If you are going into business for yourself, you have to make some choices. Asset protection should be taken into consideration, and from a retirement and estate planning perspective, you should have a succession plan. Let’s look at the most commonly used asset protection structures, and we will then move on to the second part … [Read More]
Pandemic Shows Importance of Advance Planning
We were told all along that the colder weather would usher in a resurgence of the novel coronavirus, and we have reached that point. Estate planning attorneys always emphasize the fact that anything can happen at any time under ordinary circumstances. People understand this, but far too many of them embrace the “this will never … [Read More]
Why Would You Use a Trust Instead of a Will?
One of the most commonly held misconceptions about estate planning is the idea that you can no longer access or control assets that you convey into a trust. There is some truth in this, because there are irrevocable trusts, and you cannot act as the trustee if you establish this type of trust. However, the … [Read More]
Avoid These Three Estate Planning Mistakes
People often make estate planning errors that yield negative consequences. In this post, we are going to look at three of these common mistakes in an effort to raise awareness. Do-It-Yourself Estate Planning The websites that sell generic, boilerplate legal documents contend that you can plan your own estate using their worksheets and downloads. This … [Read More]
An Overview of 529 Plans
When you are planning your estate, you may decide that you would like to provide educational opportunities for younger members of the family. This can be the greatest gift of all because you are giving them the ability to achieve their full potential as human beings. 529 Savings Plans A 529 savings plan is the … [Read More]
What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
When you’re deciding to whom to leave assets, most people choose their children or other descendants. However, you also need to decide on the “contingent remainder” beneficiary. In other words, who should get your assets if all your other beneficiaries are gone. Read on to learn more about this often-confusing concept. [Read More]
Fair Isn’t Always Equal and Vice Versa
When you’re deciding how your assets should be divided at death, sometimes dividing them equally is the appropriate choice. But, sometimes it’s not. Fair isn’t always equal or vice versa. Read on to learn more, including how to avoid a challenge if you choose an unequal division among your children. [Read More]
Do I Report Living Trust Income When I File?
The revocable living trust is a very useful estate planning tool that is the ideal choice for a wide range of people. We are going to address a question that people often have about taxation in this post, but first, we will provide a general overview so you understand the benefits. Efficient Estate Administration If … [Read More]
Does Medicaid Count Assets in a Living Trust?
Before we get to the question that serves as the title this blog post, there are some people that don’t understand why they would ever have to worry about Medicaid coverage. We will provide a brief explanation to make that clear, and then we will move on to the subject at hand. Medicare and Long-Term … [Read More]
Do IRA Beneficiaries Pay Taxes on Distributions?
The two different types of individual retirement accounts that are widely utilized are the traditional IRA and the Roth individual retirement account. There are similarities between them, but there is one major difference, and we look at the details in this post. Traditional Account Rules You make contributions into a traditional account before you pay … [Read More]
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