Navigating the Personal Residence Capital Gains Tax Trap for Seniors
As a senior citizen ages in her residence, she begins to understand a problem that has been brewing for years or decades. The house that she bought many moons ago…
Out-of-State Property Requires Special Attention in Estate Plan
Commonly called “Probate,” the laws that dictate the handling of a person's assets after their death usually depend on the state in which they reside. However, when it comes…
Protect Your Wishes with The Health Care Directive and Power of Attorney Combo
Are you confused about the Health Care Directive? Is it the same as a Power of Attorney for Health Care? And what about a Living Will, DNR, or POLST? These…
Umbrella Insurance for Asset Protection
In the world of asset protection, one well-known concept to mitigate risk is to transfer the obligation for payment of a valid claim to another person. This risk mitigation is…
Special Needs Trust for Disabled Children
Diversity comes in many forms and many related ways of accommodating different needs. When parents are planning for the needs of children with disabilities, a product that should be considered…
Be Prepared to Take Beneficiary IRA Distributions in 2023
In 2019, The SECURE Act changed the rules concerning the distributions from pre-tax Individual Retirement Accounts (IRAs) inherited through beneficiary designation (a so-called “Beneficiary IRA”). As with many such changes…
Prenuptial Agreements
Couples are often wary to bring up the dreaded P word when discussing their nuptials. After all, who wants to ostensibly discuss a divorce when there is an impending marriage…
Per Stirpes or Pro Rata? You probably want Per Stirpes
Periodically checking and updating beneficiary designations on retirement accounts and life insurance is prudent. The next time you navigate the online portal or the old school paper form to write…
How to Avoid the Death Tax
As Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Taxes come in a wide variety of flavors (e.g., income taxes,…
Rethinking Asset Protection
Some readers have heard of personal asset protection strategies like trusts or limited liability companies. The draw to products like these is the supposed promise that your personal assets can…
