A Winning Legacy Is Built Before the Final Whistle
A lasting legacy doesn’t happen by accident. Just like a successful football team prepares long before game...
Author: Legacy Counsellors P.C.
Long-Term Care Planning: Know the Rules Before the Fourth Quarter
When it comes to long-term care planning, waiting until a crisis happens can make the game much harder. A sudden...
Estate Planning for LGBTQ+ Couples: 6 Things to Put on Your Checklist
Estate planning is about making sure the people you love are protected and your wishes are clearly communicated. For...
You Have the Team. Now Make Sure They Know the Game Plan.
Every player has a role. Your estate plan does, too.
In our recent post, we introduced the starting lineup of an...
Loss of Stretch IRA is Not Such a Big Deal
“The stretch IRA is dead and everyone (including me) is writing about how this is the apocalypse for IRA planning....
Beneficiaries, Estate Planning Attorney, Grandchildren, Heirs, Kiddie Tax, Required Minimum Distributions, Roth, SECURE Act, Spousal Heir, Stretch IRA
How Bad Will Your Estate’s Taxes Be?
“There were only approximately 1,900 taxable estates in the U.S. in 2018, which is less than 0.1 percent of people...
Estate Planning Attorney, Estate Tax, Executor, Fiduciary, Final Tax Return, Form 1040, Individual Income Tax, Inheritance, Marital Deduction, Personal Representative, Surviving Spouses
Estate Planning Is For Everyone
“The most common misconception estate planning attorneys hear, is that someone doesn’t need an estate plan because...
Conservator, Estate Planning Attorney, Guardian, HIPAA, Medical Power of Attorney, Minor Children, Young Adults
Surprising Ways Beneficiary Designations Can Damage an Estate Plan
“During the estate planning process, these beneficiary designations are reviewed to ensure that the beneficiaries...
Beneficiary Designations, Creditor Protection, Estate Administration, Estate Planning Attorney, Financial Advisor, Life Insurance, Payable On Death, POD, Retirement Accounts, Tax Savings, Trusts
Tax Planning in Your Retirement Planning
“Assuming you have income in retirement, you will be subject to at least some income taxes in your golden years.”...
MAGI, Medicare Contribution Surtax, Modified Gross Income, NIIT, Pre-Retirement Income, Retirement, Roth IRA, Social Security, Taxes
What is the Difference between Guardianship and Power of Attorney?
“With all the media buzz about guardians stealing money from those whom they are meant to protect and overall...
Agent, Estate Planning Attorney, Guardianship, Incapacity, Last Will and Testament, Power of Attorney, Surrogate
Thinking Ahead for 2020 Elections
“Planning for changes to the estate tax and the valuation discount for small businesses can be challenging. Here’s...
Elections, Estate and Gift Tax Exemptions, Estate Planning Attorney, Small Business Owners, Tax Exemptions, Valuation Discounts
Will Your Estate Plan Work Now?
“Under the new law, not only must all of the tax on IRAs and plans benefits be paid much earlier than it was...
Charitable Remainder Trust, Distributions, Estate Planning Attorney, Income Tax, Required Minimum Distributions, Roth IRA, Stepped-Up Income Tax Basis, Tax Free Life Insurance, Unitrust
How Bad Can a Do-It-Yourself Estate Plan Be? Very!
“One Justice from the Florida Supreme Court commented that the expensive litigation far outweighed any savings...
Beneficiaries, Estate Planning Lawyer, Heirs, Litigation, Wills
Planning for Long-Term Care Before It’s Too Late
“A strong long-term care plan spells out where you would like to live, how you plan to get around, and who will...
Advance Directive, Caregiving, Cognitive Decline, Continuing Care Community, Elder Care, Estate Plan, Long Term Care, Nursing Facility, Retirement Savings
Financial Elder Abuse Is Growing
“A suspicious email, a strange phone call from an unknown number, an overzealous financial adviser, a close family...
Elder Financial Abuse, Estate Planning Attorney, Fraud, The Older Americans Act
Financial Infidelity that Appears after One Spouse Dies
“The expression recognizes the blindness that many of us have in relationships to the spending habits of partners...
Estate Planning Attorney, Financial Infidelity, Money Management, Passwords, Surviving Spouse
Alternatives for Stretch IRA Strategies
“The elimination of the Stretch IRA is a game changer, especially for parents who were considering bequeathing...
Beneficiaries, Charitable Remainder Unitrust, Distributions, Fixed Annuity, Heirs, Life Insurance, Roth Conversion, Roth IRA, SECURE Act, Stretch IRA
Avoiding Probate with a Trust
“In other words, family members who are not named to inherit anything in the will may still see the list of all of...
