Only wealthy people benefit from the “loophole” anyways. Retirement plans were never intended to be an estate planning tool. It won’t impact me. I don’t care. These are some of the comments in the press right now regarding proposed legislation to end the ability of heirs to take inherited IRAs out over their life expectancies […]
When speaking with my elderly clients I encourage them to have conversations with their children about their wishes. Upon the mention of this suggestion, I have witnessed the change in demeanor of many. I go on to explain what their children will need and how the administration of their estate will proceed. We discuss how […]
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. […]
If Congress ultimately expands gun legislation, then it could have a profound impact on an individual’s ability to transfer guns to their beneficiaries. Bequeathing a gun in an estate is very different from passing on other personal property. Because a gun is a regulated piece of personal property at both the federal and state levels, […]
Make this your new year’s resolution. Or don’t. Either way, these six things should give you peace of mind that your family and friends will not struggle through the probate process. 1. Make a list of your stuff Create a simple list of your assets with corresponding values – use a ballpark value if you don’t […]
This year, total student loan debt has climbed over the $1 trillion mark and tuition continues to grow at double the rate of inflation. Starting a college savings plan has never been more important. The earlier families get started, the better. Most of the time, families are well-intentioned and want to save for their children’s […]
We have had many posts related to choosing guardians for your children should something happen to both parents before their children reach the age of majority: Appointing a Guardian for Minor Children, How to Choose A Guardian, among other miscellaneous references to the importance of having an estate plan when you have minor children. As […]
Let’s face it. Needing to buy life insurance for your kids tops the list of Things No One Wants to Think About. It’s difficult to look at the long-term and financial reasoning behind a topic which is full of emotion. Parents often can’t address it and many life insurance agents don’t broach this awkward conversation. […]
While speaking to clients regarding their estate plan, the topic of conversation often shifts to … “I wonder if my parents have done any planning?” As we get further into the discussion of expenses – the cost of funerals, burials, cremation, estate administration, etc., I regularly hear … “I am concerned about my parents’ financial […]
Historically, determining a decedent’s heirs was easy – determine all of the decedent’s living family members on the date of decedent’s death and if decedent’s wife was pregnant on the date of his death, wait to see if the child is born alive. Now, however, science has provided us with the ability to freeze genetic […]
If you are one of the millions of parents who own a life insurance policy, you may have your child named individually as a primary or contingent beneficiary if you were to pass away while the policy was still in effect. However, naming a child individually, especially under the age of eighteen, can have unintended […]