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Estate Planning

Estate Planning is the process of determining how your wealth and assets should be transferred to the heirs of your choice: your children, grandchildren, friends, families, charitable causes, etc. and then deciding which legal tools and structures to use to best meet your estate planning goals.

Estate planning is not simply reducing or eliminating taxes and avoiding probate.  Only after establishing how you want your estate’s assets to be distributed should you consider ways to reduce taxes and avoid probate. From there, good estate plans deal with a host of other issues. Now, with all but a few estates exempt from the federal estate tax, those other issues are, or should be, at the forefront of estate planning.

An estate plan is to ensure that you are taken care of the rest of your life and that your wealth is transferred to the people you want to have it. A good estate plan ensures these goals are accomplished with as much efficiency and as little cost as possible. An estate plan addresses the management and distribution of an individual’s property and financial obligations after he or she dies with financial tools such as wills, revocable living trusts and power of attorney.

For a comprehensive overview of Estate Planning, please start with our article:

 

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The Inheritor’s Trust: An Often-Overlooked Estate Planning Strategy

June 13, 2021

The Inheritor’s Trust is dramatically under used as an estate planning strategy, which is remarkable considering its significant benefits. Estate planning usually is done one generation at a time. The oldest members, for example, decide how they want to disburse their assets among their children and perhaps their grandchildren. Their adult children do their own […]

estate planning

This is the Year to Ensure Your Estate Plan Has Maximum Flexibility

May 24, 2021

Fellow Investor, If you have an estate valued at $3 million or higher… You’ll want to have more flexibility in your estate plan this year. That’s because the estate and gift tax law is likely to change soon. You should act now to avoid the worst effects of the new law. But your plan needs […]

how-to-avoid-tricks-and-traps-in-required-minimum-distributions

How to Calculate the Required Minimum Distribution (RMD)

May 9, 2021

In last week’s edition of Retirement Watch Weekly, I discussed the rules concerning who must take required minimum distributions (RMDs), when they must be taken. This week, I’ll cover how they are calculated, so let’s dive right in. The required minimum distribution (RMD) rules limit the extent to which an individual can use the tax […]

What Is the Required Minimum Distribution for an IRA?

May 7, 2021

The required minimum distribution (RMD) rules limit the extent to which an individual can use the tax deferral of an IRA or other qualified retirement plan. The RMD rules dictate when distributions must be made from the retirement plans of certain taxpayers. The rationale behind the RMD rules is that Congress provided the tax benefits […]

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E-Wills Are Coming

March 29, 2021

Very slowly but surely, estate planning law is catching up to modern technology. The latest development paves the way for electronic wills in most states. An electronic will, or e-will, is one that recognizes the traditional formalities of a will when they’re in an electronic format. An e-will can be written in an electronic medium, […]

estate planning

Reconsidering Living Wills

March 26, 2021

A good estate plan includes a lot more than will. Among the documents to be included are those about medical care. The traditional document is a living will but I’ve downplayed the importance of living wills for years since a better document is the medical care proxy or power of attorney. There are a number […]

Estate Planning

How to Write an Ethical Will for Your Estate Planning

March 19, 2021

Your estate planning is part of your legacy, but your legacy should be more than financial assets, material possessions and legal documents. For more and more people, the final touch in their estate planning is what sometimes is known as an ethical will. Others have called it a legacy letter, heritage will, family philosophy statement, […]

estate planning

What You and Your Heirs Should Know About Powers of Attorney

March 14, 2021

You may already know your estate plan needs an up-to-date power of attorney (POA). But it also needs much more than that. Here are some important facts on the power of attorney for you and your heirs, in terms of both the uses and limits of the POA. For starters, here’s why you need more […]

July 2021:
Congress Comes for your Retirement Money
A devastating new law has just been enacted, with serious consequences for anyone holding an IRA, pension, or 401(k). Fortunately, there are still steps you can take to sidestep Congress, starting with this ONE SIMPLE MOVE.
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