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?
Have you resolved to get your estate planning done at last or perhaps updated? Good for you. Here’s what you’ll need to do, and, just as importantly, what you don’t need to do.
To paraphrase Mark Twain: reports of the death of state estate taxes are greatly exaggerated. In fact, there are recent signs that states are starting to beef up their estate tax laws, instead of tearing them down. This, of course, is bad news for wealthier Americans, who had hoped that state lawmakers would continue burying these taxes.
For obvious reasons, including control, privacy, asset protection, etc., many clients are interested in putting assets into a trust. For many retirees, their IRA is among their biggest assets. It’s only natural to want to put the IRA into a trust.
Estate planning attorneys are getting mobbed with questions. Here is some timely advice from three attorneys on what families and business owners should be doing to prepare, in case the unimaginable happens.
Estate planning attorneys will agree that it is better to die with a properly drafted will, than to die without one. If you don’t have one, consider getting one.
Many A-listers have an impressive fortune worth millions and sometimes even billions of dollars, but not all of them intend to pass on this wealth from one generation to another.