Oh, no, your original will is missing! In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will…
Category: Estate
Divorcing? Revise your estate plan
Divorcing? Revise your estate plan If you’re going through a divorce, you probably feel a little overwhelmed by all the legal and financial items you must attend to before the marriage termination is final. These tasks can be difficult, but…
5 good reasons to turn down an inheritance
5 good reasons to turn down an inheritance You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line.…
Because of COVID-19, college-aged children need a basic estate plan
Because of COVID-19, college-aged children need a basic estate plan It’s August, and that means it’s time to get ready to go back to school for many students. If your child recently graduated from high school and is heading to…
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Avoid “bad blood” among family members: Protect your will from legal challenges
Avoid “bad blood” among family members: Protect your will from legal challenges You’ve probably seen it in the movies or on TV: A close-knit family gathers to find out what’s contained in the will of a wealthy patriarch or matriarch.…
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Fortify your assets against creditors with a trust
Fortify your assets against creditors with a trust You may think of trusts as estate planning tools — vehicles for reducing taxes after your death. While trusts can certainly fill that role, they’re also useful for protecting assets, both now…
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Now may be the time to forgive intrafamily loans
Now may be the time to forgive intrafamily loans If you have outstanding loans to your children, grandchildren or other family members, consider forgiving those loans to take advantage of the current, record-high $11.58 million gift and estate tax exemption. Bear…
The rules have changed regarding your IRAs, RMDs and estate plan
The rules have changed regarding your IRAs, RMDs and estate plan Many people’s estates typically include IRAs. Be aware that two major laws passed into law recently, the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid,…
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COVID-19: Expanded Federal tax filing and payment relief
COVID-19: Expanded Federal tax filing and payment relief The Treasury Department and IRS announced that Notice 2020-23 (PDF) extends additional key tax deadlines. The extensions generally now apply to all taxpayers that have a filing or payment deadline falling on…
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Inheriting property? Be aware of the basis consistency rules
Inheriting property? Be aware of the basis consistency rules If you’re in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Current tax law, passed in 2015, provides that the…
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