You made it through tax season and you start thinking about the accumulation of records that you have for tax purposes – what to keep, what to dispose of, what to do. Here are a few tips to help you do some spring cleaning: The IRS generally recommends that copies of tax returns and supporting […]
Last week we started our check on our resolutions and we will wrap up our suggestions this week. ARE YOUR HARD-EARNED ASSETS WORKING FOR YOU? If you have a savings account or certificates of deposit, are you getting the best interest possible on these assets? If you have a brokerage account, are your assets working […]
For those of you that are 70-1/2 years of age and are fortunate to have a retirement type account, such as a traditional IRA, have you taken your RMD (required minimum distribution) for 2018? If not, it is not too early to be thinking of doing so. Often times the distributions are put off until […]
OK, the holiday shopping is done, so what is there to surf on the internet? Have you ever checked out the IRS website? I can hear you saying “How exciting!” But, before you pass judgment on my suggestion, why not take a look at www.irs.gov ? It just MIGHT have some information which may be […]
In 1984, Prince released what was arguably his penultimate album – the soundtrack to his semiautobiographical film, Purple Rain. This classic filled compilation was ignited by its initial track, “Let’s Go Crazy”. A phenomenal song with a phenomenal title. Yet it appears it is regrettably the theme for his estate plan – or apparently lack […]
For many families, a proper estate plan consists of the preparation of a Will, Advance Directive (Living Will and Health Care Power of Attorney) and a General Durable Power of Attorney. Various trusts can be employed as well to achieve goals such as the avoidance of probate and minimization of death taxes. Parents who have […]
Parents who have children with disabilities face a myriad of legal, medical and financial issues. There are a host of government programs which can provide assistance in a variety of forms including housing and medical coverage. Two programs, Social Security Disability Income (SSDI) and Supplemental Security Income (SSI), provide cash. In order to obtain the […]
Part One: For Parents Drew and Libby have two children, Becca and Corky. Corky has Down’s Syndrome. Although he is on the high end of moderate functioning, he won’t be able to handle more than a minimum-wage job. Outside of being able to purchase small items at convenience stores, he has little understanding about financial […]
The effects of divorce upon the right to life insurance are often greatly misunderstood, and many individuals don’t realize the impact that divorce has upon this asset. As such, upon death, many policies are paid in a manner which is unintended. Divorce Supersedes Beneficiary Designations When individuals obtain life insurance, the insurer requires that they […]
Any individual, who aspires to practice estate planning or elder law, must be proficient in the areas of will drafting, trusts, and basic taxation. One of the fastest growing areas of litigation throughout the country is will contests. The primary reasons for this growth are: (1) the increase in our elderly population and (2) inadequate […]
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