Beneficiaries, Estate Plan, Estate Planning Lawyer, Heirs, Irrevocable, Pet Trust, Probate, Revocable, Special Needs Trust, Trust
Extra Social Security Benefits for Divorced People
“While it's not the best idea to expect your benefits alone to support you in retirement (after all, Social...
Benefits, Divorced, Ex-Spouse, FRA, Full Retirement Age, Social Security Administration
The High Cost of Medicare Mistakes
“She recently enrolled in traditional (Parts A, B, and D) Medicare and was hit with huge Part B and Part D monthly...
Estate Planning Lawyer, Health Insurance, Income Related Monthly Adjustment Amount, IRMAA, Large Employer Benefits, MAGI, Medicare, Modified Adjusted Gross Income, Part A, Part B, Tax Planning
Not a Billionaire? Trusts Can Still Be Beneficial
“Even if your asset base doesn’t measure up to the Bill Gates standard, you may consider using trusts in estate...
Beneficiaries, Business Succession, Estate Planning Attorney, Irrevocable, Revocable, Settlor, Special Needs Trust, Trustee, Trusts
Do You Want to Decide or Do You Want the State to Decide?
“Estate planning attorneys will agree, it’s better to die with a properly drafted will than to die without one. If...
By-Pass Trust, Estate Plan, Executor, Exemption, Living Will, Medical Privacy Documents, Power of Attorney, Power of Attorney for Health Care, Successor
The SECURE Act and Your Retirement
“While most of us had stockings and menorahs on our minds, President Trump on Dec. 20 signed the Secure Act that...
401(k)s, 403(b), 529 Educational Savings Accounts, Estate Planning Attorney, IRA Stretch, IRAs, Retirement Accounts, Roth, SECURE Act
Inheriting a House? What You Need to Know
“Depending on whether you are the only beneficiary, or you are buying out other beneficiaries, you could move in,...
Appraisal, Elder Lawyer, Estate Planning Attorney, Family Settlement Agreement, Inheritance, Mortgage, Step-Up in Basis, Valuation
Include Fido or Fluffy in Estate Planning
“The best way to take precautions and ensure your pet will be well cared for, is by doing some estate planning.”
If...
Conservatorship, Estate Planning Attorney, Guardianship, Pet Trust, Revocable Trust, Trustee
Business Owners Should Start End-Game Planning Now
“Running and owning a business is just like raising a child: Both are investments in the future and both require a...
Business Owners, Estate Planning, Probate, Succession Planning, Successor Trustees, Trusts
SECURE Act Means It’s Time for an Estate Plan Review
“Congress passed an important retirement-savings law called Setting Every Community Up for Retirement Enhancement,...
401(k), 529 Plans, Annuities, Life Insurance, Multiple Employer Plans, Required Minimum Distributions, RMD, SECURE Act, Stretch IRA
What Is an Advance Care Directive?
“Among the greatest gifts you can give your family is completing a medical power of attorney to help guide them,...
Advance Care Directive, End of Life Care, Living Will, Medical Power Attorney, Power of Attorney for Health Care
Five Estate Planning Mistakes to Avoid
“Five of the most common mistakes are easy to avoid with the right information and support, as well as a little...
Alzheimer’s, Assets, Beneficiaries, Dementia, Estate Planning, Health Care Proxy, Heirs, Power of Attorney, Sole Trustee, Trusts
Preparing for the Inevitable: The Loss of a Spouse
“According to the U.S. Census Bureau, the average age of widowhood in the United States is a surprisingly young...
Estate Planning Attorney, Health Care Proxy, Life Insurance, Power of Attorney, Social Security, Surviving Spouse, Veterans Administration
How Should I Prepare for My Child’s Future?
“A recent survey by TD Ameritrade made headlines, with its finding that 1 in 5 young Americans (Generation Z,...
529 College Savings Plan, Financial Planning, Guardianship, Trust, Trustee
Life Insurance Is a Good Estate Planning Tool but Needs to Be Done Carefully
“Life insurance may play a vital role in an estate plan, because insurance proceeds can be counted on to provide...
Beneficiary Designations, Elder Care, Estate Planning Lawyer, Estate Tax, Executor, Inherited IRA, Life Insurance, Minimum Required Distributions (RMDs), Probate Attorney
Do Unmarried Couples Need Estate Planning?
“Experts say that creating a plan for what happens to your estate — regardless of how meager or massive your assets...
401(k), Annuity, Asset Protection, Beneficiary Designations, Capacity, Estate Planning Lawyer, Financial Planning, Guardianship, Healthcare Directive, Inheritance, Intestacy, IRA , Joint Tenancy, Life Insurance, Living Will, Pension, POD (Payable on Death), Power of Attorney, Probate Attorney, Probate Court, Roth IRA, Tax Planning, TOD (Transfer on Death), Wills
Is It a Call from Social Security or a Scam?
