Almost all of my non-lawyer friends give me a funny look when I talk about probate. Yes, it is an odd word, but with a short explanation, it makes sense. I find that the basics can be easily explained in one sentence – Probate occurs when someone dies and a court gives someone else (the […]
Do not miss out on an unprecedented retirement and estate planning opportunity. During 2010, converting “traditional” IRA accounts into “Roth” IRA accounts present some unique opportunities. TRADITIONAL vs. ROTH A traditional IRA is an individually-owned retirement account in which the owner can receive a tax deduction upon the contribution of assets (maximum of $5,000 for […]
People join the military for a variety of reasons. For some, enlisting is a family tradition. Others join out of a strong sense of patriotism. And some folks have just watched too many war movies as a kid. Personally, the benefits were one of the many reasons I joined the military. I knew I wanted […]
A recent article published by Forbes, entitled “How to Protect Your Spouse Financially After You Are Gone,” provides a great roadmap for organizing your affairs in order to assist grieving loved ones after your death. See also my past post, entitled “Get Organized,” which provides an outline for creating an “Emergency Binder.” Taking the time […]
Selection of the appropriate trustee is often an emotional decision. While many grantors may feel that naming someone outside the family to act as trustee may be seen as a “vote of no confidence” for their family, they should instead view that decision as both loving and prudent. Simply put, when a grantor names a […]
So often clients come to us for help with an estate plan, convinced that a living trust is necessary because they have heard that it is the ideal tool to assure avoidance of a ‘dreaded’ probate proceeding. Many believe that probate is expensive, time-consuming and overwhelming. Therefore, a living trust, coupled with a pour-over will, […]
ALERT: Life insurance proceeds may be included in a decedent’s gross estate for estate tax purposes. The Impact of Life Insurance Many people underestimate the total value of their estate. People assume that they do not have enough assets to worry about estate tax planning. However, most do not realize how their life insurance factors […]