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. Read on to learn more. … [Read more...] about Application of the Updated Life Expectancy Tables
Protect Your Children Now and in the Future
Your children have always meant the world to you. You’ve done everything within your power to meet all their needs and ward off dangers. You’ve always kept a watchful eye out for them, whether it’s when they were swimming in the ocean or wandering too close to the edge of the Grand Canyon. You’ve met their needs, from putting food on the table to buying them new clothes for school. We cannot protect our children from every risk in life. When they grow up, they will make some mistakes, just … [Read more...] about Protect Your Children Now and in the Future
Planning for Unforeseen Circumstances
We all have an idea of what we would like to happen to our assets after we are gone. We want them to help our children and grandchildren have a better life. Perhaps we want them to help our community. Often, people focus on the current situation of their assets and beneficiaries, without taking into consideration that their wishes may not be implemented for many years to come. For example, let’s say you want to leave your assets to your two children, Mary and Johnny, who are now in their … [Read more...] about Planning for Unforeseen Circumstances
Do You Know Who Your Beneficiaries Are?
Who will get your assets at your death? Do you think you know? You may not. While you probably know who is listed in your Will or Trust, most of us have significant value in assets that are not controlled by either a Will or Trust. Examples of assets not governed by your Will or Trust are: Property held in joint tenancy with right of survivorshipLife insuranceIRAs, 401(k)s and other retirement plans Joint tenancy property goes automatically to the surviving joint tenant(s). So, if you … [Read more...] about Do You Know Who Your Beneficiaries Are?
Start 2022 the Right Way
The New Year gives us an opportunity to start fresh. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your goals and concerns. If you already have one, the New Year gives you an opportunity to review it to ensure that it still accomplishes your goals or to make any necessary changes. Read on to learn more … [Read more...] about Start 2022 the Right Way
Gifting to Children
Most people with substantial assets are interested in benefiting those around them. The fruits of success are best when shared with those close to you. In 2022, each person can give up to $16,000 per year to any other person without any gift taxation. It’s important to note that you can give $16,000 to each and every person you wish. With most friends and relatives, this is not much of a problem. However, gifting to minor children presents unique issues. Minors do not have the legal … [Read more...] about Gifting to Children
The Passing of a Loved One
Compliments of the McGee Law Firm, Attorney Brandon McGee It is the call we all know will come one day. One or both of our parents have fallen seriously ill. Of course, our first reaction is concern. But, after the shocking moment has passed, we wonder “what do I do now?” If your parents have done effective legacy wealth planning, they would have some or all of seven elements that would ease your path. First, a Health Care Power of Attorney (sometimes … [Read more...] about The Passing of a Loved One
IRS Clamps Down on Wesley Snipes and Other Tax Protesters
Compliments of the McGee Law Firm, Attorney Brandon McGee Actor Wesley Snipes has given the anti-tax movement in the U.S. a new face. The actor earned more than $38 million between 1999 and 2004, but failed to file any income tax returns for those years. He and his co-conspirators claimed that a technicality in the Internal Revenue Code allowed him to escape taxation of his earnings. If convicted of the criminal tax charges against him, he faced up to 16 years in prison. Snipes’ defense … [Read more...] about IRS Clamps Down on Wesley Snipes and Other Tax Protesters
The Importance of Insuring Real Estate
Transferring real estate to a trust has become a widely used tool in estate planning. Unfortunately, it’s easy to overlook important aspects of the transfer that lead to unintended consequences. With careful planning, you can avoid these traps. Read on to learn more. … [Read more...] about The Importance of Insuring Real Estate
Your Team is on Your Side
Compliments of the McGee Law Firm, Attorney Brandon McGee Estate Planning is like a team sport. In these turbulent economic times, sometimes it may seem like you are going it all alone. However, you’ll find that bringing together a team of qualified professionals will bring you peace of mind as you work towards your goals. Before doing anything else, you must first select the members of your team to help you achieve your goals. This team consists of the following professionals, depending … [Read more...] about Your Team is on Your Side
