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
What Everyone Should Know about the New FDIC Regulations
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. Read on to learn more. … [Read more...] about What Everyone Should Know about the New FDIC Regulations
State Income Taxation of Social Security Benefits
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 … [Read more...] about State Income Taxation of Social Security Benefits
Neither Age Nor Health Determines Whether You Need an Estate Plan
Most people associate Estate Planning with the elderly or very wealthy. This article explores situations in which Estate Planning for the young and healthy is advisable. Read on to learn more. … [Read more...] about Neither Age Nor Health Determines Whether You Need an Estate Plan
Protecting Your Children from Our Litigious Society
Compliments of the McGee Law Firm, Attorney Brandon McGee While individually we may be kind and caring, Americans as a group are a litigious bunch. While protecting yourself from lawsuits can be a difficult, complicated task, you can easily take steps to protect your children. You can protect your children from lawsuits, including divorce, by not leaving them anything. But, there is another way to keep the money from ending up in the hands of lawsuit plaintiffs and your … [Read more...] about Protecting Your Children from Our Litigious Society
It Can Be Scary to Die Without an Estate Plan…the HORRORS of Intestacy
Many souls believe that if they lack means, they do not need an estate plan. Nothing could be further from the truth. If you die without an estate plan, your assets may not be distributed as you would wish and the results could be downright scary. Read on to learn more. … [Read more...] about It Can Be Scary to Die Without an Estate Plan…the HORRORS of Intestacy
Death and Tragedy
Compliments of the McGee Law Firm, Attorney Brandon McGee When we think of death, we usually think of it as the result of some tragedy: an auto accident or a natural disaster. However, death often is not a result of tragedy, but rather can be the natural close of one’s chapter here on earth. Picture a family gathered around to help a beloved elder pass on. Surely, it is a time for mourning, but also it can be a time for reconciliation and bonding. However, all too often tragedy … [Read more...] about Death and Tragedy
How Using Specific Bequests Could Cost Beneficiaries their Inheritance
Parents often decide to leave one child a specific asset and provide an equalizing cash bequest to the other. This article explores how specific bequests may provide unintended results. Read on to learn more. … [Read more...] about How Using Specific Bequests Could Cost Beneficiaries their Inheritance
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
Charitable Planning in Times of Crisis
During times of uncertainty, we tend to feel helpless. This article explores how charitable giving gives us a sense of purpose in trying times. Read on to learn more. … [Read more...] about Charitable Planning in Times of Crisis
