These changes are so significant that every such plan holders should review their wishes and how their estate plans may be affected.
Most people do not update their estate plans often enough. The most common (and most absurd) excuse for not updating planning, that most advisers hear is: Nothing has changed.
This time of year, families gather to celebrate the season, offering an opportunity to air your plans for the inevitable.
Movie scenes where a deceased tycoon’s will is read to a roomful of shocked and bitter relatives make for great drama, but drama is the last thing anyone wants, when seeking to preserve an estate for future generations.
While most of us had stockings and menorahs on our minds, President Trump on Dec. 20 signed the Secure Act that makes the most significant changes in retirement accounts we’ve seen in years.
Various studies show that most adults have not prepared a legal will. However, the point I’m really trying to make is that everyone has a will in a way—just not one that they have executed.
Properly disinheriting another person is a science, not an art. You should follow formal legal guidelines, instead of assuming what you think is logical will work once your estate is administered.
The stretch IRA is dead and everyone (including me) is writing about how this is the apocalypse for IRA planning. Well, it isn’t. Let’s all take a deep breath.
The Secure Act of 2019 eliminated many of the advantages the so-called stretch IRA offered heirs.
Having an estate plan is among the most important things you can do for your loved ones. It is, however, a task many of us dread and put off dealing with until later in life. If there is one thing we can recommend, it is that it is never too early to start planning. However, it can be too late. Do you have an estate plan that will provide for your loved ones, in the event of death or upon incapacity?