Let’s say that you and your spouse both have life insurance policies of $500,000 on each other and have no children. Each spouse is named as the primary beneficiary on the other’s policies, and the contingent beneficiaries are a brother and a niece. The issue that’s often raised, is whether the brother and the niece would be subject to...
Continue ReadingCreating a trust can help assure that assets are distributed more quickly, bills are paid promptly and continuously and personal information about property and other assets remains private. The New York Times recently published an article, “Life After Your Death? Here’s Why You Should Have a Trust.” The article explained that trusts have often been thought of a way for wealthy people...
Continue ReadingChances are that your biggest expense in retirement will be taxes. KSL.com discussed this issue in its recent article, “5 retirement tax traps that could needlessly cost you thousands of dollars!” According to the article, you shouldn’t ignore the one thing that could have the greatest impact on your savings and investments: taxes. Here are some retirement tax traps that could needlessly...
Continue ReadingThe new tax law now permits money from a 529 plan to be rolled over into an ABLE account for children who have special needs, according to Kiplinger’s recent article, “How to Use College Savings to Benefit Children with Special Needs.” This year, a person can roll over up to $15,000, which includes any rollovers and new contributions to the ABLE account....
Continue ReadingInvestigators at the Washington State Attorney General’s office allege that so-called “free lunch” seminars were used to ultimately sell complicated investments and cash in on commissions. As KOMO News reports on its website in the story, “State lawsuit accuses estate-planning company of being a deceptive “Trust Mill,”” the lawsuit filed in King County Superior Court names CLA Estate Services, Inc., CLA USA Inc.,...
Continue ReadingPensions, unlike property, can be inherited tax-free. That means savers are increasingly looking to pass on their policies, according to Morningstar’s recent article, “Why Pensions are Vital to Estate Planning.” Company pensions—whether defined benefit or defined contribution—have different rules as to who can inherit in the event of a member’s death, as well as how much can be passed on to the...
Continue ReadingNPR reported in the article “Charles Manson Grandson Wins Legal Battle Over Cult Leader’s Body” that Jason Freeman, Charles Manson’s purported grandson, whose grandmother was Manson’s first wife, was one of several people who was attempting to gain control of the notorious criminal’s body, since he died in November. Manson was serving a life sentence for coordinating the notorious “Helter Skelter” killing...
Continue ReadingDespite your best efforts to prepare for retirement, you have a good chance of being blindsided by some unanticipated expenses. A recent study by the Employee Benefit Research Institute found that 40% of retirees said their retirement expenses are higher than expected. A recent CU Insight article, “4 unexpected retirement expenses,” discusses some things that may not be on your radar, when it...
Continue ReadingIn 2010, Bobbie Wynder appointed Leroy Mangrum to be her attorney-in-fact by a general power of attorney. She died in June 2013. A year later, Wynder’s four stepchildren, also the beneficiaries under her will, filed a suit against Mangrum for disclosure of all transactions and financial records from his time as Wynder’s attorney-in-fact. From the partial accounting he provided,...
Continue ReadingMany of us in our late 50s and early 60s, start thinking about what retirement is looking like and often it’s not a rosy picture. Therefore, we scramble and hopefully increase our retirement savings. A reverse mortgage may serve as both a retirement tool and provide a senior with a degree of financial liquidity and flexibility. Here’s how it...
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