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Unintended Kiddie Tax Change Fixed in the SECURE Act

The kiddie tax was created long ago to prevent wealthy parents from cutting their taxes by transferring a large amount of investments to their dependent children, who would be taxed at a lower rate.

Posted on: February 21, 2020

Estate Planning for Unmarried Couples

The number of unmarried couples who live together reached 18 million in 2016, a 29% jump from 14 million in 2007. Among adults age 50 and older, the increase was 75%: About four million were cohabiting in 2016, up from 2.3 million in 2007.

Posted on: February 20, 2020

The Need for Long-Term Care Insurance

Healthcare is a major expense for seniors, so much so that recent estimates put the average cost of it at $387,644 throughout retirement for the typical 65-year-old couple retiring today. While that figure may seem astronomical, it actually doesn't account for a related expense that many seniors will inevitably face: long-term care.

Posted on: February 19, 2020

What Should I Know about Beneficiary Designations?

Many people have tens of thousands–even hundreds of thousands–of dollars in their IRAs. If you have an asset that large, shouldn’t you devote more effort to planning for its ultimate disposition?

Posted on: February 18, 2020

Fixing an Estate Plan Mistake

Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances like an heir’s disability.

Posted on: February 17, 2020

When Do I Need an Elder Law Attorney?

Elder law issues can be complex. One wrong word or move can mean the difference between a good result and disaster should you become incapacitated or if other unexpected issues should occur in your senior years. An elder law attorney can help you plan for what will happen, if you should become mentally or physically incapable of taking care of yourself and your own personal business matters.

Posted on: February 14, 2020

Should I Purchase Long-Term Care Insurance?

If you’re fortunate, you’ll live independently and in good health throughout your retirement years. However, if you ever needed some type of long-term care, such as a stay in a nursing home, would you be financially prepared?

Posted on: February 13, 2020

The SECURE Act and Your Retirement

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.

Posted on: February 12, 2020

Not a Billionaire? Trusts Can Still Be Beneficial

Even if your asset base doesn’t measure up to the Bill Gates standard, you may consider using trusts in estate planning. This is because they can help your heirs in many different ways.

Posted on: February 11, 2020

What’s the Best Thing to Do with an Inherited Investment?

Receiving an inheritance can be a double-edged sword. On the one hand, it's overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new opportunities for you and your family.

Posted on: February 10, 2020