To our valued clients and friends, We sincerely hope everyone is taking care and following all of the recommended precautions during these unprecedented times. WE WANT YOU TO KNOW THAT DURING THIS TRYING PERIOD, WE ARE HERE FOR YOU. In light of recent governmental directives for most persons to "shelter in place", effective immediately, for the most part, our firm will operate remotely. Fortunately, we are experienced with remote workplace operations and have the appropriate technology to … [Read more...] about Important Notice Regarding COVID-19
Estate Planning Information
Effective estate planning does require full disclosure. It involves the discussion of your private finances, personal life, personal goals as well as the topics of death, dying, and disability. If you’re like most people, you find these topics difficult to discuss, especially with someone outside of your family. An experienced and qualified estate planning attorney realizes this and will gently guide you. And, you will be relieved to discover that you gradually become more comfortable with … [Read more...] about Why does My Estate Planning Attorney Need so Much Information?
The most significant action of Congress in 2019 relating to retirement and estate planning was the late December passage of the “Setting Every Community Up for Retirement Enhancement Act of 2019”, commonly known as the “Secure Act”. It was signed into law shortly thereafter and is effective January 1, 2020, for most purposes. In this and future newsletters, we will look into the provisions of the Secure Act and also some strategies to maximize benefits and minimize problems created by this … [Read more...] about CONGRESS PASSES THE SECURE ACT: HOW DOES IT AFFECT YOU?
When considering creating or updating your estate plan in 2020, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...] about New Year Resolution: Review Your Estate Plan (part 2 of 2)
If you own a small business, make sure you include your interest in the business in your estate plan. Even if you plan to leave all your interest in the business to a family member, failing to structure the transfer of your interest in the business in the right way could subject the value of the interest to estate or gift taxes. With proper planning, you may be able to minimize or eliminate estate or gift taxes by using one of the numerous business succession options. Sale of Your Business: … [Read more...] about Estate Planning: Essential for Small Business Owners
We’ve put together a collection of estate planning tips for you and your family. If you’re like most people, there will be at least one thing on this list that you haven’t thought of yet. Others will serve as a gentle reminder to take action. 1. You need to name temporary guardians so that someone is authorized to care for your children in the event you are disabled (temporarily or permanently) and unable to care for them yourself. After all, your will, appointing permanent guardians, … [Read more...] about Handy Estate Planning Tips for You and Your Family
What are the tax implications of an inheriting an IRA? The answer depends on several factors: Is it a traditional IRA or a Roth IRA? The funds in a traditional IRA have never been taxed and will be taxed as they are withdrawn. Roth IRAs contain post-tax dollars and are not again taxed upon their withdrawal. Is the beneficiary of the IRA a spouse, a non-spouse person, or a charity? When the beneficiary of an IRA is the spouse of the IRA owner, the spouse will have a number of … [Read more...] about Ins and Outs of Inheriting an IRA
An estate plan is an important part of one’s plan for the future. Many realize that they need the assistance of an experienced and qualified attorney to assist them in their efforts. Unfortunately, some folks will cut corners in their estate planning efforts in an effort to save a few bucks or because they think they are as smart as or smarter than their estate planning lawyer when it comes to drafting documents or both. Even with persons who were prudent enough to have their original plans … [Read more...] about Where Do It Yourself = Do It Wrong
We get a lot of questions about revocable living trusts and some prospective clients wonder whether they really need a trust. They say, “After all, I’m not a Warren Buffet or a Kennedy. Do I really need a trust?” Whether you need a trust (or not) depends upon your assets and your goals; mainly your goals. You do not need to be wealthy to benefit from a trust. You Need to Consider a Revocable Living Trust if you… Want to avoid probate Want to avoid court interference, through the … [Read more...] about Do I Really Need a Trust?
We are often asked by prospective clients: “Do I need an estate plan?” This is particularly the case for folks under 40 or 50, who just can’t imagine themselves dead or incapacitated. We are also often asked about planning by our clients who have adult children with assets and children of their own. As we all know, we can't and don’t know the future. Should a premature death or disability occur due to an unexpected injury or illness, having an appropriate plan in place will reduce needless … [Read more...] about Do I Need an Estate Plan? I’m Not That Old