Naming a beneficiary is separate from the remainder of your estate planning process because it is something that must be carried out directly with your accounts such as your life insurance carrier or your retirement plan manager. Unfortunately, far too many of the mistakes made with regard to beneficiaries are only discovered after the fact… Read More »
Blog Posts Page 7
Three Steps That Doctors Need to Take in The Estate Planning Process
Anyone who is a busy professional understands the importance of the small details and following through. However, doctors are often averse to thinking about their estate plan because of their view that it may be complicated, their lack of time or their concerns that they don’t need it directly. Doctors and other professionals can significantly… Read More »
Should I Give Greater Gifts to Kids?
When you are thinking about passing on your assets to your future generations, it’s natural to want to give as much as possible. In fact, many parents and grandparents confronting estate planning for the first time are thinking about the strategies they can take to enhance the value of their estate as much as possible… Read More »
Five Reasons Business Planning Matters for Succession Purposes
Looking ahead into the future is important for individual estate planning purposes but you can also benefit from planning ahead for your business. Your personal estate should certainly be documented in strategies and in documents aligned with your individual needs. But your business also needs a plan too. Estate planning benefits businesses in five distinct… Read More »
What You Need to Know About Inherited Roth IRA Rules
The rules that apply to an inherited Roth IRA will depend significantly on who the beneficiary is. That is because, based on the beneficiary, there are distinct rules of distribution looking at a charity to a child or a spouse. The rules of a Roth IRA inheritance however, make it very important for people to… Read More »
High Net Worth and U.S. Tax Reform: What You Need to Know
When the Tax Cuts and Jobs Act was signed into law on December 22nd, 2017, in this represented the most far reaching tax reform in the country in decades. There are significant changes within this law that will impact a variety of different taxpayers but this will most significantly affect high net worth individuals. Exemptions… Read More »
Why Should I Try to Keep My Estate Out of Probate?
You’ve heard everyone else talk about it, but you’re not really sure why. Does it really matter to remove as many assets as possible from your probated estate? Probate is the official court process that allows the court to make decisions about what happens to your assets if you don’t have an estate plan. In… Read More »
Does the New Tax Law Affect my IRA?
The Tax Cuts and Jobs Act made big changes to the way that everyone in the country will pay taxes but it also has implications for your IRA. There are several different things you need to keep in mind as you schedule a consultation with your estate planning attorney and consider what will happen to… Read More »
How Long Should I Keep This Document? Part 3
Going through the spring cleaning process makes it seem easy to toss or shred everything, but that could be a big mistake if you eliminate some of these documents that you should hold on to indefinitely. These details include: -Income tax returns. -Personally identifying documents like social security cards, birth certificates, and outdated and… Read More »
How Long Should I Keep This Document? Part 2
Looking to go through your closets and storage in your home or elsewhere and get rid of things you no longer need? Far too many people hold on to paperwork that doesn’t need to be kept forever. They are only certain documents that need to be kept beyond a seven-year period. In our previous blog… Read More »
How Long Should I Keep This Document? Part 1
Keeping track of documents in your household is not always an easy task, particularly when you are trying to do spring cleaning and get rid of the clutter. In this three-part series, we break down documents that you should keep for one year or less, at least seven years and indefinitely. In this blog we’ll… Read More »
Lottery Winners Share How to Manage a Financial Windfall
It goes without saying that special financial planning and forethought is required if you were to intercept a financial windfall. While lottery winners are likely to take on big sums of money, you could also inherit property suddenly or even unexpectedly. This should prompt you to schedule a consultation with a financial planner. There are… Read More »
Understanding the Difference Between Trusts and Wills
Many people who are approaching estate planning for the first time will have critical questions about the right documents to be used in the process. Many people may be under the impression that a trust is better than a will and may be curious about whether or not they can serve as the trustee of… Read More »
Creating A Financial and Estate Plan Should Prompt You to Check an Advisor’s Credentials
The process of estate planning and putting together a retirement and financial plan for your future is an important one, but it is one that should always be carefully considered after you look into an advisor’s credentials. No matter who you choose to work with in the creation of these critical documents for your future,… Read More »
Even Teenagers Need Estate Plans
Although many adults still do not possess the necessary components of a basic estate plan, it’s important for everyone of all ages to consider how some critical documents can assist them if they were to become suddenly incapacitated or to help your family members in the event that you pass away. Even an 18-year-old can… Read More »
When Investing for Your Heirs Makes the Most Sense
In the past, estate planning strategies largely focused on maximizing your annual exemption gifts. However, sweeping tax reform makes it all the more important to set aside time to talk about new opportunities in the estate planning realm. The previous approach enabled younger generations to own assets that would appreciate in value the most, while… Read More »
Top Five Questions to Ask an Estate Planning Attorney In 2018
After the passage of the new tax law, many people are curious about how it impacts their individual lives. This is a common concern because many people are struggling to comprehend the trickle-down effects of federal laws like the Sweeping Tax Bill. This is a great opportunity to set aside time to talk directly with… Read More »
Tips to Consider for Asset Protection Planning in Light of the New Tax Law
The new tax laws have numerous different advantages for the wealthy and this is prompting many wealthy families to go back to their estate planning attorneys and financial advisors to talk about appropriate asset protection planning. Every time tax changes come down the pipe at the state or federal level is a good opportunity to… Read More »
A Power of Attorney Should Certainly Be Part of Your Estate Plan
If you are putting together an estate plan that represents the needs of you as well as your loved ones, you must think beyond simply death. Estate planning is often confronted by people who have recently come into contact with a loved one, friend or even a story about a celebrity that talks about poor… Read More »
What Should I Do About a Life Insurance Policy That I No Longer Need?
In many cases, life insurance is an important investment that everyone should consider making. If you have needs for your family that would need to be carried on after you suddenly pass away, life insurance can help to fill in the gap of support. You may have purchased universal life insurance to pay your estate… Read More »