A move brings with it a sense of expectation, excitement, and maybe a little trepidation. Whether you’re moving across town or across the country, there are countless plans to be made and there’s a lot of work to be done. Although your Will or Trust might be the last thing on your mind at this busy moment in your life, a move is actually an ideal time to review and update your estate plan. Here are the things you should take a look at: Will and Trust You should review your Will and/or … [Read more...]
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Sometimes It’s Better to “Just Say No”
When we receive an inheritance, few of us consider that there may be a choice to consider. We are still mourning the passing of someone dear to us when we learn about the inheritance. We just try to continue our daily lives, numb from our emotional loss. The estate or trust administration continues and eventually we receive our inheritance, either outright or in a trust for our benefit. However, there may be a better way. Accepting the inheritance is a valid option, but it is not the … [Read more...]
Tax Breaks for the Sandwich Generation
As our population ages, many of us find ourselves in a role we never quite anticipated: we’re serving as caregivers for our elderly parents while still raising children of our own. The emotional burden is one that most of us accept with grace and love. The financial challenges, on the other hand, can be a little harder to overcome. That’s why it’s important to know when you can claim your aging or ill parent as a dependent for income tax purposes. 50 Percent: The Magic Number If, during … [Read more...]
What You Need to Know About SECURE Act 2.0
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly. Just when advisors began to get comfortable with the new 10-year rule, the United States Treasury Department promulgated proposed Treasury Regulations early in 2022 adding additional complexity to that rule by requiring annual distributions for a non-EDB of a participant who died after their Required Beginning Date. Once again, the SECURE Act includes additional provisions … [Read more...]
How to Leave an Inheritance for Your Special Needs Child
We all want to make sure our children are financially secure after we’re gone. But accomplishing this means more than just deciding what portion of your estate each child will inherit. It also means determining how and when each child will receive their inheritance. When you have a child with special needs – particularly when that child depends on government benefits like Medicaid or Supplemental Security Income (SSI) - how you pass on an inheritance becomes an absolutely critical … [Read more...]
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