman Ben Bernanke, who will be charged with implementing the new law, said the Senate vote represents a “far-reaching step toward preventing a replay of the recent financial crisis.”

Besides instituting new reforms aimed at reining in the excesses of recent years on Wall Street, the new law will create a Consumer Financial Protection Bureau to develop and enforce regulations on mortgage lending, credit cards and other financial products.

The new law also gives the government new powers to break up companies whose poor financial conditions threaten the economy.

To download a copy of the entire Restoring American Financial Stability Act of 2010, click here.

To learn how the new laws may impact your financial or estate planning, consult with your California estate planning attorney.

French cosmetics heiress Liliane Bettencourt gave gifts totaling approximately $1.23 billion to a society photographer she says is her friend.  Her only child, daughter Francoise Bettencourt Meyers, begs to differ and has filed suit in a French court against photographer and author Francois-Marie Banier.

Meyers says that Banier manipulated her mother, now 87, into providing him with gifts of cash, art and real estate.  Under French law, Banier has been charged with “abuse of weakness” and could face both time in prison and a hefty fine.

The L’Oreal heiress says she was not manipulated and is opposing her daughter’s suit against Banier.

The trial was disrupted this week by new evidence presented by the plaintiff’s attorney:  a number of audio recordings made secretly by Bettencourt’s former butler that have the heiress talking about hidden assets, including undeclared bank accounts.

According to news reports, the tapes reveal that Bettencourt has been hiding millions of euros in Swiss bank accounts to avoid paying taxes while employing the wife of France’s former budget minister as a financial advisor.  That budget minister – Eric Woerth, now France’s work and pensions minister – had led a well-publicized campaign against tax evasion.

The movies have given people certain expectations when it comes to a death in the family and probating a will; this Hollywood portrayal includes an attorney, a book-lined office, and the entire family assembled for a formal reading of the will which ends in shocked gasps as the entire fortune goes to an unknown and unlikely character. Inevitably, there is some intrigue surrounding a possible forgery of the will.

This Hollywood portrayal may be completely off base, but the basic premise is based on the very real feelings that come with the death of a loved one: helplessness, confusion, familial bonds, and sometimes even betrayal. Forged or secret wills may not be as common as the movies may have us believe, but as recent events and this article in the Wall Street Journal reveal, they aren’t completely unheard of either.

So what should you do if you suspect that the will of a loved one has been forged or tampered with? First of all, don’t try to deal with the situation alone. Dealing with the death of a loved one is stressful and emotional, and everyone—including you—is likely to be quicker than usual to react without thinking. Instead, seek the advice of a trusted third party, someone who can help you distance yourself and look at the situation objectively.

As mentioned in the article above, will forgeries are very rare, but incidents of testators (especially elderly testators) being unduly influenced are sadly not rare enough. If you suspect foul play was involved in the creation of a loved one’s will, make an appointment with an estate or probate specialist. We can help you work through your suspicions in a safe environment and explore your options should you feel the need to take action.

In the estate planning business we help people plan for the future, not only for their children and heirs but for themselves as well; which is why we are pleased to share the news that it just got a little bit easier to plan for your own financial future, because according to this article on Emax Health the IRS has just approved higher tax deductions for long-term care insurance.

Advancements in health care and our standard of living mean that Americans are living longer than ever before, but that doesn’t mean they’re living better in their old age. Very few of us get to be healthy and hearty until our dying days; rather, most aging Americans will experience a slow decline in their mental and physical health, and require some kind of nursing care, either at home or in a nursing facility. Unfortunately, the cost of that care is prohibitively expensive, and once a patient’s own financial resources have been exhausted the burden then falls on their family, or they end up relying on government benefits.

Long-term care insurance is one way of planning ahead to pay for the nursing care that most of us will almost assuredly need. The higher tax deductions approved by the IRS offer one more reason to consider long-term care insurance: by planning for your future you can save on your taxes right now. But do your research and consult with a professional before you jump in, because the deductions are available only on “qualified” policies, and there are limits to how large a premium can be deducted depending on the age of the taxpayer at the end of the year.

The Ohio Supreme Court has recently taken strong action against two co-owners in a company participating in an illegal “trust mill” operation. According to this article from the Associated Press, the two owners, Jeffrey and Stanley Norman, have been permanently barred from marketing or selling their trust products in Ohio after they were found to have committed “more than 3,800 acts of unauthorized law practice.”

Unfortunately, Jeffrey and Stanley Norman are not the first unscrupulous characters to try to pull one over on the general public. Trust mills exist in every state, and although seniors are often the main targets, anyone can fall victim if they aren’t careful. These trust mills may offer inexpensive documents, but the cheap product is exactly that—cheap. At best these cheap documents are nothing but generic forms with your name slipped in, they do nothing to reflect your family’s needs or desires. At worst the documents delivered by Trust Mills won’t even adhere to the laws of your state.

So be wary of any will or trust that is offered at a price too good to be true. Be wary of anybody who tries to sell you a trust or estate plan at a “great price” and at the same time tries to sell you other “related” products such as life insurance or annuities. Be wary of anybody who will come to your home or meet you at a restaurant, but has no local office or local phone number. And be wary of anybody who will have you fill out a form and sell you a trust online.

A good trust should be drafted by an experienced attorney who specializes in estate planning and who practices (and usually lives) in your state of residence. A good trust is drafted after that attorney has met with you, interviewed you, and given you a chance to ask questions as well.

Don’t fall victim to con artists like Jeffrey and Stanley Norman. Be wary, be aware, and be willing to pay for an estate plan that will legally protect your assets and your family.