One of the ways to make the most of an inherited IRA is to use what’s known as a stretch-out approach. Some people make a common error of naming their own estate as the beneficiary of their individual retirement account. This means that rather than going to a person who could benefit from accumulated wealth… Read More »
Posts By Author: adminPage 3
Understanding Special Needs Trusts and Qualifying for Government Assistance
Taking care of a loved one who has special needs is a primary concern for all of the immediate family members. Trusts and especially special needs trusts may be a powerful strategy used to ensure that your family member has the support he or she needs without being disqualified from critical government programs such as… Read More »
What Power of Attorney Do I Need?
Most people are aware that estate planning has benefits for everyone, but it is especially critical for seniors. Do you already have a power of attorney? What does it cover? If your document is outdated or if you never created it, now is the time to revisit. You might be able to use a few… Read More »
Do Revocable Trusts Trigger Particular Tax Treatment?
Many people are interested in setting up a living trust and this can be a valuable estate planning tool. Many people are also curious about whether state and federal taxes would be due on earnings that are based on the assets inside the trust. Revocable living trusts are a powerful estate planning tool that are… Read More »
Have You Forgotten About the Intangibles in Your Estate Plan?
Many times, people think very specifically about the physical objects or other items they intend to pass on to their loved ones but if you forget about intangible assets, you could be depriving your loved ones of something they cherish greatly. Your values, wisdom, important family traditions, stories and beliefs can all be articulated in… Read More »
Make Sure You Don’t Leave a Mess Behind for Your Children with Your Estate Planning
The goal of most planning is to avoid leaving a mess behind for your children, be it financially, legally, or literally. A cluttered house, for example, is one literal issue that many people have to deal with. Decluttering and getting rid of your worldly possessions that are no longer necessary are at the top of… Read More »
Preventing Common Problems When a Person Unexpectedly Passes Away
Doing your best to put together a comprehensive estate plan is certainly an important component of protecting your beneficiaries and the assets you have worked so hard to accumulate and build over the course of your life. However, people who may not have had a great relationship with you towards the end of your life… Read More »
Avoid These Major Elder Law Planning Mistakes
Increasingly, more people are realizing the benefit of elder law planning and are setting up consultations with elder law attorneys to discuss mitigating their risks. However, there are opportunities for mistakes in this process if you are not knowledgeable about what to do. Looking ahead to the future is not always easy, but you must… Read More »
Study Shows Elder Financial Fraud Tops $36 Billion
One recent study found that $36 billion may be a low estimate for the final total on elder fraud. Unfortunately, scams targeting the elderly have been on the rise in recent years, be it attempting to get their private information to open credit cards in their name, or to encourage them to list strangers or… Read More »
Most Common Challenges Facing Aging Family Members with Housing Transitions
The discovery that your loved one may need to make a housing transition either to downsize to a different location or to move into a residential facility that assist them with day to day care can be overwhelming and difficult for the family member in question and their adult children and other caregivers. These situations… Read More »