An outdated estate plan is almost as bad as no estate plan. Either way, it means that things may not play out as expected in the future. Here are some reasons an outdated estate plan could cause you and/or your loved one’s trouble: The wrong executor: You must be able to trust that the executor … Read more
Even individuals with modest estates purchase life insurance which means that Estate Planning attorneys must understand the rules regarding taxation of life insurance. Retention of certain powers or certain transactions could cause negative income, gift, or estate tax consequences.
Many people think that estate planning is simple: You just press a button on a word processor and out comes a Will or other document that does just what you want. However, it’s just not that simple. There are many reasons that it takes someone with years of education and practical experience to advise you … Read more
It’s not the ideal situation, but it’s reality. There will come a time when you need to update your will. This can result from many circumstances, including but not limited to marriage, divorce, bringing a child into your family, receiving an inheritance, or the simple passage of time. Just the same as creating a will, … Read more
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers
An estate plan is one of the most important parts of your life. This may not be something you think about every day of the week, but it’s imperative that you are confident in all its details. Many people create an estate plan, just to assume that they don’t have to revisit it again in … Read more
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application.
Although you may not want to think about it, there could come a point when you must decide if it makes sense to move a loved one into a nursing home. While this is one of the most difficult decisions you will ever make, there are steps you can take and questions you can answer … Read more
The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes Social Security benefits?
A power of attorney is utilized to select someone who would have the legal ability to make binding decisions on your behalf. However, these instruments become invalid upon the incapacitation of the grantor. So how do you empower people to act for you in the event of your incapacitation? In the field of estate planning, … Read more