Author Archives: Site Administrator
Tax Implications of CARES Act for Roth Conversions
With a combination of lowered 2020 tax liability, the potential for future tax increases and potentially lower portfolio values, we are in uncharted financial waters. However, all of these factors may make a Roth conversion more attractive than ever, according to the article “Covid-19 and the CARES Act enhance the Roth conversion game” from… Read More »
Does Sense of Smell Impact the Onset of Dementia?
In a study by the University of California-San Francisco, researchers monitored about 1, 800 participants in their 70s for a period of up to 10 years to determine, if their sensory functioning could be linked with the development of dementia. At the time of enrollment, all participants were dementia-free, but 328 participants (18%) developed… Read More »
Can I Add Real Estate Investments in My Will?
Motley Fool’s recent article entitled “How to Include Real Estate Investments in Your Will” details some options that might make sense for you and your intended beneficiaries. A living trust. A revocable living trust allows you to transfer any deeds into the trust’s name. While you’re still living, you’d be the trustee and be… Read More »
Estate Planning and Probate Planning
The nature of the probate process varies from state to state, and even varies from county to county. However, the nature of the process is the same. A court has to validate a will to ensure that it meets the legal requirements of the state before assets can be distributed, explains the article “Probate… Read More »
What Will Biden Do with Medicaid, if Elected President?
Biden’s proposal is ambitious. It addresses the long-term care needs of the Medicaid population in a fairly complex manner. The proposal continues to leave big gaps in Medicaid-based care and does nothing for the millions of people who need long-term support and services but are ineligible for Medicaid. Biden’s plan is part of an… Read More »
Legislation to Prevent Medicare Mistake Penalties Making Progress
More older workers are remaining in the workplace. In 2016, about 60% of 65-year-olds were receiving Social Security benefits, compared to 92% in 2002. Consumer advocates expect that change to result in a growing number of older people making expensive mistakes, when they enroll in basic Medicare, says the article “Bipartisan bill to prevent… Read More »
That Last Step: Trust Funding
Neglecting to fund trusts is a surprisingly common mistake, and one that can undo the best estate and tax plans. Many people put it on the back burner, then forget about it, says the article “Don’t Overlook Your Trust Funding” from Forbes. Done properly, trust funding helps avoid probate, provides for you and your… Read More »
Why Is Trust Funding Important in Estate Planning?
Trust funding is a crucial part of estate planning that many people forget to do. If done properly with the help of an experienced estate planning attorney, trust funding will avoid probate, provide for you in the event of your incapacity and save on estate taxes, says Forbes’ recent article entitled “Don’t Overlook Your… Read More »
When Social Security Makes the Most Sense
There’s an unfortunate tendency to focus on how to get the most out of Social Security in total benefits, but that’s not always the right approach to determine when to apply for Social Security. Everyone has the same eight-year window—from age 62 to 70—when they can start applying for benefits, as explained in the… Read More »
What are Fiduciary Duties in Estate Planning?
One of the reasons people uses trusts in their estate planning, is that the person named as a trustee has a legal duty to put the trust’s interests first, rather than their own interests. This is called a “fiduciary duty, ” and it becomes very important when planning for the future of your assets… Read More »