How Current is Your Estate Plan?
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.
How Do I Set Up a Living Trust?
Setting up a living trust is largely the same, regardless of where you live in the U.S.
What Exactly Is the Estate Tax?
The estate tax in the United States is a tax on your right to transfer property to other individuals upon your death, according to the IRS. In other words, when you die, the U.S. government might be entitled to a portion of your assets before the remainder can be passed to your heirs. Not all inherited assets are subject to the estate tax. In fact, the U.S. estate tax only affects the wealthiest households.
Should I Use Life Insurance in My Estate Planning?
Life insurance may play a vital role in an estate plan, because insurance proceeds can be counted on to provide liquidity when it’s needed.
What Does Recent Legislation Mean for the Generation-Skipping Transfer Tax (GSTT) Exemption?
Recent legislation provides unprecedented opportunities to minimize or avoid estate, gift and generation-skipping transfer taxes (GSTT).
What are the Penalty-Free IRA Withdrawals?
The contributions you make to your individual retirement account (IRA) are intended to supplement your income during your retirement years. However, as much as you’d like to let your IRAs remain untouched until retirement, unforeseen expenses may force you to withdraw some of those assets early.
Business Exit Planning and Estate Planning
Thinking of exit and estate planning in tandem, allows owners to ask relevant questions to bring their entire picture into focus.
How Will the New SECURE Act Impact My IRAs and 401(k)?
A new law could affect the IRAs and 401(k)s of millions of Americans in 2020.
Do I Have to Pay Taxes on My Inheritance?
An inheritance is not subject to income taxes.
You Could Be Hit with Penalty for an Early IRA Withdrawal
Most financial experts would agree that it is rarely, if ever, a good idea to take an early withdrawal from a traditional IRA or Roth IRA. This is due in part to the high cost of penalties that can hit an account holder for an early withdrawal (not to mention losing out on years of potential earnings).