If your idea of retirement means not working and enjoying a life of leisure, you’d better start crunching numbers and planning for the unexpected. People like to daydream about their retirement. They imagine themselves traveling, playing with grandchildren, sleeping late…
Distributing assets is only one part of an estate plan’s purpose. The other is to provide clear direction to family members concerning aspects of aging, including illness and end-of-life decisions. The word “estate” may bring to mind a large home…
Converting sooner than later, could yield a bigger account to your heirs; do the math first Deciding whether or not to convert a traditional IRA to a Roth requires crunching the numbers. If your plan is to leave the IRA…
Having a will is a great start, but there are other things you can to do to help your family after you have passed. To make your estate plan complete, consider a few practical steps that will address some common…
There are rules that govern what the executor can and cannot pay themselves, but often the only way to resolve a dispute between the executor and heirs is litigation. Here’s an example of what happens when things don’t go as…
Wills and trusts are two very different kinds of documents used in estate planning. Everyone needs a will, but not everyone needs a trust. Knowing the difference will help you to understand what you need. A will is the cornerstone…
Children worry about their aging parent’s ability to manage money and are often concerned about what happens when their parent passes away and leaves a substantial amount of debt behind. Kids know their parents all too well. So when your…
IRAs are great for saving for retirement. However, when it comes to inheritance, the rules are complex and advice is often flawed. Here’s the hard truth: the rules concerning distribution of IRAs as part of inheritance are complex and inflexible.…
Philanthropically-minded families have long made charitable giving part of their estate plan. While the tax benefits were always a plus, giving was more about creating a legacy than getting a tax break. As the discussion in Washington concerning repealing the…
There are certain questions that every estate planning attorney knows will be asked the first time they sit down with clients. Understanding them makes the process easier. Probate is one of a handful of questions that are routinely asked by…