Beneficiary designations and other non-probate transfers are an often-overlooked part of estate planning. They are overlooked by clients and sometimes even by professionals. When planning what would happen to your assets at death, most of us think, “oh, that’s simple, I need to do a Will to take care of that!” But, that’s just part of the process. You almost certainly have assets that are controlled by beneficiary designations or other non-probate transfers. Let’s look at an example. Mary … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
How Will You Age in Place and Be Able to Die at Home?
More and more Americans are dying at home rather than in hospitals. According to the New England Journal of Medicine, in 2017 29.8% of deaths by natural causes occurred in hospitals while 30.7% occurred at home. The percentage of people dying in hospitals has been declining for several decades. While in 1912 two-thirds of people died at home, this evened out in the 1950s. By the 1970s, at least two-thirds of people died in hospitals. Since the 1970s, the trend has reversed. Now, more people are … [Read more...] about How Will You Age in Place and Be Able to Die at Home?
Planning for the SECURE Act
The “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It is effective January 1, 2020, for most purposes. This is a series of articles on the Secure Act. The first article looked at the basics of the Secure Act. This second article examines planning strategies for dealing with the Secure Act. As laid out in the first article in the series, the Secure Act requires more rapid distributions of retirement benefits to most beneficiaries, a … [Read more...] about Planning for the SECURE Act
The SECURE Act and What It Means for You
The “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It is effective January 1, 2020, for most purposes. This is a series of articles on the Secure Act. This first article looks at the basics of the Secure Act. What does it do? The Secure Act does many things, but here are a few of the biggest changes. First the good news: It changes the age at which you must start withdrawing from your IRA or retirement plan. It was age 70 ½ under … [Read more...] about The SECURE Act and What It Means for You
Tax Planning for 2020
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2020 is just starting, it’s not too early to think about planning for whatever it may bring your way. As 2019 draws to a close and a new decade dawns, we need to think of… tax planning! Some years Congress tweaks the laws more than other years. This was a relatively quiet year for changes. Still, even in a quiet year, some things change due to inflation increases, etc. Estate Tax … [Read more...] about Tax Planning for 2020
The Questions of Estate Planning, Part 6: Why
Estate Planning is often misunderstood. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. Any of us could have a tragedy strike, even early in life. And it’s not just our death that Estate Planning considers, it’s also for our incapacity. Estate Planning can provide sophisticated solutions for those with substantial means and complex needs. But, perhaps most importantly, Estate Planning also appoints those … [Read more...] about The Questions of Estate Planning, Part 6: Why
The Questions of Estate Planning, Part 5: How
Estate Planning is often misunderstood. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. One of the most frequent points of misunderstanding is that we focus on “who” we want to receive our assets, rather than “how” they should receive them. For some beneficiaries, an outright distribution might be appropriate. However, ask yourself if one of your beneficiaries might be like the beneficiaries … [Read more...] about The Questions of Estate Planning, Part 5: How
The Questions of Estate Planning, Part 4: Where
Estate Planning is often misunderstood. Questions often arise regarding “where.” First, where should you go to do your Estate Planning? The answer is simple, an attorney who focuses their practice in Estate Planning (or the related areas of Estate Planning, Elder Law, and Taxation). Estate Planning is far too intricate to rely on a general practitioner. You certainly don’t want to rely on an attorney who does multiple practice areas like patent law, corporate law, and personal injury … [Read more...] about The Questions of Estate Planning, Part 4: Where
The Questions of Estate Planning, Part 3: When
Estate Planning is often misunderstood. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. Any of us could have a tragedy strike, even early in life. And it’s not just our death that Estate Planning considers, it’s also for our incapacity. Estate Planning can provide sophisticated solutions for those with substantial means and complex needs. But, perhaps most importantly, Estate Planning also appoints those … [Read more...] about The Questions of Estate Planning, Part 3: When
The Questions of Estate Planning, Part 2 – What
Estate Planning is often misunderstood. Some people think it only involves preparing a simple Will. Some think it only involves preparing a Will or a trust. How hard could that be? But it entails so much more than that. It involves coordinating all the various aspects of a person’s assets so they achieve the goals of the person. Typically, this involves a Will and / or a trust. But it also involves coordinating beneficiary designations on life insurance, IRAs, retirement plans, etc. It also … [Read more...] about The Questions of Estate Planning, Part 2 – What
