When it comes to your estate, paying for the professional services of a qualified estate planning attorney now, can help avoid issues in the future.
Estate attorneys are seeing a flurry of inquiries to update or draft trusts and take other estate-planning measures amid the coronavirus crisis.
Did you know that 70% of adults over the age of 65 are predicted to need some type of long-term care for an average length of three years? While thinking about your future, you’ve likely already planned financially, but have you considered your long-term care options?
Estate planning offers tools to establish and maintain effective control over cash, investments and real estate assets during a person’s lifetime and upon death. While wills and beneficiary designations work well to ensure that an estate plan meets the unique needs of the individual establishing the plan, each has its limits.
The $2 trillion stimulus plan includes a temporary waiver of required minimum distribution rules for certain defined contribution plans and IRAs for calendar year 2020.
When a loved one is experiencing cognitive decline, emotional and medical considerations often overshadow the financial planning that needs to happen. This is a potentially costly mistake.
With the economy slowly reopening and stay-at-home orders expiring, what do those at increased risk need to know to stay safer?
How much you will pay in taxes on an individual retirement account (IRA) withdrawal, depends on the type of IRA, your age and the purpose of the withdrawal. Sometimes the answer is zero—you owe no taxes. In other cases, you owe income tax on the money you withdraw and sometimes an additional penalty if you withdraw funds before age 59½. On the other hand, after a certain age, you may be required to withdraw money and pay taxes on it.
If you have a child with special needs, a trust may be a financial priority. There are many crucial goods and services that Medicaid and Supplemental Security Income might not pay for, and a special needs trust may be used to address those financial challenges. Most importantly, a special needs trust may help provide for your disabled child, in case you’re no longer able to care for them.
The most common misconception estate planning attorneys hear, is that someone doesn’t need an estate plan because their client isn’t elderly or on death’s door.
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