Month: March 2021
“In the pre-SECURE Act universe, there were designated beneficiaries. These beneficiaries could be individuals (sometimes called named beneficiaries), institutions, such as charities, or estates.” Before the SECURE Act, named beneficiaries who inherited an IRA were able to take distributions over the course of their lifetimes. This allowed the IRA to grow over many years, sometimes […]
“In addition to deciding who gets what when you die, you have key roles to fill that deserve thoughtful deliberation as part of the estate-planning process, experts say.” Spending the least amount of time possible contemplating your death is what most people try to do. However, one part of the estate planning process needs time […]
“Although most assets in your estate may pass through the probate process, other assets may not. It often depends on the type of asset or how an asset is titled.” Probate is a court-supervised process occurring after your death. It takes place in the state where you were a resident at the time of your […]
“While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use of time with your attorney.” […]
“Although uncertainty surrounding the likelihood of tax reform continues for the moment, there are still several wealth transfer strategies that can be considered by those wanting to make gifts.” The uncertainty surrounding the election and possibility of changes to the tax law led many families to make substantial wealth transfers in 2020, especially as the […]
“Sophisticated analyses take into account the tradeoff of receiving no income during the deferral period and more income later in retirement.” Claiming Social Security benefits early costs American households an average of $68,000 in lost wealth. More than a third of Americans claim Social Security at age 62, and two thirds claim long before they […]
“If you’re helping an aging parent navigate Medicaid because they don’t have long-term care insurance or you think you’ll need it yourself someday, it’s important to understand how the program works.” Medicaid is a government program that helps seniors and others pay for long term care. However, it’s not always free, explains the article “What […]
Whenever a new president takes office, “discussions” about taxes are sure to follow. During his campaign, President Biden proposed a number of changes to the tax code that would affect wealthy Americans. One proposal, however, could impact people of more modest means: modifications to, or the elimination of, the basis step-up rule. What do we […]
“When you’re planning to divide your estate unequally, explain the reasons to your heirs, and remember: They might be hurt anyway.” Leaving an equal amount to adult children works for many families, but equal is not always equitable. In those cases, leaving different amounts to heirs can lead to irreparable breaks within the family. A […]
“Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the next couple of decades.” Some $68 trillion will move between generations in the next two decades, reports U.S. News & World Report in the article “Discuss Your Estate Plan […]
