For many years, estate planning and retirement planning strategies have focused on enabling someone to live a comfortable retirement in which they may be able to pass on a portion or the vast majority of their accumulated assets to their loved ones when they pass away. But with increasing health care outcomes and better longevity,… Read More »
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Couples Who Want Estate Planning Success Must Work at It
The truth is that anyone can benefit from estate planning, whether you are a young unmarried individual, a child heading off to college, or older couples who are looking down the road to retirement. It’s never too soon to start thinking about estate planning either. Even if your relationship is not yet recognized by law… Read More »
Future of Estate Planning – Some Musings
At the 2018 University of Miami’s Heckerling Institute, there was a panel that talked about the future of estate planning. The following will summarize some points raised during the panel’s discussion. Some states (e.g. Florida) are allowing e-notarization of legal documents. This is not in widespread use yet (and is not accepted in Massachusetts at… Read More »
A Few Updates Regarding Roth IRAs
At the 2018 University of Miami’s Heckerling Institute, Natalie Choate discussed making a contribution to a traditional IRA and then converting those assets to a Roth IRA (this is an approach to consider if you are over the income limit for a Roth contribution during the year). This is a possible strategy to consider if… Read More »
Some Thoughts to Consider for Those Helping Elders
Here are some random but important things to consider for those helping elders. Reminder: Do not sign personally as the one responsible for the cost of another person’s nursing home expenses. Only sign in your official capacity (e.g. power of attorney agent). You should not sign in your individual capacity unless it is for you… Read More »
A Brief Review of ‘Money in Politics’
At the 2018 University of Miami’s Heckerling Institute, Trevor Potter, of the Campaign Legal Center in Washington, D.C., discussed how Sec. 501(c)(4) tax exempt organizations are being used to finance political campaigns. Sec. 501(c)(4) applies to “civic leagues or organizations not organized for profit but are operated exclusively for the promotion of social welfare… and… Read More »
Recent Developments in the Estate Planning World
The following are some recent developments from 2017 which are of interest to the estate planning community. Valuation Discounts Update: In 2017, the estate planning community expected to see big changes regarding the ability to do valuation discounts under Sec. 2704 of the Internal Revenue Code. Briefly, Sec. 2704 was set up by Congress… Read More »
Changes to Federal Income Taxes under TCJA
The new tax law that went into effect on January 1, 2018 is known as the “Tax Cuts and Jobs Act” (“TCJA”), or Reconciliation Act of 2017, or 2017 Tax Act. The following will provide a brief overview of income tax changes under TCJA. The following is not all-encompassing and should not be relied on… Read More »
Changes to Federal Estate and Gift Taxes under TCJA
The new tax law that went into effect on January 1, 2018 is known as the “Tax Cuts and Jobs Act” (“TCJA”), or Reconciliation Act of 2017, or 2017 Tax Act. The following will provide a brief overview of transfer tax changes under TCJA. The following is not all-encompassing and should not be relied on… Read More »
Guest Blogger- Judy Dovev, Eldercare Consultant, Owner of Elder Life Directions
Managing the Balancing Act: Challenges Facing the Sandwich Generation and the Club Sandwich Generation Many of us have heard of the term “The Sandwich Generation”, referring to adults with children of their own who have aging parents, or an aging loved one. Sometimes they are directly involved in their care, while other times they… Read More »