On May 4, 2020, the Internal Revenue Service (IRS) published questions and answers regarding retirement provisions in Section 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In addition to providing aid for individuals and businesses, the CARES Act increases accessibility to funds and loans from certain retirement plans and accounts. The information the IRS recently published clarifies which individuals may benefit from the legislation and which plans and accounts are covered.
Recorded Deed Notice - Don't Pay For A Property Assessment Profile and Copy of Your Recorded Grant Deed
Many of our clients contact me weeks after we complete their estate plan to inquire about a notice they receive in the mail. The mailer will say "Recorded Deed Notice" at the top and states that if the homeowner pays a certain fee (e.g., $86.00 or $95.00), they will be get "a Property Assessment Profile Report along with a complimentary copy of their current Grant Deed or other record of title" in return. Clients normally get this notice after transferring real property to their revocable trust, or in regard to other transfers of land.
Many scientific studies have established that there is a wide range of benefits flowing from a positive attitude and positive thinking. At a time when many are focused on worst-case scenarios and gloomy predictions, you can resist the pull of negativity and embrace the beneficial results of positivity. This is not just an attempt to make yourself feel better in spite of reality, but rather to take full advantage of the proven benefits of positivity. You can increase not only your own wellbeing but also that of your children or other beneficiaries by creating an estate plan designed to promote their happiness, which in turn, will enable them to live healthier and more successful lives.
In light of the current pandemic, many Americans are becoming aware of the importance of creating or updating their estate planning documents. With the extension of some states’ stay in place orders, it may be tempting to create your own documents all on your own. Whether you are considering writing your own will or using an online “do it yourself” (DIY) document creator, there are many reasons why this is one project you shouldn’t undertake without the help of a professional.
Many Americans spend a lot of time and effort in managing their finances. While most are worried about how the coronavirus (COVID-19) will impact their income—whether that’s because they are temporarily furloughed, find themselves suddenly without a job, or watching their investment and retirement accounts dwindle—there is another way COVID-19 can wreak havoc on American’s finances: lack of incapacity planning.
News about the coronavirus is everywhere, and we have all been affected by it in some way, even if we are currently completely healthy. Although it may seem as though circumstances are spinning beyond our control, we are not powerless. There are steps we can take to protect ourselves and our families, both physically and financially.
As the coronavirus continues to disrupt daily life and leave Americans uncertain of the future, you don’t have to feel helpless during this pandemic. In fact, now is a great time to be proactive and plan ahead should you or a loved one fall ill. One of the most important and relatively easy things you can do (and should do) is to select a medical agent and set up your advance healthcare directive.
As of Friday, March 20, the deadline to file tax returns has also been extended by three months. Taxpayers will now have until July 15th to file and pay their 2019 income taxes (up to $1 million).
We are living in unprecedented times right now. Over the last few weeks, I have been getting asked questions about how to plan around the Coronavirus pandemic. This post provides advice on what individuals and families should be doing and thinking about to prepare for the unimaginable.
In 1984, Congress issued a resolution, signed by President Reagan, establishing March 21st as National Single Parent Day: a day devoted to recognizing the dedication of single parents, who make self-sacrificial efforts to care for their children’s needs, and encouraging family members, friends, and communities to help provide an optimal environment for their children. As a single parent, you should feel proud of your efforts to nurture and care for your children. Read this article to learn about a few additional things you can do to provide for your children’s future that you may not have considered.
While everyone is celebrating during this holiday season, the manner of these celebrations can vary based on differing family traditions, religions, and geographic regions. Estate planning is no different—protecting your family’s future must be customized to fit your and your family’s unique needs. No matter your level of wealth, it is important to understand that the reasons for estate planning are universal.
Those of us who work sometimes feel that we are doing our children a disservice. Sure, we bring home a paycheck that benefits our children, but we may miss their activities and other aspects of their daily lives. This can be especially true in two-earner families. But in addition to greater financial security, our jobs provide opportunities for our children to learn many other life skills that they can use throughout their lives.
Unfortunately, a startling 79% of millennials do not have basic estate plans in place. Your needs and goals may vary, but having an estate plan in place is crucial for every adult, including millennials. You do not know what the future holds, and we can help you make sure that plans are in place that not only provide for your own future needs but also those of your loved ones and pets.
Being asked by a family member or close friend to serve as trustee for their trust upon their death can be an incredible honor. At the same time, however, serving as a trustee can be a massive responsibility—and the role is not for everyone. Click on this link to learn if you should take on this role.
Estate Planning Awareness Week is a great opportunity not only to take steps to make sure your own estate plan is up to date, but also to talk to your family members--especially elderly parents--about creating an estate plan. Estate planning is often a difficult topic to broach, as it brings the unpleasant topics of aging and death to the forefront of our minds. However, creating a proper estate plan can also provide significant peace of mind for your family members by ensuring their life savings are protected, plans are in place in the event they become ill, and their property is passed down according to their wishes. Read this post for a few tips to help you start the conversation.
Intergenerational estate planning is important. This type of planning is about more than just helping one generation build as much wealth as possible. These plans help prepare heirs to both manage and preserve those assets into the future for long-lasting enjoyment.
There are several reasons why you should update your existing trust or perhaps your entire estate plan. While estate planning documents do not necessarily have a shelf life, they may not fulfill your goals when your circumstances change. Of course, having estate planning documents that are up-to-date is critical, but how do you know when you should make changes?
Let us help you make sure that none of these events unfold. We’re here to guide you every step of the way through creating and maintaining a timely, robust, and strategic estate plan. Give us a call today to make sure your plan is current and includes all the necessary provisions to keep a contest from occurring in the future.
The divorce process can be long and expensive. However, the work does not end once the divorce decree is signed. In order to ensure that your assets and estate planning wishes are carried out in light of this major life change, there are three things you must do as soon as possible.
Estate planning is more about protecting your values, morals and legacy than it is about protecting your money. Find out more here!
If you've been procrastinating about completing your estate plan, now is the time to get it done!
Equal division of your estate to your beneficiaries may make sense for some people. However, there are other reasons why unequal division may be more fair.