Maybe you just recently signed your estate planning documents. Maybe your documents have been sitting in a drawer or firebox, sight unseen, for five or more years. Either way, a common question is: When do I need to update my estate plan?
Estate documents generally are written to provide some flexibility in case you do
Retirement accounts such as IRAs, 401(k) and 403(b) plans and other qualified plans or profit-sharing plan accounts may provide an opportunity for charitable giving by offering a variety of tax benefits, depending upon the structure.
Generally, retirement assets may cause an estate tax liability for the account owner as well as income tax consequences for
An updated version of this post can be found here.
How many times have you prepared your income tax returns for the previous year, only wishing you knew then what you know now so you could go back and make more advantageous tax decisions? In most cases, you are stuck with the decisions you
If you are like most people, you have a clear idea about who should receive your assets upon your death. However, selecting who will be responsible for ensuring your estate plan is faithfully carried out may be more challenging. When your estate plan includes a trust that directs the distribution of your assets, the person
Listen, I get this. Time permitting, I like to do things myself, and in the information age, you can learn how to do almost anything on the internet. But should you try to draft your own estate plan or use a website to do it for you? I asked myself that question and gave it
After months of emotional and financial turmoil, a finalized divorce can be a welcome end to a stressful time. Now what? Before you move on with your life, make sure you truly sever all financial ties to your former spouse by updating, or even creating, your estate plan. Failure to do so can lead to
People often ask whether a revocable trust — one that can be revoked or amended — can help save taxes. Sometimes people even tell me directly they need a revocable trust to help them save taxes. While this is not entirely off-base, it is a common misconception.
A revocable trust can incorporate planning that saves
MO HealthNet, the Missouri Medicaid program, covers qualified medical expenses for those who meet eligibility requirements such as being blind, disabled or over age 65 and do not exceed certain income and resource limits.
Generally, for disabled and elderly claimants to be eligible for the program in 2016, monthly income may not exceed $842 for
This year’s biggest news in estate and gift tax planning is the IRS’s recent release of proposed regulations that seek to limit, and perhaps eliminate, discounts for lack of marketability and control in connection with gifts of interests in family-owned entities.
At this time, the major points for consideration are as follows:
The first step in a well-developed estate plan is to have a solid foundation with documents in place — including, for example, a revocable trust, pour-over will, powers of attorney and medical directive. The next step, and perhaps the most critical, is making sure assets are properly titled or proper beneficiary designations are in