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What Exactly Is the Estate Tax?

The estate tax in the United States is a tax on your right to transfer property to other individuals upon your death, according to the IRS. In other words, when you die, the U.S. government might be entitled to a portion of your assets before the remainder can be passed to your heirs. Not all inherited assets are subject to the estate tax. In fact, the U.S. estate tax only affects the wealthiest households.

Posted on: March 3, 2020

Alternatives for Stretch IRA Strategies

The elimination of the Stretch IRA is a game changer, especially for parents who were considering bequeathing savings in IRAs to their children.

Posted on: February 28, 2020

The High Cost of Medicare Mistakes

She recently enrolled in traditional (Parts A, B, and D) Medicare and was hit with huge Part B and Part D monthly premiums. She had no idea why it was so high. After many letters, calls, and meetings with Social Security, she still had no idea.

Posted on: February 27, 2020

How Can I Move On after a Loved One Dies?

Even as you work through your grief, there are some important financial tasks to take care of along the way. Here is a framework to use as a starting point.

Posted on: February 26, 2020

Unintended Kiddie Tax Change Fixed in the SECURE Act

The kiddie tax was created long ago to prevent wealthy parents from cutting their taxes by transferring a large amount of investments to their dependent children, who would be taxed at a lower rate.

Posted on: February 21, 2020

What Should I Know about Beneficiary Designations?

Many people have tens of thousands–even hundreds of thousands–of dollars in their IRAs. If you have an asset that large, shouldn’t you devote more effort to planning for its ultimate disposition?

Posted on: February 18, 2020

Fixing an Estate Plan Mistake

Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances like an heir’s disability.

Posted on: February 17, 2020

When Do I Need an Elder Law Attorney?

Elder law issues can be complex. One wrong word or move can mean the difference between a good result and disaster should you become incapacitated or if other unexpected issues should occur in your senior years. An elder law attorney can help you plan for what will happen, if you should become mentally or physically incapable of taking care of yourself and your own personal business matters.

Posted on: February 14, 2020

The SECURE Act and Your Retirement

While most of us had stockings and menorahs on our minds, President Trump on Dec. 20 signed the Secure Act that makes the most significant changes in retirement accounts we’ve seen in years.

Posted on: February 12, 2020

Not a Billionaire? Trusts Can Still Be Beneficial

Even if your asset base doesn’t measure up to the Bill Gates standard, you may consider using trusts in estate planning. This is because they can help your heirs in many different ways.

Posted on: February 11, 2020