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
Despite its unusual sounding name, a QDRO isn’t an alien from a science fiction movie or a geometric equation. In fact, QDRO stands for “qualified domestic relations order.” If you’re in the process of a divorce, a QDRO may...more
Are you thinking about moving abroad after you retire? If so, don’t forget to consider your destination country’s estate tax laws. ...more
Generally, it’s advantageous to keep funds in your retirement accounts for as long as possible. Indeed, the longer you refrain from withdrawing funds, the longer they have to continue tax-deferred growth....more
Asset protection is about preserving your hard-earned wealth in the face of unreasonable creditors’ claims, frivolous lawsuits or financial predators. It’s not about evading legitimate debts, hiding assets or defrauding...more
Perhaps you drafted your will years ago and it references many of your existing assets, including retirement plan accounts and life insurance policies. But you also have paperwork on file with the applicable financial...more
5/3/2023
/ Beneficiaries ,
Beneficiary Designations ,
Divorce ,
Estate Planning ,
Life Insurance ,
Marriage ,
Power of Attorney ,
Retirement Plan ,
Spouses ,
Trusts ,
Wills
The original Setting Every Community Up for Retirement Enhancement Act (SECURE Act), enacted in 2019, was a significant law related to retirement savings. In the spring of 2022, with an eye toward building on the reforms in...more
Your will is the foundation of your estate plan. Notably, it provides for the disposition of your worldly possessions, including your house, investments and other property. These go to the beneficiaries named in your will. In...more
The temporary reprieve is over. Due to the COVID-19 pandemic, Congress suspended the rules for required minimum distributions (RMDs) in 2020, including inherited accounts. But the rules have been restored for the 2021 tax...more
11/16/2021
/ 401k ,
Compensation & Benefits ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
IRS ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Liability ,
Tax Planning
Are you part of the sandwich generation? This is the name given to people caught in the middle between caring for elderly parents or in-laws and raising young, and sometimes not-so-young, children. And, of course, you still...more
11/24/2020
/ Beneficiaries ,
Durable Power of Attorney ,
Elder Care ,
Elder Issues ,
Estate Planning ,
Investment Funds ,
Irrevocable Trusts ,
Living Trust ,
Long-Term Care ,
Medicaid ,
Retirement Plan
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the biggest retirement planning law in decades. However, when all is said and done, the new law may have just as significant an impact on estate...more
7/29/2020
/ Beneficiary Designations ,
CARES Act ,
Charitable Remainder Trust ,
Coronavirus/COVID-19 ,
Employee Contributions ,
Estate Planning ,
Individual Retirement Account (IRA) ,
Qualified Charitable Distributions ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Waivers
Obviously, qualified retirement plans such as 401(k) plans and IRAs are meant to provide retirement savings. However, those who don’t have to draw heavily, if at all, on plan and IRA assets can preserve a tidy nest egg for...more
An estate planning rule of thumb is to review (and, if necessary, revise) one’s estate plan in light of major life events. Such events include a marriage, birth of a child and a divorce. A second marriage also calls for an...more
4/4/2019
/ Advanced Care Directives ,
Beneficiaries ,
Beneficiary Designations ,
Divorce ,
Estate Planning ,
Life Insurance ,
Marriage ,
Power of Attorney ,
Prenuptial Agreements ,
Prior Wills ,
Retirement Plan ,
Spouses ,
Surviving Spouse ,
Trusts ,
Wills
Even though the Tax Cuts and Jobs Act doubled the gift and estate tax exemption to $10 million beginning this year, there are many families that still have to contend with significant federal estate tax liability. Plus, there...more
8/2/2018
/ Apportionment ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Federal Taxes ,
Gift-Tax Exemption ,
Individual Retirement Account (IRA) ,
Life Insurance ,
Retirement Plan ,
State Taxes ,
Tax Cuts and Jobs Act ,
Wills
One of the primary objectives of estate planning is protecting assets from unreasonable creditors’ claims, frivolous lawsuits or financial predators ? the reason being to pass as much wealth to family members as possible....more
4/3/2018
/ Asset Protection ,
Creditors ,
Estate Planning ,
Family Limited Liability Companies ,
Family Limited Partnerships ,
Fraudulent Transfers ,
Gifts ,
Individual Retirement Account (IRA) ,
Liability Insurance ,
Retirement Plan ,
Risk Assessment ,
Trusts
It’s almost impossible to fully prepare for a spouse’s sudden death, but it helps to keep one’s finances organized and communicate with a spouse about these matters. This article offers points to address in the event a spouse...more
2/8/2018
/ Commercial Insurance Policies ,
Death Certificates ,
DMV ,
Estate Planning ,
Estate Tax ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Inheritance Tax ,
Investment Funds ,
Notification Requirements ,
Retirement Plan ,
Social Security Administration (SSA) ,
Surviving Spouse
IRAs are meant to be used for retirement saving. However, if a person doesn’t need to tap into an IRA for income during retirement, he or she can preserve the assets as part of his or her estate, above and beyond what was...more
Typically, estate planning and retirement planning go hand in hand. Why? The more wealth a person is able to set aside for retirement — and the better job he or she does managing retirement funds — the more that will be left...more
A “blended family” is more than just a staple of TV sitcoms. Today, it’s not unusual for a household to include children and even grandchildren from prior marriages, as well as adopted family members or same-sex couples....more
Per IRS rules, people must begin taking required minimum distributions (RMDs) from their retirement plans and IRAs beginning April 1 of the year after the year in which they turn age 70½. And they must continue taking RMDs...more
Most people invest their IRA funds in stocks, bonds and mutual funds. But others may opt for nontraditional investments, such as real estate, in the hope of boosting their returns. As this article details, when choosing to...more
The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax...more
In This Issue:
- State death taxes can be hazardous to your estate
- Can portability help preserve retirement benefits?
- Provide for family members with special needs using an SNT
- Estate...more
Inattention to beneficiary designations and jointly held assets can quickly unravel an estate plan. Many don’t realize that their will doesn’t control the disposition of “nonprobate assets,” such as life insurance policies,...more