Funding Long-Term Care Insurance with a 1035 Exchange

August 19, 2013

Many people assume they cannot afford long-term care insurance to protect themselves and their families from the financial, emotional and physical sacrifices needed to provide long-term care for a loved one. However, long-term care premiums are a reasonably small expense when compared to paying for care out of pocket, as these costs can run as […]

Avoiding Power of Attorney Abuse

July 26, 2013

In a previous post I spelled out the basics of the changes made to Minnesota’s Statutory Short Form Power of Attorney that will take effect January 1, 2014. As I mentioned, many of these changes were made to address the potential for abuse. Indeed, a Power of Attorney document gives broad and sweeping powers to […]

Summary of changes to the MN Statutory Short Form Power of Attorney

June 19, 2013

Minnesota’s legislators have been busy working up new and exciting changes to Minnesota’s estate planning landscape. Perhaps less controversial and less exciting, (and, some would argue, more concrete) than the new Minnesota Gift Tax, this article will summarize some of the changes made to the Minnesota Statutory Short Form Power of Attorney document.  With its […]

Will my heirs get everything?

June 11, 2013

Aside from taxes, the topic that can typically cause the most confusion is the issue of which assets will pass to your loved ones tax free – and which are subject to estate taxation. Knowing your estate… There are costs associated with probate and those costs can be significant if you have not planned properly. […]

Assets that Affect Financial Aid

May 6, 2013

If you are a parent of a high school student who will be going off to college soon, or you are starting college yourself, there’s a good chance you’re thinking about applying for financial aid. According to the National Center for Education Statistics, 66% of all undergraduates received some form of financial aid in 2007—08. […]

What To Do & Ask When Seeking A Professional Advisor

March 19, 2013

Anytime you are looking to hire a professional advisor (which for purposes of this article shall include, but is not limited to, a financial advisor, attorney, insurance agent, banker and/or accountant), you should do some preliminary homework to determine the type of person with whom you would like to work and prepare some questions to […]

Understanding Loans and Credit

March 5, 2013

Today we have added a new resource to Epilawg’s Resources page: Understanding Loans and Credit at Every Stage of Life. This resource is a comprehensive guide that covers loan options and financial education at different stages of life: from being a student to preparing for retirement. Hopefully, this will be a useful additional resource to […]

Backdoor Roth IRAs

February 20, 2013

Although you may earn too much to contribute to a Roth IRA, there is no income restriction to convert a traditional IRA to a Roth IRA. What is a Backdoor Roth IRA? The Backdoor Roth IRA is an indirect way to contribute to a Roth IRA when your income is too high to contribute directly […]

Rabbi Trusts: Not Just For Rabbis

February 8, 2013

A rabbi trust is a type of non-qualified deferred compensation plan set up by an employer for the benefit of an employee.  Rabbi trusts get their name from a 1980 IRS private letter ruling that approved the use of these trusts. In that case, a congregation wanted to set up a trust for the benefit […]

Now That The Fiscal Cliff Was Avoided – How Does It Impact You?

January 10, 2013

The American Taxpayer Relief Act of 2012 does the following: Tax Rates – For most individuals it extends the lower federal income tax rates that have existed for the last ten years.  However, if you make more than $400,000 (or $450,000 for joint filers), your top rate will increase to 39.6%. Capital Gain Rates – Again for […]