IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly. Just when advisors began to get comfortable with the new 10-year rule, the United States Treasury Department promulgated proposed Treasury Regulations early in 2022 adding additional complexity to that rule by requiring annual distributions for a non-EDB of a participant who died after their Required Beginning Date. Once again, the SECURE Act includes additional provisions … [Read more...] about What You Need to Know About SECURE Act 2.0
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How Can an Estate Be Contested?
It is important to work with an estate planning attorney when you are asserting your final wishes because there are legal ramifications. In order for a will or trust to be valid, everything must be done correctly, and a layperson would have no reason to understand the laws. Will Contests When a will is used as an asset transfer vehicle, the testator will name an executor in the document to act as the estate administrator. The will would be admitted to probate, and the court would provide … [Read more...] about How Can an Estate Be Contested?
The Importance of Having an Estate Plan
We all know that we should create an Estate Plan, yet so many of us procrastinate in undertaking such an important task. Creating an Estate Plan represents a simple, yet effective way to provide comfort and stability to your family upon your death by ensuring that your assets pass in the way that you want to whom you want. Unfortunately, so many encounter a tragedy or crisis before prioritizing their Estate Plan, sometimes it is too late. As headlines often remind us, even those with significant … [Read more...] about The Importance of Having an Estate Plan
Answers to Three Common Estate Planning Questions
We have spoken with countless clients over the years. They are making very important decisions, so communication is key. We answer all questions thoroughly, and we provide detailed explanations. In this post, we will look at some questions that we are often asked, and we will provide brief answers. This will give you a basic foundation of information to draw from. There are other resources available on this website that you can utilize to learn more. What happens if I don’t have any estate … [Read more...] about Answers to Three Common Estate Planning Questions
Estate Administration 101
You should see the complete picture when you are devising your estate plan. Clearly, you have to state your wishes with regard to the way you want your assets to be distributed. At the same time, you should also consider the actions that must be taken to bring these wishes to fruition. With this in mind, we will provide an overview of the estate administration process in this post. Simple Wills and the Probate Process If you use a will to direct postmortem asset transfers, you would name an … [Read more...] about Estate Administration 101
Tis the Season for Giving
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. Creating a charitable giving strategy can be a great way for taxpayers to save on taxes while benefiting their community. Certain techniques can be used in conjunction with others to maximize the benefit of charitable giving. Read on to learn more. … [Read more...] about Tis the Season for Giving
Why Do You Need an Elder Law Attorney?
The term “elder law attorney” may sound kind of confusing at first. Why would anyone need a certain type of legal representation just because they are a senior? That’s a good question, and we provide the answer in this post. Key Medicare Limitation If you have paid into the program sufficiently throughout your working life, you will qualify for Medicare when you reach the age of 65. Though there are out-of-pocket costs, Medicare will pay for most of the health care expenses that seniors … [Read more...] about Why Do You Need an Elder Law Attorney?
Inheritance Planning for Blended Families
A significant percentage of first marriages end in divorce, and most of these individuals get remarried eventually. Of course, there are also widows and widowers that tie the knot. As a result, we have a lot of blended families in the United States. If you are getting remarried as a parent, you should definitely consider the inheritance planning implications. Honest Communication It can be a bit scary to propose to your significant other. It is such a big step for you, and of course, there … [Read more...] about Inheritance Planning for Blended Families
Tax Planning for 2023
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2023 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2023
4 Things Trusts Do That Wills Can’t Do
Far too many people assume that estate planning boils down to the creation of a will. In fact, there are limitations when you use a will. On the other hand, there are trusts that can accomplish things that cannot be done with a will. In this post, we will look at four of them. Nursing Home Asset Protection When you reach the age of 67, your life expectancy is 87 years if you are a woman, and 85 years if you are a man. Most people expect to live long enough to collect Social Security. If you … [Read more...] about 4 Things Trusts Do That Wills Can’t Do
