Far too many people think that it is easy to execute a legally binding document using tools that you can get online. In fairness, a layperson can create a document that would stand up in court using DIY tools, but the this may not be a good thing. Power of Attorney Dispute Sometimes you come … [Read more...] about Self- Service Estate Planning Can Yield Negative Outcomes
What Are the Rules for Inherited IRAs?
Your individual retirement account will provide a nest egg that you can draw from after you put your working years behind you. If there is something left in the account after your passing, it will be transferred to a beneficiary that you designate. There are rules with regard to individual … [Read more...] about What Are the Rules for Inherited IRAs?
What Is the Gift Tax Exclusion in 2022?
In this post, we are going to look at an important gift tax detail. However, to be able to understand the implications, you have to absorb some background information about federal transfer taxes. Estate Tax Parameters Most families do not have to be concerned about the federal estate tax, because … [Read more...] about What Is the Gift Tax Exclusion in 2022?
How Can You Leave an Inheritance to a Minor?
Most younger adults do not have estate plans in place, and many of them are the parents of minor children. Some people are simply remiss, but there are those that are unprepared because they don’t know how they would leave an inheritance to a child that cannot handle money. In this post, we will … [Read more...] about How Can You Leave an Inheritance to a Minor?
These Three Estate Plan Details Are Easy to Overlook
Everyone knows that you have to draw up a will or a trust to facilitate asset transfers after you are gone. This being stated, there are some finer details that should be attended to when you are devising your estate plan, and we are going to look at three of them in this post. Advance Directives … [Read more...] about These Three Estate Plan Details Are Easy to Overlook
Inheritance Planning: Protecting a Spendthrift
When you are planning your estate, you may have concerns if you will be leaving an inheritance to someone that is not good with money. If you name them in a simple will and provide a lump sum inheritance, they could burn through it too quickly and have nowhere to turn later on. These situations … [Read more...] about Inheritance Planning: Protecting a Spendthrift
