Category: Estate Planning
“The stretch IRA is dead and everyone (including me) is writing about how this is the apocalypse for IRA planning. Well, it isn’t. Let’s all take a deep breath.” Yes, the SECURE Act has eliminated the use of the stretch IRA, which is the ability to pass an IRA down to a child or grandchild […]
“A power of attorney, similar to a last will and testament, is a powerful document that must be created before it becomes necessary.” All too often, people wait until it’s too late to execute a power of attorney. It’s uncomfortable to think about giving someone full access to our finances while we are still competent. […]
“Giving appreciated stock shares, donating your RMDs and using charitable remainder trusts are just a few of the options you may not be aware of to help charities and your heirs at the same time.” America is a country of generous people. We give to organizations that we feel connected to, and we give to […]
“There were only approximately 1,900 taxable estates in the U.S. in 2018, which is less than 0.1 percent of people who died that year.” The federal estate tax has been a small but steady source of federal revenue for nearly 100 years. The tax was first imposed on wealthy families in America in 1916. They […]
“The most common misconception estate planning attorneys hear is that someone doesn’t need an estate plan because their client isn’t elderly or on death’s door.” Estate planning is something anyone who is 18 years old or older needs to think about, advises the article “Estate planning for every stage of life” from the Independent Record. […]
“During the estate planning process, these beneficiary designations are reviewed to ensure that the beneficiaries are correct, and that the distribution of these assets conforms with the client’s intended estate plan.” Naming a beneficiary on a non-retirement account can result in an unintended consequence—it can even topple an entire estate plan—reports The National Law Review […]
“With all the media buzz about guardians stealing money from those whom they are meant to protect and overall financial abuse issues involving seniors, it’s a good moment to revisit how surrogate decision-making works.” Protecting yourself or a loved one can take many different forms, since aging takes a toll on the ability to handle […]
“Research shows that moving 401(k)s to after-tax contributions would boost tax returns in the short term, but leave retirees worse off.” Overhauling the retirement savings system is the subject of considerable talk in Washington these days, with the focus on how to give an immediate boost to government tax revenues. With retirement fund accounts being […]
Why You Should Not Name a Trust as an IRA Beneficiary? “For obvious reasons, including control, privacy, asset protection, etc., many clients are interested in putting assets into a trust. For many retirees, their IRA is among their biggest assets. It’s only natural to want to put the IRA into a trust.” An IRA may […]
“One Justice from the Florida Supreme Court commented that the expensive litigation far outweighed any savings resulting from the pre-printed form.” Here’s a real world example of why what seems like a good idea backfires, as reported in The National Law Review’s article “Unintended Consequences of a Do-It-Yourself Estate Plan“. Mrs. Ann Aldrich wrote her […]
