Category: Estate Planning

After your retirement, or if you’re retiring soon, you may be more inclined to make donations to your charity. However, you may receive little or no tax benefit from your contribution, depending on whether you itemize deductions. As a result, you might rely on a provision in the tax code to achieve...

If you own your principal residence, you may be able to benefit from its build-up in equity, realize current tax breaks and pocket a sizeable tax-exempt gain when you sell it. What’s more, from an estate planning perspective, it may be more beneficial to transfer ownership of your home to a qualified...

Despite its unusual sounding name, a QDRO isn’t an alien from a science fiction movie or a geometric equation. In fact, QDRO stands for “qualified domestic relations order.” If you’re in the process of getting a divorce, a QDRO can provide for the transfer of assets in a qualified retirement plan to...

If you’re like most parents of young children, you’ve probably put a lot of thought into raising your kids, ranging from their schools to their activities to their religious upbringing. But have you considered what would happen to them if you, and your spouse if you’re married, should unexpectedly die? Will they...

Estate planning is about much more than reducing taxes; it’s about ensuring your loved ones are provided for after you’re gone and that your assets are passed on according to your wishes. However, few events can upend your estate plan as unanticipated long-term care (LTC) expenses.

LTC expenses generally...

Are you creating or updating your estate plan? First and foremost, you need a will that divides up your assets among beneficiaries. Then you can complement it with other documents, such as financial and health care powers of attorney and various trusts.

What about all those other vital matters...

The IRS has for the third consecutive year offered relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. Let’s look at how this may affect your retirement and estate plans.

Rules for RMDs

Once...

If you’re in line to receive a significant inheritance, your feelings may range from exhilaration to relief, not to mention a great deal of sadness for the loved one who has passed. Indeed, a large infusion of cash or assets can be overwhelming.

Generally, when you receive an inheritance,...