The Tax Cuts and Jobs Act of 2018 temporarily doubles the allowable credit for the federal estate tax. It is $11.2 million for an individual and $22.4 million for those who are married, reports Newsmax’s recent article, “Trump Tax Law Necessitates Immediate Review of All Estate Plans.” Note that a more recent change, called “portability”, allows the unused estate tax credit from...
Continue ReadingA trust can be a valuable vehicle that lets you maximize tax-planning opportunities within your estate plan, detail exactly how you want to distribute your assets and make certain that your vision for your legacy is carried out precisely. Kiplinger’s recent article asks, “What Type of Trust Solution is Best for You?” The article notes that people often make one common mistake...
Continue ReadingWhen someone can no longer care for himself, or their estate is in disarray, a conservatorship is granted by a court to a caregiver or to a guardian. This is a pretty drastic action, but it’s usually necessary when nothing was arranged in advance, such as a trust, powers of attorney, or healthcare directives. The San Diego Union-Tribune’s recent article...
Continue ReadingWTOP’s article, “7 questions to ask when taking control of a trust,” says that while having more wealth at your disposal may give you an increased sense of security, it’s also natural to have some fears about making a poor decision with new wealth. However, asking a few questions may give you the information that you need to be more confident. What...
Continue ReadingFor many of us, losing Mrs. Bush was like losing a family member–regardless of our political party, says Forbes in its recent article, “Barbara Bush And Betty Ford – How Two First Ladies Mastered Unique Aspects Of End Of Life Planning.” The grace with which she handled the final days of her life, is something to consider in estate planning. She dictated...
Continue ReadingYour financial and estate plans can easily become out-of-date. Your situation may have changed, since the analysis and recommendations in your plan were made. It may be that some facts have changed, your health has deteriorated, or your vision for the future has changed. The Smyrna-Clayton Sun-Times reports in its article,“Change plan as plans change,” that most financial plans begin as a...
Continue ReadingBeneficiary designations have precedence over wills. Therefore, if you have accounts with assets to pass on to heirs, be sure to update them regularly. CNBC’s recent article, “Out-of-date beneficiary designations are a common and costly mistake,” says that naming beneficiaries can come with unexpected costs, like deeding money to an irresponsible minor. Many people still have ex-spouses or deceased relatives named as...
Continue ReadingKiplinger’s article, “When to Take Your First Required Minimum Distribution From an IRA,” explains that when you must take your Required Minimum Distribution (RMD), depends on whether your birthday falls before or after July 1. It also depends on whether you want to use your option to delay taking your first withdrawal. Generally, you must begin taking your RMD from a traditional...
Continue ReadingDid you know that a person who serves as a court-appointed guardian of both person and property, is eligible to be paid for their efforts? nj.com published an article recently that asks “Can a court-appointed guardian get paid?” The answer: yes. If you serve as a court-appointed guardian of the person and/or the property of an incapacitated person (also known as a...
Continue ReadingBloomberg’s recent article, “Rise of ‘Gray’ Divorce Forces Financial Reckoning After 50,” found that a majority of married women (56%) still leave major investing and financial planning decisions to their spouse, according to a report titled “Own Your Worth” by UBS Global Wealth Management. The study shows that it’s not just older women moving into the more traditional gender roles of their...
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