From: www.wealthmanagement.com
In many, but not all, instances, a trust is a better option than naming an individual.
Trusts are terrific estate planning vehicles that allow individuals to protect and preserve wealth and to pass assets to the next generation. Individual retirement accounts (IRAs) are also useful vehicles that are often used to grow assets free from current income tax and to transfer those…
From: www.natlawreview.com
Are you working on getting your affairs in order? Before you meet with an estate planning attorney, it’s important to be as prepared as possible.
See David’s LinkedIn post here.
While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways…
Go to page: Giving and Receiving Wealth: What to Know
From: REAP, LLC. | Retirement & Estate Advisors & Professionals
As baby boomers move into and through retirement, they will pass on substantial wealth to younger generations.
This financial shift will impact each generation (and each family) differently, but we’re likely to see a few common themes and trends emerge.
Are you wondering about the ins and outs of transferring wealth thoughtfully? Here are a few details to…
From: www.morningstar.com
Here’s a question I get at least once a week: “I’m dealing with a trust that holds an inherited IRA. Can the trustee transfer that IRA out to the individual beneficiary(ies) of the trust?” The unspoken part of the question is, “….without triggering an income tax?”
The simple answer is yes, in most cases a trustee can transfer an inherited…
Go to page: Why an LLC Might Be Good for Your Estate Planning
Estate planning is something that all of us will have to face at some point in our lives. It’s a long process with a lot of planning, documenting, and computing.
Unfortunately, taking stock of your assets also includes thinking about taxes and other fees. Inheritance taxes and estate taxes can burn holes in your savings that you plan to pass down to your family. And while your local government is more than capable of…
From: www.barrons.com
With a rise in “gray divorces” in recent years, it’s only natural that remarriage has become more prevalent among seniors. But people tend to be lax about updating their estate plan.
It’s easy to have an estate plan fall out of date following a remarriage, says Steph Wagner, director of Women & Wealth at Northern Trust, but the…
Go to page: Estate Planning Details to Keep in Mind
From: REAP, LLC. | Retirement & Estate Advisors & Professionals
What does your estate plan look like?
If your plan is incomplete, the government will provide one for you. But most people want to make their own decisions about who will inherit their home, investments and bank accounts, not to mention take care of their pets and minor children.
If you want to follow the best practices for…
From: Blase & Associates, LLC
The disparate federal income tax treatment between trusts and individuals, that has existed since 1986, has grown even more pronounced than it was prior to the passage of the 2017 and 2019 year-end tax laws. This article will examine the problems which currently face us and will propose solutions to these problems.
Part I: Impact of the 2017 Year-End Tax Changes
As a result of the…
From: billhigh.com
Has your spouse or a family member ever said to you, “What do I do when you’re gone? Who do I call? Where do I find all the family’s information? How do I take care of things?”
I know my wife has posed such questions to me. Making sure your loved ones know…
From: www.fa-mag.com
With the SECURE Act now signed into law, it is critical to understand how it changes how we approach estate planning. Specifically, the SECURE Act replaces the “stretch” IRA from inherited retirement accounts, which allowed beneficiaries who inherited retirement accounts to choose to take distributions over their life expectancy. Under the SECURE Act, retirement assets must be distributed out of the…
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