Author Archives: Site Administrator
What’s the Difference Between Nursing Homes and Assisted Living?
US News & World Report’s recent article entitled “Nursing Homes vs. Assisted Living” explains that a big question is determining what type of facility is the best fit. According to the National Institute on Aging (NIA), long-term care residences include: Assisted Living Facilities Nursing Homes Board and Care Homes; and Continuing Care Retirement Communities…. Read More »
What Does Legacy Planning Mean?
Asset distribution is how many estate plans begin, but we can create legacies for generations to come through our estate planning, says Kiplinger in the article “Legacy Planning: Create a Lasting Legacy.” You may not realize it until you sit down to prepare an estate plan, or even until you prepare a second estate… Read More »
The Importance of a Will
Even during a pandemic, few people want to spend time thinking about death. However, having an estate plan means having some of the most important documents you’ll ever create. Having a will is a gift that alleviates the burden placed on loved ones after we are gone, says this recent article “Why it’s important… Read More »
Stretch Out IRA Distributions, Even Without ‘Stretch’ IRA
It’s sad but true: the SECURE Act took away the long lifetime stretch that so many IRA heirs enjoyed. It was a great efficiency tool for family wealth transfer, but there are ways to fill the gap. A recent article “3 Strategies That Dry Your Stretch IRA Tears” from InsuranceNewsNet.com explains what to do… Read More »
What Trusts are Available for Estate Planning?
A trust is a legal agreement that has at least three parties. The same person(a) can be in more than one of these roles at the same time. The terms of the trust usually are embodied in a legal document called a trust agreement. Forbes’s recent article entitled “Here’s What You Need To Know… Read More »
The Biggest Mistake in Trusts: Funding
Failing to put assets into trusts creates headaches for heirs and probate hassles, says the article “Once You Create a Living Trust, Don’t Forget to Fund It” from Kiplinger. It’s the last step of creating an estate plan that often gets forgotten, much to the dismay of heirs and estate planning attorneys. Are people… Read More »
How Do Joint Accounts and Beneficiary Designations Work in Estate Planning?
Most people think a will is the most important tool in the estate planning toolbox, but in many instances, it is not even used. Assets in the will go through probate, and wills control assets in your name only. If you don’t have a will, your state laws will provide one under its law… Read More »
Incorporating Gifting with an Estate Plan
Kiplinger’s recent article entitled “Gifting sounds pretty simple, but there are many ways to do it, and several tax ramifications to be aware of as well” explains that no matter if a gift is made this year or in future years, there are some important questions to consider. Increased exemption. The Tax Cuts and… Read More »
What Key Estate Planning Terms Should I Know?
Estate planning can help you accomplish several objectives, including naming guardians for minor children, choosing healthcare agents to make decisions for you should you become ill, minimizing taxes so you can give more wealth to your heirs and saying how and to whom you would like to pass your estate at death. Emmett Messenger… Read More »
What Changes are Happening to Social Security in 2021?
The Social Security program undergoes a number of changes every year. Fox News’s recent article entitled “7 changes to Social Security in 2021” looks at the updates unveiled by the Social Security Administration (SSA) last week. More money. The SSA recently announced a 1.3% COLA for the upcoming year. That means an extra $20… Read More »