How to Properly Choose Beneficiaries
An essential part of estate planning is designating beneficiaries for your life insurance policy, 401(k), and other financial accounts. A beneficiary is a person who receives someone’s assets upon their death. There is no “correct choice” when choosing the beneficiaries who will inherit from you. It’s a personal decision. What must be handled “properly” however […]
Common Mistakes People Make When Setting Up a Will
Estate planning lawyers know that preparing for death is unpleasant, but it’s a crucial part of life. You deserve peace of mind knowing that your loved ones won’t struggle to make basic decisions about your burial or financial matters when you pass away. Drafting a will can remove the overwhelming responsibility from their shoulders, so […]
IRS to Increase Estate Tax Exclusion For 2023
After you’ve rung in the New Year, it’s time to start getting down to business and thinking about tax season. While it’s not the merriest time of the year, tax season is a great time to review your finances and the changes that may impact how you file. Every year, the Internal Revenue Service provides its updated […]
How to Make a Charitable Bequest with an IRA
You can donate retirement accounts, such as an IRA, by distributing the proceeds to charity. However, the tax benefits for donating this way are minimal. A tax-efficient donation strategy is to contribute your retirement fund directly to a charitable organization as part of your estate plan. Options for Donating an IRA The two primary options […]
Service Dogs: A Lifeline for Families with Disabled Children
Service dogs are specially trained to provide assistance to children with disabilities. They can be taught to support kids in a variety of unique ways that help with daily living and even help in an emergency situation. For families with disabled children, service dogs can be a lifeline. The Various Ways Service Dogs Can Help […]
Finding the Off Ramp for Your Business Ownership
Business plans often address marketing, growth, and product development issues. However, business owners fail to create an exit strategy, succession plan, or acquisition plan. Although you may not ready to sell your business or retire now, preparing for the future of your business is crucial. You should decide who to leave your business to when […]
Estate Planning Checklist for January
If you’ve already met with an estate planning attorney to put together your wills, trusts, powers of attorney, and other long-term plans, then congratulations! You’ve taken a really important step toward being prepared for the future and making things easier on your family and friends should you pass away or become unable to make decisions […]
The Elements of a Valid Trust
When creating a trust, it is important to understand the specific roles involved. The grantor is the person who establishes a trust. The designated beneficiary is the person who receives the assets held in trust when the grantor dies. Probate is unnecessary because trust property passes outside the Last Will and Testament or Intestacy law. […]
What Is Portability in an Estate Plan?
Federal estate tax law includes a provision called portability. This provision only applies to married couples. It allows the surviving spouse to use any part of their deceased spouse’s unused estate and gift tax exemption. Including portability in an estate plan protects the surviving spouse from significant estate tax bills if the deceased spouse’s estate […]
TOD Beneficiary: What You Should Know
Your named beneficiaries will likely have to go through probate to receive your real property after your death if it is only in your name and not held in trust. Although transferring property into trust can ensure your family does not have to wait for a judge to validate your will before distributing your assets, […]