The SECURE Act, passed at the end of 2019, changed a number of rules regarding inherited IRAs, making it more difficult for most beneficiaries to save on taxes by “stretching” distributions over many years. However, an exception to the new rules potentially changes advice that special needs planners often give clients. For many reasons, it’s usually […]

If your loved ones are left to figure out the mess of your estate after you’re no longer around to help provide context, that’s not a gift. In fact, it can cause added stress and grief during an already difficult time in their lives. But that’s not the only reason that your estate can cause […]

Most people today are not impacted by the estate tax exemption amounts. That’s because the amounts are so high that all but those with a high net worth don’t have to worry about that at a federal level. But the current high federal levels might not last forever. There are proposals on the table that […]

It’s well worth it to look at your financial accounts if it’s been years since you have done so. Up to date beneficiary designations are extremely important because even though you hope nothing happens to you, you want the beneficiaries of your choosing to receive those assets in the event of an accident are unexpected […]

By its very nature, the structure of a living trust is revocable, meaning that you can make changes to it or terminate the trust entirely during your lifetime with no consequences. It is important that you go the extra mile to include instructions in the trust document itself about how the trust can be amended. […]

There’s a lot that goes into deciding it’s time for your next chapter when you own a business. You want to know what’s going to happen to it and the key people involved in that transition. This is documented in a business succession plan. There’s a lot that goes into deciding it’s time for your […]

Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor.   There are two main problems with naming a minor as the beneficiary of your estate […]

The addiction epidemic has touched many families throughout the country and it is certainly worth considering if you have loved ones that you wish to leave assets behind to but are concerned about the risks. Unfortunately, many families today have to deal with the pain and challenges of a loved one suffering from addiction, whether […]

A new study has found that contributing to society and having a purpose are key to enjoying life in retirement. This study completed by Age Wave and Edwin Jones shows that the pandemic has influenced the funding and timing of many people’s retirement, often shifting plans they might have had in place for decades. The […]

Some family members are surprised when they learn that they have been named as a loved one’s executor. An executor has the responsibility of carrying out probate administration when named in a will or when appointed by the court. Many people do not realize that they have the opportunity to turn down this role if […]