Category: Estate Planning
“If you like the way the laws are today, you need to take advantage of them now, before they are changed tomorrow. In other words, use it or lose it.” The pundits are saying that the if Democrats win the White House and possibly Congress, expect changes to income, gift generation skipping transfer and estate […]
“One in four American adults live with a disability, according to the Center for Disease Control. One in 10 adults over the age of 65 has Alzheimer’s or dementia, according to the Alzheimer’s Association.” Planning for incapacity is just as important as planning for death. One is certain, the other is extremely likely. Therefore, it […]
“The BENES Act, which cleared committee Wednesday, aims to minimize the chance that beneficiaries get slapped with life-lasting late-enrollment penalties.” More older workers are remaining in the workplace. In 2016, about 60% of 65-year-olds were receiving Social Security benefits, compared to 92% in 2002. Consumer advocates expect that change to result in a growing number […]
“Has the Covid-19 stock market volatility caused your retirement accounts to decline? Will the temporary suspension of required minimum distributions (RMD) or a reduction in your compensation lower your 2020 tax liability?” With a combination of lowered 2020 tax liability, the potential for future tax increases and potentially lower portfolio values, we are in uncharted […]
“If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.” Neglecting to fund trusts is a surprisingly common mistake, and one that can undo the best estate and tax plans. Many people […]
“Probate is the court process to distribute someone’s estate after their death, even if there is a will and is notoriously slow in California.” The nature of the probate process varies from state to state, and even varies from county to county. However, the nature of the process is the same. A court has to […]
“Sometimes beneficiaries end up not receiving their assets. Beneficiaries often lose out because the estate planning wasn’t done properly, but sometimes another family member contests the decedent’s will.” What happens when estate planning doesn’t go according to plan? A last will and testament is a legally binding contract that determines who will get a person’s […]
“Having a child with special needs can come with all sorts of unique challenges from a financial and estate planning standpoint. Public benefits, for example, can play a huge role in anticipating how much money your child will need down the road in your later years, as well as when you’ve passed away.” Many government […]
“So, you’ve decided that a family member won’t be getting an inheritance, after all. Maybe you have an ungrateful or irresponsible family member you want to cut out of the will.” If there’s someone you believe is more deserving or needs more of your help, that may mean someone else in your life may receive […]
“The possibility that a power of attorney might be rejected may be one reason not to simply pull a form off the internet and hope it will be accepted.” It is frustrating when a bank or other financial institution declines a Power of Attorney. It might be that the form is too old, the bank […]
