Paying insurance premiums to protect against potential losses frees us mentally to enjoy driving a car, leave our house empty while on vacation and receive medical treatment for an injury or illness. In the same way, the use of trusts acts like insurance and can shift anxiety to comfort, Continue reading
Category: Estate Planning
The Truth About Personal Risk Management, Part 1: Insurance
Personal risk management is being aware of the risks in your home and in your life, and then planning how to handle those risks. Insurance plays a big part in managing risk. Most people don’t like paying insurance premiums, but when something happens and the insurance pays for a covered Continue reading
What to Do with an Inherited IRA
IRAs are among the largest assets inherited by heirs and beneficiaries. These accounts have been able to grow to such large amounts because income taxes are deferred until the owner begins to take distributions, usually after reaching age 70 1/2 .
Those who inherit an IRA must be very Continue reading
Those who inherit an IRA must be very Continue reading
Estate Planning in 2013 and Beyond under the New Tax Law
The recent tax legislation dealing with the ‘fiscal cliff’ included significant revisions to the estate tax law that will affect estate planning for the foreseeable future. These revisions include:
* The federal gift, estate and generation-skipping transfer tax provisions were made Continue reading
Life Insurance: How Much and What Kind?
Life insurance can be an affordable way to provide for our children, spouse, a sibling, aging parents and others if we should die while they are depending on us. Life insurance proceeds can provide extra income to help pay ongoing household bills and child care; pay off a mortgage, Continue reading
Planning Opportunities Available to All Families
With the $5.12 million per person exemption from federal estate tax ($10.24 million for married couples), most of the estate planning ‘talk’ recently has been on the planning opportunities available to affluent families. However, the need for estate planning remains for everyone.
According Continue reading
10 Things To Do Before the End of This Year
The end of the year will be here before we know it. But there is still time to meet some major estate planning goals. Here are ten things to do before the end of 2012.
1. Have your estate planning done. Set the end of the year as your deadline to finally get this completed. If you Continue reading
Get Ready for These Five New Taxes on January 1, 2013
Now that the health care law has been declared constitutional, several significant provisions will become effective on January 1, 2013.
Tax #1: 3.8% Surtax on Investment Income
This new tax will be levied on net investment income if modified adjusted gross income is more than the ‘threshold Continue reading
Tax #1: 3.8% Surtax on Investment Income
This new tax will be levied on net investment income if modified adjusted gross income is more than the ‘threshold Continue reading
Estate Planning After Divorce
One area that is often overlooked in the divorce process is the need to update estate planning. Most people would agree that their ex-spouse is the last person they want to inherit their assets when they die or to have that person make life and death decisions for them. But that is Continue reading
Treating Children Fairly Does Not Necessarily Mean Equally
Most parents want to treat their children fairly in their estate planning, and many assume that means having their children inherit equally. But fair does not necessarily mean equal. There may be special circumstances to consider.
For example, parents may want to provide more to a Continue reading
For example, parents may want to provide more to a Continue reading