New legislation signed into law is bringing some of the biggest changes to retirement planning in years. The Setting Every Community Up for Retirement (or SECURE) Act became effective on January 1, and it could certainly affect many of you who are retirement savers, for better or worse. A recent Forbes article highlighted several considerable… Read More »
Ruling from the Grave
I just read a recent Wall Street Journal article titled, “Trying to Control Your Heir’s Behavior from the Grave Often Backfires.” It was a short read, but it raised a number of issues for me. Here are some of my thoughts: Powder keg of emotions I think the article misses a major point. Most of… Read More »
Did Jeffrey Epstein Use Estate Planning to Cheat His Alleged Victims?
Two days before millionaire and convicted sex offender Jeffrey Epstein, 66, hung himself in a federal jail cell, he wrote a will. The 21-page document was filed one day later in St. Thomas in the U.S. Virgin Islands, and it placed his entire fortune (estimated at $577.7 million) into a trust, according to the New… Read More »
Tax-Deferred Growth, Creditor and Divorce Protection – What’s not to like?
One of the most valuable assets people often want to pass down to loved ones is a tax deferred retirement account. The most common way to pass assets down is via the beneficiary designations on IRAs, 401Ks, life insurance, and annuities. On the face of it, the intent is good; but the strategy is flawed…. Read More »
Grantor-Retained Annuity Trust Works Well With Stocks
This article is Part of a series exploring the various types of trusts that may benefit you. Today’s topic is Grantor-Retained Annuity Trusts (GRAT). Do you own stock, especially stock in a start-up company? If so, a Grantor-Retained Annuity Trust might be right for you. The GRAT is an irrevocable trust that transfers wealth without… Read More »
Helping You Avoid a Big Life Insurance Mistake
We’re focusing this article on one of the most common and chronic mistakes that estate planning attorneys are asked to fix after someone passes away. To avoid this mistake, we encourage insurance agents and advisors not to allow a client to name the probate estate as the primary beneficiary of a life insurance policy. We… Read More »
Irrevocable Trusts Protect Loved Ones Assets
This article is part of a series exploring the various types of trusts that may benefit you. Today’s topic is irrevocable trusts. Signing away ownership of assets can feel antithetical to you when you start to think about creating an estate plan that gives you control of what happens to your accumulated assets and meets… Read More »
Holiday Gatherings Are a Great Time to Discuss Estate Plans
The Winter Holidays offer great opportunities to get loved ones together for laughter, fellowship and conversation. These family gatherings might give you the best opportunity to have a conversation with everyone in one spot, about your estate plan. With relatives often living in different cities or states, it can be difficult to get everyone under… Read More »
If You Own a Family Business, You Need to Understand and Implement Succession Planning
Family businesses – from mom-and-pop stores to home-based businesses – power our nation’s economy, from job creation to gross domestic product. They provide 60 percent of American jobs and nearly 80 percent of new jobs created, according to Forbes. In addition, family businesses produce 50 percent of America’s GDP. Mapping out your succession plan takes… Read More »
How the New TCJA Tax Law Affects Life Settlements
Everyone involved in estate planning needs to think about the implications for life settlement options. Two pieces of the new tax law, the Tax Cuts and Job Act of 2017 (TCJA), have a significant impact on life settlements: the increased estate tax exemption and the clarification of the income tax treatment for life settlements. TCJA… Read More »