Is a Tax Change a Good Time to Check My Will?
December 3, 2020
Changes in tax laws could be affecting—and outdating—your clients’ wills and bequeathing plans.
What If a Sole Beneficiary Wants to Share?
September 30, 2020
An Uncle (or grandparent, sibling, or parent) died, leaving his IRA to one named niece (or grandchild, sibling, or child). However, everyone, including the named beneficiary, agrees–the decedent should have named all members of the class as equal beneficiaries. After all, he left all his other assets equally to all the class members. He surely meant for all of them to share the IRA equally too, right? Can’t we just ignore this mistake and pay out the IRA to everybody?
Do I Have to Accept an Inheritance?
September 29, 2020
No one has to accept inherited assets. Inherited assets can be disclaimed.
Should I Take the Early Retirement Package Offered at My Job?
September 22, 2020
The COVID-19 pandemic, which has kept many workers home, was a kind of test drive for retirement. You learned what it’s like to stay out of the office for long periods of time. However, many companies are hurting because of the economic turmoil from the coronavirus, and if you’re 50 and older, and your employer needs to cut costs, they may be looking at cutting you from the payroll.
State Laws Have an Impact on Your Estate
September 15, 2020
I am a resident of Florida. I would like to leave my condo in Florida to my friend’s daughter, who I consider my stepdaughter, after my death. She is a resident of New Jersey and they would use the condo as a vacation home. Will she be considered my daughter for tax purposes, and which state’s tax laws will count?
When Exactly Do I Need to Update My Will?
September 3, 2020
It is also important to realize that it isn’t merely “why” you are updating your will, but “when” you are updating that can make all the difference. Acting too late (or too early) may mean your changes are no longer appropriate or even immediately invalidated.
Which Stars Made the Biggest Estate Planning Blunders?
August 27, 2020
The saying goes that anyone who does not learn from mistakes in the past, is doomed to repeat them. In estate planning, if you do not learn from other’s mistakes, you are likely to repeat them.
Some States are Lowering Taxes to Entice Retires to Relocate
July 14, 2020
Maryland is known as the Free State, reflecting its tradition of political freedom and religious tolerance, along with its resistance to Prohibition. Talk to retirees, though, and they’ll tell you the nickname is a misnomer, at least as far as taxes are concerned.
Should I Give My Kid the House Now or Leave It to Him in My Will?
July 10, 2020
Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.