Archive for July 2017
Changing the Value of an Estate before Death
Certain situations present opportunities to lower the value of an estate before death, thereby decreasing tax liabilities for heirs. In cases where a loved one is on life support for an extended period time and is legally incapacitated, there may come a time when the family is faced with a one of the most difficult…
Read MoreNon-Spouse Beneficiaries and Inherited IRAs
Understanding tax liabilities and complex rules when inheriting an IRA, especially for a non-spouse, can be daunting. Don’t hesitate to ask for help: mistakes can be costly. People respond in a variety of different ways when receiving an inheritance from a loved one. Sometimes grief is mixed with excitement over the possibilities presented by the…
Read MoreLove Means Never Having to Say “I Can’t Find That”
Do yourself and your loved ones a big favor: organize the avalanche of paperwork, document and files. Shred what you don’t need. Your family will always remember you for this! Giving your family the gift of a relatively seamless transition following your demise, is one of the many reasons for estate planning, including creating a…
Read MoreSmall Changes Add Up for Big Retirement Savings Impact
“If you kick in a measly $20 a week to your retirement account, you’ll end up with an extra $173,000 forty years later, if your investments grow an average 6% a year compounded quarterly.” Do the math and you’ll see how quickly it all adds up. Making a small change, like bringing your own bottle…
Read MoreBusiness Owner’s Estate Plans Should Include a Buy-Sell Agreement
A buy-sell agreement does more than protect the business owner, it protects the business owner’s heirs. Creating a buy-sell agreement for a business owner is a lot like a will—it needs to be updated to reflect changes in partnership agreements or the departure of the owner or a co-owner from the business. As reported in…
Read MoreAnother Medicare Increase Likely for Higher Income Retirees in 2018
High income retirees, get ready to dig deeper into your pockets in 2018 as Medicare income thresholds drop. More beneficiaries will get stuck with higher premiums, as Medicare lowers income thresholds for the highest surcharge tiers next year. This is bad news for those who already took a hit with premium surcharges for Medicare Part…
Read MoreBoomers and Millennials Both Need Estate Plans
It doesn’t matter how old you are—you need to have an estate plan. It’s part of being a responsible adult. One reason to have an estate plan is to articulate how you want your possessions, including real estate, investment accounts and personal effects, to be distributed after you die. But that’s not limited to people…
Read MoreSpecial Challenges Remain for Some Same-Sex Couples
The winding road that led to legalization of same-sex marriage included states that permitted the marriages, some that did not and the right to marry nationwide. Along the way, some situations were created that have put some couples’ legal status in a potentially problematic situation. Every couple needs to have an estate plan to ensure…
Read MoreJudge Awards Nearly $800,000 in Case of Fiduciary Breach
A polo team and polo ponies, photography adventures and a film project were funded by a Harvard-educated attorney, until the family’s case was brought to justice. The judge in the case of the co-executors against Philip Jay Fetner was not convinced by Fetner’s stance that the late Stephen S. Roszel VI wished to fund an…
Read MoreShould You Leave Money for Your Kids? How Much?
Money and families can be very complicated. How do you know how much money to leave to your children, or if you want to leave anything at all? Different generations and different socioeconomic groups have different beliefs about whether or not they should leave a generous legacy to their children, or if their kids need…
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