Death Tax Repeal Act Introduced in House and Senate Identical bills have been introduced in the U.S. House and Senate that would permanently repeal the federal estate tax and generation-skipping transfer (“GST”) tax. Overview of Current Federal Estate, Gift, and GST Tax Laws
Read More »Does Your Estate Plan Protect Your Adult Beneficiaries?
If you think you only need to create discretionary lifetime trusts for young beneficiaries, problem beneficiaries, or financially inexperienced beneficiaries, then think again. In this day and age of frivolous lawsuits and high divorce rates, discretionary lifetime trusts should be considered for all of your beneficiaries, minors and adults alike. What is a Discretionary Lifetime […]
Read More »It’s Not Just About Death and Taxes: The Essential Legal Documents You Need for Incapacity Planning
It’s Not Just About Death and Taxes: The Essential Legal Documents You Need for Incapacity Planning Comprehensive estate planning is about more than your legacy after death, avoiding probate, and saving on taxes. It must also be about having a plan in place to manage your affairs if you become mentally incapacitated during your life. […]
Read More »Make an Achievable 2016 New Year’s Resolution – Get an Estate Plan Checkup!
Make an Achievable 2016 New Year’s Resolution – Get an Estate Plan Checkup! With 2016 upon us, it’s time to start thinking about achievable and worthwhile new year’s resolutions. It doesn’t matter whether you have an estate plan or don’t, one important item to add to your list is getting an estate plan checkup. Don’t […]
Read More »If You Die Without a Will, Does Your Spouse Inherit Your Entire Estate?
If You Die Without a Will, Does Your Spouse Inherit Your Entire Estate? If you are married and you die without a Last Will and Testament, you may mistakenly believe that your spouse will still inherit your entire estate. Not so fast. Who will inherit your estate depends on several different factors:
Read More »3 Asset Protection Tips You Can Use Now
A common misconception is that only wealthy families and people in high risk professions need to put together an asset protection plan. But in reality, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that will decimate your finances. Below are three tips […]
Read More »U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors
U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors The U.S. Supreme Court–in a unanimous decision–ruled that Individual Retirement Accounts (IRAs) inherited by anyone other than a spouse are not retirement funds and therefore are not protected from the beneficiary’s creditors in bankruptcy. The reasoning is, because the beneficiary cannot make additional contributions […]
Read More »U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors
U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors The U.S. Supreme Court–in a unanimous decision–has ruled that Individual Retirement Accounts (IRAs) inherited by anyone other than a spouse are not retirement funds and therefore are not protected from the beneficiary’s creditors in bankruptcy. The reasoning is, because the beneficiary cannot make additional contributions […]
Read More »Understanding Losses: Liability Exposure
Understanding Losses: Liability Exposure We live in a litigious society. Lawsuits abound, whether deserved or not. If you own property or stock that was purchased at a low price and has had high appreciation, it is at risk to litigation and creditors–even if you are not in a high-risk profession. Others may be in a […]
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