Month: December 2020
“The steady drone of coronavirus news these past nine months has spurred countless older Americans to face a long-procrastinated task: writing—or rewriting—their wills.” While many people have had their wills updated or created in response to the pandemic, millions of Americans have yet to do so, reports the article “How to Stop Stalling On Getting […]
“Many investors took advantage of the pandemic-induced market decline this spring to do big Roth conversions and pay less tax on reduced asset values.” People with large tax-deferred accounts they intend to leave to their children can eliminate a tax burden on their heirs by converting the tax-deferred money over time. By doing the conversion […]
Perhaps you have considered selling your current home, buying a smaller one, and using the difference to help fund your retirement. A recent article on Investopedia.com explores this approach and details the mistakes you must avoid. Here are some of the highlights. Overestimating Your Current Home’s Value Many people overestimate how much their current home is actually […]
“Is it better to transfer the title of the home to us, or to leave it as it is given her age and go through probate?” For a family whose 91-year-old mother lives in her home, has a will and has appointed two sisters as Power of Attorney and executors of her estate, the question […]
“Social Security is a huge source of financial stability for retirees, and married couples, in particular, can benefit dramatically from Social Security.” When to take Social Security benefits is a decision that has major consequences for not only the worker but their spouse. There are a few mistakes the people make that end up costing […]
“After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.” More than two-thirds of all advisors surveyed by Key Private Bank said the hardest part of estate planning is navigating family dynamics, according to a 2019 […]
“One of the biggest wealth transfers our nation has ever seen is about to take place. Over the next 25 years, as much as $68 trillion of wealth will be passed to succeeding generations.” Heirs who are prepared to inherit wealth, with families who talk about wealth and have an estate plan, will do better […]
“There’s much to plan for in life—college, your wedding, your first child, life insurance—and with more than enough to keep you busy, it’s easy to forget about your will.” Even during a pandemic, few people want to spend time thinking about death. However, having an estate plan means having some of the most important documents […]
“Many people work hard to acquire real estate and then later find that that real estate makes them ineligible for Medicaid to help pay for nursing home or in-home, long-term care.” The challenges begin when homeowners don’t do any Medicaid planning and decide the best answer is simply to gift their home to their children. […]
“Death and taxes may be certainties of life, but how much tax your family pays upon your death is still within your control to a certain degree.” Irrevocable Life Insurance Trusts, or “ILITs” are life insurance policies owned by irrevocable trusts used to manage taxes on estates. There are complexities to using an ILIT, but […]
