Common Questions Concerning SECURE Act 2.0
The speakers touched on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, including the provision that a designated beneficiary must distribute the entire inherited IRA by Dec. 31 of the 10th year after the employee’s or IRA owner’s death (the 10-year rule), thus doing away with the stretch IRA for most beneficiaries.
Estate Planning Tips for Aging Solo
So, what happens with your estate plans if you are not in a traditional nuclear family? There is quite a lot that can fall under the umbrella of a non-traditional family, and the recommendations will vary depending on your specific circumstances.
Top 5 Estate Planning Nightmares You Can Avoid with a Will
In the realm of estate planning, a common adage rings true: “Failing to plan is planning to fail.” As an experienced estate planning attorney, I’ve witnessed firsthand the turmoil and heartache that can ensue when individuals neglect the crucial step of…
How Marital Trusts Help Protect Blended Families
Understanding marital trusts is crucial for couples looking to secure their financial future and provide for the surviving spouse tax-efficiently. This article is a guide to marital trusts, how they work and their advantages and disadvantages. With the potential to safeguard assets and ensure that they reach the intended beneficiaries, marital trusts can be an effective part of a comprehensive estate plan, particularly for those in a second marriage or a blended family. What Is a Marital Trust? A marital trust is a type of irrevocable trust and is crafted to benefit…
Write a Letter of Instruction for Loved Ones
Executors can use additional information in administering estates, especially if the executor is unrelated to the decedent.
How Do I Protect My Spouse and My Children in a Second Marriage?
Who’s going to inherit on the death of one of the re-marrieds? Will this be the surviving spouse? If so, where will those inherited monies go on the second-to-die’s death?
What are the Federal and Gift Tax Exemptions for 2024?
The federal gift, estate, and generation-skipping transfer (GST) tax exemptions and the annual exclusion from gift tax are historically high due to a temporary increase under the Tax Cuts and Jobs Act.
Resolve to Do Your Estate Planning in 2024
Creating or reviewing an estate plan is something that many people know they should do but often put off. It’s natural to say things like: “I’ll take care of it later,” or “I don’t have enough money to have an estate plan.” However, life and circumstances happen that may be out of your control. Every adult needs…
Common Estate Planning Mistakes and How to Avoid Them
Even those with the best of intentions can fall into the trap of estate planning misinformation. Estate planning attorneys frequently hear rumors and ill advice disguised as facts.
Estate Planning Tips for Blended Families
Estate planning for blended families presents unique challenges. Unlike traditional family structures, reports Barrons recent article titled, “When Remarrying Creates a Blended Family: Advice From Financial Pros,” blended families often involve complex relationships and diverse financial backgrounds, making the process of estate and financial planning more intricate. This article has tips for blended families on identifying overall estate planning goals and concerns and identifying heirs to protect your new family and future.