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Aging Parents and Blended Families Create Estate Planning Challenges

We have seen some step siblings able to all get along fine but they seem to be the exception. More likely, one sibling feels divided loyalty to the birth parent, not the step-parent.

Posted on: July 28, 2021

Make the Most of a Roth IRA, Even If You’re Not Ultra-Wealthy

For traditional 401(k) plans and IRAs, you generally get a tax break when you make contributions and then pay taxes on the withdrawals in retirement. In contrast, Roth versions of those accounts come with no upfront tax break, but qualified withdrawals are excluded from federal income taxes.

Posted on: July 27, 2021

What Paperwork Is Required to Transfer the Ownership of Home to Children?

Have you considered transferring ownership of your home and wondering what records or paperwork is required? The reason for wanting to transfer will help determine how you should proceed.

Posted on: July 26, 2021

How Do You Divide Inheritance among Children?

First, before making a gift or bequest outright to your youngest son, consider whether now or in the future he will possibly be eligible for governmental assistance based on his disability and his own assets.

Posted on: July 23, 2021

Which Is Better a Traditional IRA or a Roth?

Traditional IRAs have been available to retirement savers who have earned income since 1974. That’s 23 years longer than Roth IRAs (introduced in 1997) have been on the scene. The big difference between these two types of individual retirement savings vehicles is when you pay federal (and possibly state) income tax on your savings.

Posted on: July 22, 2021

I’ve Been Appointed My Aging Parents’ Power of Attorney but What Now?

We see recurring confusion about what it means to be appointed with authority over money in a Durable Power of Attorney (DPOA) for aging parents.

Posted on: July 21, 2021

What Should Be Included in Estate Planning?

The best time to do estate planning is ten years ago, but the second-best time to do so is now.

Posted on: July 20, 2021

Why Is It Important to have a Will?

Less than half of Americans have a will. Here's why it's critical to be among those who have taken the time to draft this important document.

Posted on: July 19, 2021

Can I Write a Perfect Will?

Talking about death is not the most fun thing to do, especially when yours is the main topic. For this reason, you may postpone writing your will. You still have to write your will, if you want particular people to be in charge of your belongings after you pass away.

Posted on: July 16, 2021

Who Receives an Inherited IRA after the Beneficiary Passes?

What happens if a non-spouse beneficiary inherits an IRA account but dies before the money is put in her name. There were no contingent beneficiaries. Which estate would get the IRA?

Posted on: July 15, 2021