As the Baby Boomer Generation retires and eventually dies, the greatest transfer of wealth will occur and according to many sources, it will dwarf any prior wealth transfer. This transfer gives those anticipated to inherit the wealth a great opportunity to open the lines of communication with their families to plan for the shift that has already started. Read on to learn more. … [Read more...] about Gen X – This One’s for You (Really Every Generation Should Read This)
For retirement-focused individuals, the individual retirement account (IRA) serves as a key strategy. These accounts provide an invaluable pool of resources during retirement. However, there may be instances when you don't need immediate access to these funds. In such cases, your IRA can form a crucial part of your estate plan. This article elaborates on important aspects of IRA inheritance planning, focusing on the two popular types of accounts: traditional and Roth IRAs. Unpacking … [Read more...] about Understanding IRA Inheritance Planning: Key Considerations
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case … [Read more...] about What We Can All Learn from Diller v. Richardson – Part II
Estate planning is a pivotal process that ensures the seamless transition of wealth and assets to the next generations. Irrevocable trusts have grown increasingly popular within estate planning for their ability to safeguard assets and limit tax liabilities. Nevertheless, changes in circumstances or evolving legal conditions may warrant adjustments to these seemingly unalterable trusts. Here's where "decanting" steps in. Decanting is a process empowering trustees to shift assets from one … [Read more...] about Irrevocable Trust Decanting Provides Flexibility
Many people are under the impression that a last will is the most simple and efficient estate planning tool. They assume that trusts are only useful for very wealthy individuals that have complex inheritance planning concerns. In reality, the administration of a will is actually quite complicated. However, you can create a type of trust that benefits people who are not among the financial elite. Probate Process When it comes to the complications, the process of probate is the culprit. If … [Read more...] about Inheritance Planning Solution for a Spendthrift Heir
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case … [Read more...] about What We Can All Learn from Diller v. Richardson
People are sometimes confused about the way that taxes can impact inheritances. Most folks have heard of the terms “inheritance tax and “estate tax,” and many harbor some misconceptions about them. The first one is the assumption that these are two ways of describing the same tax. This makes total sense on the surface, but in fact, they are two different forms of taxation. Tax Mechanics An estate tax would be applied to the total taxable portion of an estate before it is transferred to the … [Read more...] about Is There a Difference Between an Estate Tax and an Inheritance Tax?
Planning your estate is a complex and vital task involving critical decisions about your assets' management and distribution. While the prospect of using online resources or DIY estate planning kits might seem appealing, the DIY approach poses significant dangers and pitfalls. In this article, we'll highlight the risks of DIY estate planning and underscore the importance of hiring a seasoned estate planning lawyer. Such a professional can protect your interests and guarantee a thorough and … [Read more...] about DIY Estate Planning: Why Take the Risk?
Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and sometimes they die before the thought of creating an Estate Plan ever crosses their mind. Unfortunately, the issues that arise from a lack of proper Estate Planning on death don’t care who we are. As this blog demonstrates, even celebrities struggle with creating a comprehensive Estate Plan. Read on to … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Everyone is aware that you can decide how you want your assets to be distributed after your passing when you create an estate plan. At the same time, wealth preservation is another part of the equation if you want to maximize the legacy that you will be able to pass on to your loved ones. Nursing Home Expenses There is a major expense looming, and many people do not think about it until it is too late. Over one third of senior citizens will spend the end of their lives a nursing homes … [Read more...] about Oklahoma City Long-Term Care Costs Are On The Rise