“The Social Security Administration is the No. 1 government agency targeted by imposters, according to the Federal...
Elder Abuse, Elder Law Attorney, Financial Abuse, Social Security
How Does the SECURE ACT Change Your Estate Plan?
“These changes are so significant that every such plan holders should review their wishes and how their estate plans...
Charitable Remainder Trust, Conduit Trust, Eligible Beneficiaries, Estate Planning Attorney, IRA , RMDs, SECURE Act, Stretch IRA
What are the Red Flags that Aging Parents Need Help?
The changes are not always dramatic. Sometimes, they happen so slowly that you don’t even notice. However, keeping...
Why Everyone Needs a Health Care Directive
Most people don’t have a health care directive for the same reason they don’t have a will: they just don’t want to...
Capacity, Durable Health Care Power of Attorney, Estate Planning Lawyer, Healthcare Directive, Living Will, Medical Directive
What’s the Best Time to Take Social Security Benefits?
Timing is an important part of making the most of your Social Security benefits. Take benefits too early, and you’ll...
Estate Planning Lawyer, Financial Planning, Full Retirement Age, Retirement Planning, Social Security, Tax Planning
How an Experienced Estate Planning Attorney Helps People
Estate planning attorneys work with couples and individuals in case one or both of them become incapacitated,...
Estate Planning Lawyer, Estate Tax, Financial Planning, Gift Tax, Guardianship, Power of Attorney, Tax Planning, Unified Federal Estate & Gift Tax Exemption, Wills
How Does a “Senior Freeze” Work?
The Senior Freeze is a program that helps eligible seniors and disabled people, by protecting them from property tax...
Elder Law Attorney, Financial Planning, Property Taxes, Retirement Planning, Senior Freeze, Tax Planning
Alzheimer’s Disease Has Impacted Many Celebrities’ Lives and Their Estates
Celebrities are not like the rest of us, but how they planned—or didn’t—for care at the end of their lives and for...
Alzheimer’s Disease, Capacity, Charitable Donation, Conservatorship, Dementia, Estate Planning Lawyer, Executor, Inheritance, No-Contest Clause, Power of Attorney, Probate Court, Trusts, Undue Influence, Will Contest
Billionaire Paul Allen’s Estate Remains a Private Matter
As co-founder of Microsoft, a technology investor, real estate magnate and owner of both an NBA and an NFL sports...
Charitable Donation, Estate Planning Lawyer, Estate Tax, Executor, Inheritance
Why Minors Should Not be Named as Beneficiaries
Leaving assets outright to minors creates a number of issues. An IRA might be a better choice.
Selecting...
529 Education Savings Plan, Asset Protection, Beneficiary Designations, Guardianship, Inheritance, Probate Court, Required Minimum Distribution (RMD), Revocable Living Trust
Can Inheritance Taxes For A Step-Grandchild be Avoided?
Inheritance taxes are another good reason to have a comprehensive estate plan . A strategic plan, created with the...
Asset Protection, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance Tax, Life Insurance, Step-Grandchild, Stepchild, Tax Planning, Unified Federal Estate & Gift Tax Exemption
Social Security Statements Might in the Mail Again
Right now, the only people who receive paper statements are people who are 60 years old and up, who have not created...
Legislation, Retirement Planning, Social Security, Supplemental Security Income
Smoothing Over Estate Planning Bumps for Blended Families
Dynamics within a blended family are always a lot trickier than traditional nuclear families. It takes an extra...
Asset Protection, Blended Family, Estate Planning Lawyer, Inheritance, No-Contest Clause, Pre-nuptial Agreement, Revocable Living Trust
Why Does an 18 Year Old Need Estate Planning Documents?
It’s exciting when your child turns 18, but part of their becoming an adult means that parents have no right to...
Capacity, Estate Planning Lawyer, Healthcare Directive, Healthcare Proxy, HIPAA Waiver, Power of Attorney
How to Get Required Minimum Distributions Right
For retirees and people who inherit retirement accounts, there’s only one good thing that comes out of missing an...
401(k), Asset Protection, Charitable Donation, Financial Planning, IRA , Qualified Charitable Distribution, Required Minimum Distribution (RMD), Retirement Planning, Roth Conversion, Tax Planning
Why Don’t Border National Guardsmen Receive Veteran Benefits?
They may never meet the requirements of the federal definition of a veteran, but they are doing the work of...
Buying Property With Someone Other Than Your Spouse?
Buying a vacation home with a family member or trusted friend sounds like a great idea. So does investing in rental...
Asset Protection, Capital Gains Tax, Estate Planning Lawyer, Estate Tax, Inheritance, Joint Tenancy, JTWROS, Probate Attorney, Tenancy in Common, Wills