Do you want your ex-spouse to get your money when you die? Or how about someone that’s fallen out of your good graces? No matter what your will says, the name(s) on the beneficiary form you signed is written in stone. And if you forgot to name a new beneficiary after a change in family status, somebody is just plain [...]
Gifting: Definition The transfer of assets, such as cash, investments or property, from one person to another without receiving anything in return, often with the intent of helping the recipient with financial goals like education, buying a home, or investing. Gifting can also have tax implications for the donor. Gifting is a highly effective estate planning tool that has [...]
When you look back over the previous 12 months, you might be surprised at what may have changed for you, whether in terms of the economy at large, your individual finances, or your personal circumstances. That’s why the end of the year is a great time to reflect and to prepare for the year ahead. Maybe you want to pay off [...]
It’s always a great challenge to find all possible deductions that will make your tax bill as small as possible. This late in the year you may have thrown up your hands and asked, “What else can I do?” But take heart. There are still several strategies available if you are charitably-minded. Appreciated assets If you itemize deductions on [...]
At the very moment IRAs joined the retirement savings universe in 1974, so did Required Minimum Distributions (RMD). The government was more than happy to provide a tax-deferred way to save for the future, but it came with a future reckoning—paying taxes on all the contributions and on all future growth whenever an IRA owner began to take distributions. And [...]
“What in the world does that mean?” I can’t tell you how many times I’ve been asked that question during more than 30 years in the financial industry. Clients naming beneficiaries on IRAs, 401(k) accounts, annuities or insurance policies stop dead-in-their-tracks when asked to decide whether they want beneficiaries to receive proceeds from their account Per Capita or Per Stirpes. [...]
Why does everyone think estate planning is so hard? You just split it equally among your heirs and you’re done, right? That’s a simple way to do it, but often, not the best way. Everybody’s family is different and you need to think about the specifics of your family; What’s their situation?; How do you want them to benefit [...]
It wasn’t really a secret, but the IRS didn’t make a lot of noise about it either. In March 2023, the agency quietly changed the rules, issuing Revenue Ruling 2023-2 which has a substantial impact on estate planning and irrevocable trusts. In the last 10 years, irrevocable trusts have been used more frequently to protect family assets from being [...]
When Aretha Franklin, the Queen of Soul, died in August 2018 she left behind a legendary career and a massive music legacy that touched millions of people. She also left an estate worth $80 million and a legendary family controversy because no one could find a Will, a Trust, or any kind of estate plan that outlined her wishes. [...]
Officially it’s called the Tax Cuts and Jobs Act (TCJA). More commonly it’s known as the Trump tax cuts. No matter what you call it, the provisions of the Act created in 2017 are set to expire on December 31, 2025. The TCJA made massive changes for businesses and individuals. A tax cut on corporate profits A restructuring of [...]
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