On July 14, 2023, the Internal Revenue Service (“IRS”) released an advance copy of Notice 2023-54 (the “Notice”) that provides relief to plan administrators, payors, plan participants, IRA owners, and beneficiaries in connection with the change in required beginning date for required minimum distributions (“RMDs”) under §401(a)(9) of the Internal Revenue Code (“Code”) regarding RMDs for 2023. The Notice warns that final Regulations relating to RMDs yet to be issued will apply beginning on … [Read more...] about The SECURE Act – the Gift That Keeps On Giving
National Make-a-Will Month
I can’t believe that it took me leaving private practice to hear about “National Make-a-Will Month.” Apparently, in addition to being the month when many students (mine included) return to school, August is National Make-a-Will Month. As an Estate Planning professional, I think having a month dedicated to encouraging individuals to make a Will is spectacular! I support this idea and will do my best to spread the word and encourage others to do the same.According to a recent study conducted … [Read more...] about National Make-a-Will Month
Gen X – This One’s for You (Really Every Generation Should Read This)
Some of my favorite COVID-related memes focused on the fierce independence and “can-do” attitude of Generation X, also known as the latch-key generation. While those traits served us well during COVID (we spent our youth practicing social distancing) those traits would be detrimental if exercised during the Great Wealth Transfer. For those unaware, financial analysts predict that the biggest shift in wealth will occur over the next two decades as Baby Boomers die and their wealth shifts to … [Read more...] about Gen X – This One’s for You (Really Every Generation Should Read This)
R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
While this week’s article wasn’t intended to be the third in a series, resolution of Aretha Franklin’s Estate merited examination, particularly because of the various Estate Planning issues raised both during the pendency of the proceeding and with its final resolution. Two prior installments of this blog explored issues surrounding the Queen of Soul’s death: Aretha Franklin Died Intestate: What Does It Mean for Her Family? and Estate Planning – Something You Shouldn’t Do Yourself. Today’s blog … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
A Real-Life Look at the Application of the Slayer Statute
Mercifully, in my many years in private practice, I rarely, perhaps never, had cause to review the slayer statutes. After all, the only time that an attorney needs to review those statutes exists in tragic cases in which someone tries to derive a financial benefit from another person in whose death they may have played a role. I reviewed them in preparing this blog and found them adequate and oddly comforting. I remember being intrigued the first time I heard about Kouri Richins. She’s not a … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
What Independence Day Teaches Us About Estate Planning
Anyone who has seen my house at Christmas knows that tops the list as my favorite holiday. We deck the halls, make cookies, exchange presents, look at light displays, and revel in the Christmas spirit as long as possible. Christmas in July seems like a great idea except, we can’t do that until Independence Day has passed! As some have discovered, the 4th of July means almost as much to me as Christmas. Very different holidays celebrating very different things, but both are important. Now you … [Read more...] about What Independence Day Teaches Us About Estate Planning
529 Plans – The “Holy Grail” of Estate Planning
Ah, summer…it’s here! The time for barbeques, baseball, beaches, and … Internal Revenue Code (the “Code”) Section 529 plans (“529 plans”)? Yes! As we enjoy the lazy days of summer, let’s get a jump start on thinking about the new school year, which means now’s the perfect time to look at your Estate Plan, especially as it relates to educational goals for your children, grandchildren, and other loved ones. As they say, it’s never too early to start planning. A 529 plan, otherwise known as a … [Read more...] about 529 Plans – The “Holy Grail” of Estate Planning
The Wonder of Wills
We often focus on Revocable Trusts and the flexibility, continuity, and protections that they provide. Of course, in addition to the foregoing benefits, trusts avoid the probate process, which can be lengthy and expensive in some states. While extolling the virtue of an Estate Plan based upon a Revocable Trust, attorneys may forget to explain that Wills play an important role in a comprehensive Estate Plan. I have vivid recollections of sitting across from numerous clients who asked me the … [Read more...] about The Wonder of Wills
Understanding and Manipulating Estate and Gift Taxes
After that title, who doesn’t want to read this blog? Here’s the disclaimer – this blog was written by a nerd for other nerds. Non-nerds may continue reading at their own risk…of becoming a nerd. Any practitioner in the Estate Planning world considers the impact that estate, gift, generation-skipping transfer, and inheritance taxes will have on a plan. Clients inquire about tax impact during consultation and beneficiaries wonder not only if taxes will result from their inheritance but also who … [Read more...] about Understanding and Manipulating Estate and Gift Taxes
What It Means to Disclaim
Many of us dream about suddenly inheriting assets from a long-lost uncle. No doubt, some have experienced that new-found wealth and were overjoyed when it occurred. Sometimes, however, that wealth may not be desirable. Some clients have assets that exceed the amount they could spend in their lifetime, will have an estate tax issue, and additional assets only compound that. Others may prefer that the assets go elsewhere. This article examines the basics of disclaimers and how some situations … [Read more...] about What It Means to Disclaim
