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…
Certain kinds of debt die with you, but others will have a big impact on your heirs. If you know the difference, you’ll know what steps to take. Many Americans have unpaid debts when they die. A study reported by…
Private preschools can be almost as expensive as state colleges. The cost of private colleges, by the time today’s preschoolers get to campus, can only be guessed at. Here’s an opportunity for boomers to help their grandchildren attend the preschool…
Careful thought and planning is needed before naming beneficiaries to your accounts. Like choosing an executor for your estate, the choices of beneficiaries can have far-reaching consequences. Many of your financial assets allow you to name beneficiaries, including life insurance…
There are many ways to reduce estate taxes for those rarefied few who would otherwise have to pay them, a number of these strategies work best while you are still alive to see their results. If the prospect of paying…
Mighty oaks grow from little acorns, and a 529 you start for your someday-grandchild will also grow mighty with the benefit of decades. It sounds a little extreme, but when you think about the power of compounding returns, starting a…
The Durable Power of Attorney is an important document to have. However, you and your agent need to be aware of some potential pitfalls with its use. The essential function of a Durable Power of Attorney (DPOA) is to legally…
Elder orphans, a term used to describe seniors who don’t have children or a family support system, are growing in number. To protect themselves, they need to plan more than other seniors. With a health care system already straining at…