If you are like most Americans, you started saving for your retirement about the same time you started your career. The idea of saving for our golden years is firmly ingrained in the American psyche. While putting away money for retirement is certainly wise, putting away too much can result in over-funding of a retirement account. Unless one plans ahead, the excess funds in a retirement account could be taxed as both income and for estate tax purposes at the time of death. The end result of this … [Read more...]
Best Places to Retire: State Taxation
You owe federal income tax wherever you live. But your overall tax burden can vary dramatically depending on where you live. Read the linked article by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Best Places to Retire: State Taxation … [Read more...]
Whom Do You Want to Get Your Assets?
Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read the linked article by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about contingent beneficiaries. Whom Do You Want to Get Your Assets? … [Read more...]
Joint Tenancy Pros and Cons
Joint tenancy is a commonly used form of ownership between two or more people. It can be an easy solution. However, it can have drawbacks. Read the linked article by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Joint Tenancy Pros and Cons … [Read more...]
Important Notice Regarding COVID-19
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...]
Planning for the Sandwich Generation
The Sandwich Generation is torn between caretaking responsibilities for their minor children and their elderly parents. But first, they need to make sure they take care of themselves. Read the linked article by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Planning for the Sandwich Generation … [Read more...]
Preparing for Coronavirus
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread in the piece by my friend and colleague Steve Hartnett. Read on to learn more. … [Read more...]
Why does My Estate Planning Attorney Need so Much 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...]
Beware of Do-It-Yourself Legal Forms
In the modern digital age, almost any form can be located easily with just a few clicks of a mouse. Legal forms and kits are among the forms that can now be accessed rapidly and easily on the Internet. While it may be tempting to save a few dollars by using a do-it-yourself legal form, the ultimate cost could be much greater than the dollars you initially saved. It seems as though there is a legal form required for almost anything you do. From getting married to starting a business to estate … [Read more...]
Planning for the SECURE Act
As we advised in last month’s newsletter, the “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It was effective January 1, 2020, for most purposes. This is the second in a series of articles on the Secure Act. The first article looked at the basics of the Secure Act. This article examines planning strategies for dealing with the Secure Act. As laid out in the first article in the series, the Secure Act requires more rapid distributions of … [Read more...]
