As is the case with many questions regarding legal matters, this depends on some different factors. It is more simple to name your spouse directly, and your spouse could then convert your retirement plans to their IRA and take withdrawals on their schedule. That being said, trusts have a number…
In last week’s post, I addressed why it is important to talk to your parents about planning for their death as well as some tips for how to begin this challenging conversation with them. Today I’ll share the “what” and “when” of this important conversation: What should be covered? There…
If you’ve lost a parent, you’ve felt the devastating reality that everyone – including everyone’s parents – will one day pass away. Often, their children are the ones who have to handle financial responsibilities while handling their own grief. Planning in advance for the tasks that will need to be…
Do you own real property in multiple states? Perhaps you are a snowbird or own investment properties such as rentals in more than one state. If you do, your estate will likely be required to go through probate in each state where you own real property at the time of…
Estate planning for most families typically involves more than simply naming beneficiaries. The goals of estate planning often include the transfer of assets in an orderly and tax-efficient manner as well as working to preserve wealth across generations. The transition of wealth from one generation to the next is often…
Last week I wrote about taking the opportunity with the changing of the seasons to begin or revisit your estate plan along with questions to guide this process. Another key component to be aware of while creating or changing your estate plan is significant changes in tax law. Here are…
Spring has arrived, and many people feel a new sense of initiative and renewal during this season. Although the resolutions you set with the New Year may no longer be in the forefront of your mind, the spring season is an excellent time to channel renewed focus and energy into…
As part of an estate plan, sports fans who have season tickets might wish to pass these tickets on to family members or loved ones to enjoy. Unfortunately, passing on these tickets might be less simple than you would expect. Acquiring season tickets to your favorite sport can be challenging…
One of the lessons the last few years have taught us is that we may miss out on the chance to do something if we put it off for too long. A number of people are making big life decisions such as switching jobs, moving into new homes, or making…
It’s often heartbreaking when an individual’s spouse dies and, on top of trying to arrange their spouse’s funeral while grieving, they also have to struggle through accessing the family’s financial records and accounts without knowing where to begin. It’s difficult to have conversations about estate planning and death. However, having…