The SECURE Act was enacted in December of 2019, and it made some changes to the individual retirement account parameters. In 2021, legislation that would make further changes was introduced. It has been making its way through the legislative process since then. According to reports, lawmakers are attempting to approve the measure that is being … [Read More]
Shape Your Estate Plan to Suit Your Needs
A lot of people wonder why legal counsel is necessary when you are planning your estate. There are a number of different reasons, but there is one that stands above the rest: understanding your options. Asset transfers can be facilitated in different ways, and specific concerns can be addressed on a case-by-case basis. With this … [Read More]
Estate Planning and Vacation Homes
A vacation home can provide countless family memories over the years. When you start to envision your legacy, vacay property may be a part of it. In this post, we will provide some important information about estate planning and vacation homes. Do Your Children Really Want the Home? The thought of your children and their … [Read More]
What Are Advance Directives?
A properly constructed estate plan will take a holistic, 360 degree approach. Of course, you have to make sure that assets get into the hands of your loved ones in the appropriate manner. This is the part of the estate planning process that everyone understands in a general sense. At the same time, you should … [Read More]
What Documents Are in a Complete Estate Plan?
There is no universal, one-size-fits-all plan. At the same time, some of the documents in a complete estate plan are necessary for everyone. In this post, we will provide clarity that will help you cover all of your bases appropriately. Asset Transfers All estate plans will arrange for postmortem asset transfers. However, there are different … [Read More]
What Is a Totten Trust?
There are many different trusts used in the field of estate planning. We endeavor to provide explanations in some of our posts, and we will look at the Totten trust in this one. Payable on Death Account Back in 1904, there was a court case that was decided by the New York Court of Appeals … [Read More]
What Can Good Estate Planning Do for You? (Part 2)
In our last post, we shared some of the things that good estate planning can do for you and your family. Since there are so many of them, we have to follow up with a second installment. Long-Term Care When you get good estate planning information from an attorney, you can avoid costly errors related … [Read More]
What Can Good Estate Planning Do for You? (Part 1)
There is a difference between good estate planning and an uninformed, hope for the best DIY approach. When you work with our firm to develop a properly constructed plan, your wishes will be carried out correctly, and your family will benefit. In this post, we will look at the advantages, and we will follow up … [Read More]
How Are Capital Gains Taxed in 2022?
People often have questions about taxes on inheritances, and this is understandable. When you receive income from any source, you typically have to report it when you file federal and state returns. Thus, there is the matter of how capital gains are taxed. This can seem like a complicated stew that is going to wind … [Read More]
What Does the Executor of a Will Do?
The executor of a will is the individual that will handle the estate administration tasks. It is not a ceremonial role that you bestow upon someone as a sign of respect, and we will look at the details here. Selecting an Executor If you decide to record your final wishes with regard to asset transfers … [Read More]
( By appointment only )