News & Analysis as of September 21, 2024

Estate Planning › Financial Adviser

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Michigan’s New Uniform Power of Attorney Act Effective July 1

Warner Norcross + Judd on 5/29/2024

Michigan’s new Uniform Power of Attorney Act (UPOAA) becomes effective on July 1, 2024. This law serves several purposes, which include preventing financial exploitation of vulnerable individuals and making standard power of...more

Tax Tips for Lottery Winners

Allen Barron, Inc. on 11/10/2023

Today is the anniversary of the largest Powerball lottery victory in the United States of $2.04 billion. Just over the $1.765 billion jackpot claimed last month (Oct 2023). What are some tax tips for lottery winners and...more

Planning Is Essential If You’re Inheriting Assets

Adler Pollock & Sheehan P.C. on 10/20/2023

If you’re in line to receive a significant inheritance, your feelings may range from exhilaration to relief, not to mention a great deal of sadness for the loved one who has passed. Indeed, a large infusion of cash or assets...more

Estate Planning: Eight Steps to Take Now

Harris Beach PLLC on 10/18/2023

Many think estate planning is only a concern for those who are later in their stage of life or wealthy. They put it off for years, or entirely. Estate planning is for everyone and essential to maintain financial security...more

Financial Advisers and Estate Attorneys: Both Should be on Your Team

Harris Beach PLLC on 5/10/2023

The later stages of life often bring two considerations: planning for retirement and planning for death or other calamities. The prospect can be daunting. Retirement plans. Insurance. Tax strategies. Asset protection....more

What the SECURE 2.0 Act Means for Your Retirement Savings

Kohrman Jackson & Krantz LLP on 1/18/2023

At the very end of 2022, President Biden signed the $1.7 trillion omnibus spending package which includes the SECURE 2.0 Act. SECURE 2.0 builds on The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019...more

Planning for the Family Vacation Home

Buckingham, Doolittle & Burroughs, LLC on 1/10/2023

A family vacation home offers an escape from the stresses of everyday life, and an opportunity for bonding. Parents return to their vacation homes year after year, creating memories with their children and grandchildren. If...more

How Can I Tell You?

Gerald Nowotny - Law Office of Gerald R.... on 10/21/2022

I am on the record stating that as far as musical taste is concerned, I am a "horn band" aficionado - Tower of Power, Chicago, Blood, Sweat and Tears. By default, I am not an aficionado of folk music and ballads. Having said...more

How an Estate Plan Can Protect Against Financial Exploitation

Ward and Smith, P.A. on 9/22/2022

I suspect that many of you, like me, have deleted an email from a friend that says he is away on a trip and needs you to wire him money. According to experts, despite increased phishing emails and robocalls, it is far...more

All in the Family – Introducing Family Owned Life Insurance™ (aka FOLI™)

Gerald Nowotny - Law Office of Gerald R.... on 6/2/2022

The All in the Family podcast introduces Family Owned Life Insurance™ or (FOLI™). FOLI™ is a specialty use of group private placement life insurance for Family Offices. FOLI™ is a powerful product that will allow Family...more

Family Affair - Introducing Family Office Life Annuity (FOLA)

Gerald Nowotny - Law Office of Gerald R.... on 5/23/2022

FOLA - Family Office Life Annuity, this solution utilized a private placement group variable deferred group contract, which provides for tax deferral. It is a powerful wealth accumulation technique. FOLA policy has customized...more

The Robins Kaplan Spotlight, Vol. 6 No. 3, Fall 2021 - Are All Fiduciaries Created Equal?

Robins Kaplan LLP on 10/6/2021

Acquiring a “fiduciary” title comes with special obligations. But while all fiduciaries share a high-level similarity—a duty to someone else—the duties of a fiduciary can vary widely from one context to another. Some of the...more

TAKE A CHANCE ON ME! PART II - Embracing the Magic of Private Placement Life Insurance and Private Placement Variable Annuities

Gerald Nowotny - Law Office of Gerald R.... on 7/27/2021

The bottom line; I can make a significant impact on your bottom line. Take a Chance on Me! Part II #ppli #ppva #idf #estateplanning #financialadvisor #tax ...more

Beneficiary Designated Property: A Trap for the Unwary

Pullman & Comley, LLC on 7/19/2021

Financial institutions and brokerage firms occasionally recommend that client accounts be structured as joint or beneficiary-designated accounts without full consideration of the impact on the client’s estate plan....more

RETURN TO FOREVER - What Game Shall We Play Today?

