Watch Out for Uncle Sam’s Penalties in Retirement

If you thought retirement was all fun and games, think again! Penalties for missing deadlines, failing to take distributions in a timely manner and other mistakes, can have a big impact on retirement finances. Taxes are just one of the unexpected elements that can pop up and put your retirement finances at risk. According to…

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Why an Estate “Directory” Can Help Your Family

Once your estate plan is done, or reviewed, if several years have elapsed since it was created, the next document you should create is an Estate Directory. Families are vulnerable when a loved one dies. It can be difficult to make decisions, old family tensions may resurface and sibling rivalries erupt into no-holds-barred battles. The…

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Actor’s Mistake in Estate Plan Is Costly

Philip Seymour Hoffman’s mistakes cost at least $12 million in estate taxes. Some estate planning mistakes made by the late actor Philip Seymour Hoffman turned out to be costly. His estate planning mistakes were not marrying the mother of his three children and not working with an estate planning attorney, according to a Kiplinger in…

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Boomers 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…

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Are Trusts Valid in All States?

If a trust is created in one state, but the beneficiaries live in another state and the couple who originally created the trust move to a third state, is the trust still valid? In summary, the general answer is yes. Trusts are governed by the laws of the state where they are established, but as…

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