Rethinking Old Trusts and Your Estate Planning

If you have a trust, you may think that their original purpose no longer seems compelling. Your estate plan may designate that your assets will pass into a “bypass” or “credit shelter” trust, which will pay income to your surviving spouse and ultimately pass assets to your children. Historically, it was common for married couples […]

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Freezes on Credit Reports

Are you interested in freezing your credit report/line to help avoid identity theft?  Good News – Congress has recently passed legislation that will allow people to freeze their credit lines for free.  This will allow people to block thieves from opening up credit in their name without charge. In the past, credit rating companies have […]

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Think you do not have anything to leave behind? Think Again! (Part 4 of 4) – Living Will and Advance Directive

You have now prepared your Last Will and Testament and have named your Attorney-In-Fact in your Power of Attorney, but what about your health? Who will take care of you and your medical needs if you become incapacitated? That is precisely what a Living Will and Advance Directive will provide. A Living Will and Advance […]

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Think you do not have anything to leave behind? Think Again! (Part 3 of 4) – Durable Power of Attorney

Ok, so now you have a Last Will and Testament where you have directed where your assets will go after you pass away and who will be responsible for administering your estate. But who will help you during your lifetime if you become incapacitated and need assistance handing your finances? Enter the Durable Power of […]

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Think you do not have anything to leave behind? Think Again! (Part 2 of 4) – Wills

Now that you have considered all of the various possibilities that you may amass a sizeable estate when you pass away, you then must consider to whom you would like the assets to pass to and, just as important, who will administer your estate. First, the decision of who will inherit from your estate. A […]

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Think you do not have anything to leave behind? Think Again! (Part 1 of 4)

We hear it time and time again. People considering whether or not to have estate planning documents done, but stopping short of following through because they think “I really do not have anything to leave behind” or “There is no need right now, I only have one bank account anyway”. While that may be true […]

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Tax Return Copies and Transcripts

The IRS recommends that taxpayers keep a copy of tax returns for at least three years. Doing so can help taxpayers prepare future tax returns or even assist with amending a prior year’s return. If a taxpayer is unable to locate copies of previous year tax returns, they should check with their software provider or […]

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Have You Looked At Your Estate Plan Lately?

You have most likely heard the phrase “the only certainties in life are death and taxes”, but have you thought about how the timing of death and the amount of taxes owed are not certain? “The Tax Cuts and Jobs Act of 2017 leaves the federal wealth transfer tax system in place, but temporarily doubles […]

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Did You Get A Letter Or Notice From The IRS?

First of all, DON’T panic until you read the letter or notice. Every year, the IRS sends millions of notices and letters to taxpayers, and some of them, believe it or not, are benign. Next, you should IMMEDIATELY forward the letter/notice to your tax preparer.  They are much more accustomed to these notices/letters and can […]

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Beneficiary Designations

Do you know who your beneficiaries are on your life insurance policies and retirement accounts?  Are you sure?  When was the last time you confirmed the beneficiaries of record on these assets? When you set up these assets, you designate primary and a contingent beneficiaries. Do you remember the beneficiaries you designated? Changes occur in […]

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