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What Happens If You Don’t Name Beneficiaries?

If you’ve had an IRA and a 401(k) for many years, you may occasionally ask yourself some questions: ‘Am I contributing enough?’ ‘Am I still funding these accounts with the right mix of investments for my goals and risk tolerance?

Posted on: September 13, 2021

What Not to Do when Creating an Estate Plan

Sometimes people attempt to make an estate plan online without consulting legal and financial professionals to avoid the higher cost. However, everyone’s situation is unique, and using a boilerplate estate plan can lead to mistakes.

Posted on: September 10, 2021

How Do I Sell a Home in an Irrevocable Trust?

I’m a trustee selling a home in irrevocable trust for a parent who died. There are two beneficiaries who will get the sale proceeds with a stepped-up basis. I’m filing Form 1041 but do I still have to file a Form 1040 to report anything for the beneficiaries?

Posted on: September 9, 2021

Key Dates for Planning Retirement

Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties.

Posted on: September 9, 2021

How to Keep the Vacation Home in the Family

Vacation property can become a family legacy. Keeping your cabin, fishing lodge, hunting property or other special assets separate for future generations is often a special goal for a family.

Posted on: September 7, 2021

What You Need to Know about Probate

A will is a legal document that spells out the distribution of your assets and how your children will be cared for at your death. Probate is a process used to prove a decedent’s will is valid and to supervise the handling of their estate.

Posted on: September 6, 2021

Checklist for Estate Plan’s Success

Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.

Posted on: September 2, 2021

Estate Planning for Couples with Big Age Differences

Increasingly, financial advisors are working with clients from nontraditional families, which can sometimes require different or additional strategies to protect their assets and achieve their financial goals.

Posted on: September 1, 2021

Do You Pay Income Tax when You Sell Inherited Property?

My great-grandfather was a farmer and had about 23 acres when he died. My grandfather passed away before my great-grandfather. The land was put in a trust for my mother and uncles. My mother passed away two years ago.

Posted on: August 31, 2021