Gerald Nowotny - Law Office of Gerald R.... on 4/19/2021

Rediscover the use of Split Dollar life insurance. It offers tremendous amounts of gift and income tax leverage benefits! #splitdollar #premiumfinance #insurance #estateplanning #financialadvisor ...more

RETURN TO FOREVER - What Game Shall We Play Today?

Gerald Nowotny - Law Office of Gerald R.... on 4/16/2021

Nowotny On Death and Taxes podcast episode #39 addresses using the planning power of split dollar life insurance for income and estate tax planning benefits. #splitdollar #taxplanning #estateplanning #financialadvisors ...more

TELL ME SOMETHING GOOD! Planning for Post-Retirement Medical Expenses with 401(h) Plans

Gerald Nowotny - Law Office of Gerald R.... on 4/1/2021

How do I pay for post-retirement medical expenses? Your answer - 401(h) medical plans. #retirement #estateplanning #financialadvisor #payfornursinghome #medicalplans...more

TELL ME SOMETHING GOOD! Planning for Post-Retirement Medical Expenses With 401(h) Plans

Gerald Nowotny - Law Office of Gerald R.... on 3/31/2021

Nowotny On Death and Taxes podcast #38 discusses 3 significant benefits of the 401(h) post-retirement medical expenses plan; Significant tax deductible contributions, tax deductible growth while in the plan and the ability to...more

HIPPER THAN HIP

Gerald Nowotny - Law Office of Gerald R.... on 3/19/2021

Nowotny On Death and Taxes podcast episode #36 Hipper than Hip introduces the corporate sponsored malta pension plan. Learn more about the powerful 401(h) medical plan #maltapensionplan #nonqualifieddeferredcompensationplan...more

NOWOTNY KNOWS SQUAT! Helping Advisors Build a Clientele and Assets Under Management Part 3 – Using Malta Pension Plans to Raise...

Gerald Nowotny - Law Office of Gerald R.... on 2/4/2021

This is the third installment in the series Nowotny Knows Squat. This series focuses on value added planning ideas that financial advisors and life insurance agents should introduce to their clients. In case, you haven't...more

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Estate Planning › Financial Adviser

Michigan’s New Uniform Power of Attorney Act Effective July 1

Tax Tips for Lottery Winners

Planning Is Essential If You’re Inheriting Assets

Estate Planning: Eight Steps to Take Now

Financial Advisers and Estate Attorneys: Both Should be on Your Team

What the SECURE 2.0 Act Means for Your Retirement Savings

Planning for the Family Vacation Home

How Can I Tell You?

How an Estate Plan Can Protect Against Financial Exploitation

All in the Family – Introducing Family Owned Life Insurance™ (aka FOLI™)

Family Affair - Introducing Family Office Life Annuity (FOLA)

The Robins Kaplan Spotlight, Vol. 6 No. 3, Fall 2021 - Are All Fiduciaries Created Equal?

TAKE A CHANCE ON ME! PART II - Embracing the Magic of Private Placement Life Insurance and Private Placement Variable Annuities

Beneficiary Designated Property: A Trap for the Unwary

RETURN TO FOREVER - What Game Shall We Play Today?

RETURN TO FOREVER - What Game Shall We Play Today?

TELL ME SOMETHING GOOD! Planning for Post-Retirement Medical Expenses with 401(h) Plans

TELL ME SOMETHING GOOD! Planning for Post-Retirement Medical Expenses With 401(h) Plans

HIPPER THAN HIP

NOWOTNY KNOWS SQUAT! Helping Advisors Build a Clientele and Assets Under Management Part 3 – Using Malta Pension Plans to Raise...

ISLA DEL ENCANTO - INTRODUCING BORICUA SPLIT DOLLAR

Game Plan: Who Is On Your Estate Planning Team Roster?

THE WAY WE WERE

It's (Not) Too Late, Baby!

It's (Not) Too Late, Baby!

Estate Planning › Financial Adviser

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