Studies show that more and more Americans are living with an unmarried partner and entering into long-term committed relationships without getting married. Unfortunately, many state and federal laws do not protect unmarried couples as they do married couples when it comes to inheritance, Continue reading
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Options for Transferring Your IRA to a Loved One
Now, more than ever before, Americans are using a variety of tax-deferred accounts such as 401(k)s and IRAs to save for retirement. For many of my clients, their retirement account is their largest asset. And while the laws are currently designed so that people must start withdrawing Continue reading
How to Talk to Mom and Dad About Creating an Estate Plan
Conversations about incapacity, death, and dying are rarely fun. Most people avoid them because it can be unsettling to discuss failing health and the inevitability of death. Engaging in these conversations can be particularly difficult for parents and their adult children. Adult Continue reading
Caution: Creditors Are a Threat to Inherited Retirement Accounts
Do you have an IRA or other type of retirement account that you plan to leave to your loved ones? If so, proceed with caution. Inherited retirement accounts do not have asset protection when they pass to your loved ones, according to a 9-0 ruling from the United States Supreme Court Continue reading
Five Reasons to Protect Your Retirement Accounts Now
Your retirement accounts come with some great features. Two of the primary features are tax-deferred growth and asset protection. However, these great features do not fully pass to your loved ones after your death. The tax-deferred growth is limited, with some exceptions, to a ten-year Continue reading
What to Know If Your Deceased Loved One Owned Firearms
According to the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), from 1986 through 2018, tens of millions of firearms were both manufactured in and imported into the United States. Where are those guns today? They are most likely filling gun safes, closets, nightstands, Continue reading
What If I Can’t Find My Loved One’s Documents?
If a loved one has recently died or become incapacitated and unable to manage their affairs, finding the person’s estate planning documents is essential. The estate planning documents are critical to making decisions on the loved one’s behalf, gaining access to accounts, and discovering Continue reading
Reviewing Your Real Estate Plan After the Death of a Loved One
The death of a loved one is never easy. Space and time is needed to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan with any changes that might be needed because of your loved one’s death. Here Continue reading
Reviewing Your Accounts and Property upon the Death of a Loved One
One of the primary guiding factors in estate planning is how assets are owned or titled. A goal in planning is usually to avoid assets being only in your name when you die. Otherwise, assets will be subject to probate, a costly, public, and time-consuming court process that can be Continue reading
My Loved One Has Died – What Do I Do Now?
When a family member or other loved one dies, grief and shock can sometimes be overwhelming. The last thing most people want to think about is making phone calls or funeral arrangements. Some things do not need to be done immediately, but there are some steps that should be taken Continue reading
Ways to Leave Your Real Estate to Your Loved Ones (and the Pros and Cons)
Real estate can be owned in several ways, each carrying important legal consequences. Failing to understand how you legally own your real estate and how it will be passed on to your loved ones can lead to unintended, and often negative, consequences.
Outright Gifts at Death
Gifts In Continue reading
Third-Party Supplemental Needs Trust
If you want to provide for a loved one who is disabled or has special needs when you are no longer here, care must be taken to ensure that the inheritance you leave will help rather than harm your loved one. An inheritance received outright could disqualify your loved one from receiving Continue reading
Some Important Numbers for 2021
Each year, certain numbers that are relevant for estate and elder law planning are updated and released. Here are a few of the important numbers to be aware of for 2021.
Estate Planning
The estate and gift tax exemption for 2021 is now $11.7 million per individual, up from $11.58 million Continue reading
The Importance of a Successor Trustee
An estate plan that includes a revocable living trust is an excellent way to protect yourself and your loved ones upon your passing or in the event you are unable to manage your own affairs. In contrast to other estate planning options, a revocable living trust gives you the ability Continue reading
Five Mistakes Successor Trustees Make (and How to Avoid Them)
When establishing a trust, you must give serious thought to who you choose as your successor trustee—the person who will manage, invest, and hand out the trust’s accounts and aasets once you are no longer able to do so. This individual (or entity) should be:
- someone you trust;
- someone Continue reading
The People Involved in Your Estate Plan
Estate planning is the process of making decisions about what happens to you, your money, and your property when you pass away or can no longer make decisions for yourself. Everyone over the age of eighteen has the need for some level of estate planning. Regardless of the amount of Continue reading
Buyer Beware: How to Avoid Estate Planning Scams
According to reports, many individuals are victims of financial fraud as they age. One report conducted by the U.S. Consumer Financial Protection Bureau of people ages 50 and over, found that victims of financial fraud lose $34,200 on average to scammers.
In some instances, the scams Continue reading
How to Own Your Real Estate
You may own real estate other than just your primary residence, such as a vacation home or a rental property. Depending upon the type of real estate you own, the ideal form of ownership can vary. Let’s take a look at some different types of real estate and consider the best form of Continue reading
COVID-19: A Reminder of Why Estate Planning is Important
COVID-19 has been a stark reminder that we do not know what our future brings. We do not know what is around the corner that may affect our ability to care for ourselves or our loved ones. To deal with the virus, we should all do what can to care for our neighbors and communities Continue reading
You Inherited a Retirement Account: Now What?
Many Americans have accumulated large amounts of wealth in their retirement plans. For many, their IRA or 401k is the highest value asset that they own. While these assets are great for retirement planning, they were not designed to be efficient assets for wealth transfer. It is important Continue reading
Funeral Planning: How a Remembrance and Services Memorandum Can Help
While no one may enjoy thinking about their own funeral, making arrangements in advance yourself may be one of the most thoughtful acts you can do for your loved ones. When you include funeral planning as part of your estate plan, you can spare your grieving loved ones from having Continue reading
Wills vs. Trusts: A Quick and Simple Guide
Confused about the differences between a will and a trust? If so, you are not alone. Here is a quick and simple guide to help you understand the basics.:
What a Revocable Living Trust Can Do – That a Will Cannot
- Avoid probate during life—conservatorship and guardianship. A revocable Continue reading
What is a Medallion Signature Guarantee, and Do I Need One?
A critical part of estate planning with a living trust is aligning your assets with the trust. When transferring stock and bonds to your trust, you may be required to provide a medallion signature guarantee (MSG) as part of the process. An MSG is a unique tool used to protect the Continue reading
Choosing a Corporate Trustee
It is important to make plans for what happens to your money and property if you become incapacitated and after you pass away. Although this planning may cause feelings of fear and uncertainty, it is essential to face those decisions head-on. You must determine what people, things, Continue reading
Planning with Retirement Accounts – The SECURE Act
For many Americans, their largest asset is their retirement account. January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) went into effect. The Act is the most impactful legislation affecting retirement accounts in decades. It has some positive Continue reading