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How the 2001 Tax Law Affects Your Will
Your will and estate plan need to be reviewed. If you’ve procrastinated about a plan, this is the time to get started. But even if you have been meticulous, the 2001 tax law requires at least a review and probably significant changes. The common feature all estate plans will need for the next 10 years […]
An Important Supplement to a Living Will
A document that is an essential element of every estate plan is one that gives directions for health care when you are unable to make decisions. Many people say they want to die with dignity and without running up a lot of costs for futile health care, sometimes called “heroic efforts.” But your wishes in […]
What A Will Can And Cannot Do
A will is one of the simplest yet most powerful documents you can write. A will can decide what happens to valuable property, even billions of dollars worth. It can decide who becomes the guardian of minor children, who controls a business or other entity, and how much of your wealth goes to the government. […]
How To Make Your Home Equity a Retirement Asset
The residence usually is one of the most valuable assets retirees own. It also is one of the worst-managed assets. Few people realize the home can be used to increase retirement cash flow or know how to do so efficiently. In the past issues of Retirement Watch, we’ve gone over reverse mortgages and issues related […]
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All the Ways You Can (Legally) Avoid Probate
Avoiding probate often is a major estate planning goal, but most people don’t learn all the strategies available. In probate, a deceased person’s estate is administered and distributed according to state and local law. The process ensures debts are paid and legal title to assets passes as the decedent wanted, or according to state law […]
The Four Ways You Can Make Tax-Free Gifts
Gift giving is an essential strategy in many estate plans. When done properly, gifts reduce lifetime income taxes and reduce or eliminate estate and gift taxes. Through gifts, you help loved ones today, and see the benefits of that help, instead of having them wait to inherit. To optimize gifts, know how to minimize gift […]
The Tax Traps in Delaying IRA Distributions
Congress expanded a tax trap for many owners of traditional IRA and 401(k) accounts when the SECURE Act 2.0 was enacted in December 2022. The law delayed the starting age for required minimum distributions (RMDs) to age 73, effective January 1, 2023. The starting age will jump to 75 effective January 1, 2033. If you […]
Estate Planning for the Growing ‘Unmarried Population’
In last week’s edition of Retirement Watch Weekly, I presented Estate Planning for “Modern Families.” There’s a lot more ground to cover, so let’s dive right back in – starting with estate tax implications for single people. Under the estate and gift tax, singles do not have the advantage of the marital deduction. An unmarried […]
