Retirement assets may be a very large part of a person’s estate at death. It’s important to consider the income tax ramifications of naming a beneficiary, as well as protecting those assets for the beneficiaries. This article considers some of these issues.People work much of their lives to accumulate assets, often in tax-favored vehicles such as IRAs, Roth IRAs, 401(k)s, and other retirement plans. It’s often desirable to stretch-out withdrawals from these assets, not just during the … [Read more...] about 6 Important Estate Planning Considerations: Retirement Assets
6 Important Estate Planning Considerations – Part 3: Your Kids
An estate plan considers not just to whom assets should go, but also how. Each beneficiary is unique, and the estate plan should consider their unique situation. This article looks at a couple with three very different children and how they might leave the assets for them in three very different ways.Often, when people think of “estate planning” they think it’s only about deciding who gets the assets. However, how they get the assets may be even more important.The default under state … [Read more...] about 6 Important Estate Planning Considerations – Part 3: Your Kids
Is a Living Trust the Best Estate Planning Tool?
A living trust is a very common element of estate planning. Establishing a living trust has become a way to avoid the time and expense of probate. If you are considering including a living trust as part of your estate plan, you should know more about the living trust benefits you can expect. Our living trust lawyers will explain those to you here.What are living trusts and how do they work?A "living trust" is a type of trust that becomes effective during your lifetime, as opposed to being … [Read more...] about Is a Living Trust the Best Estate Planning Tool?
Estate Planning Lawyers Discuss Satisfying Estate Debts
One of the main responsibilities of a personal representative is to handle the debts of the decedent. Each state has its own established order of priority when it comes to paying the debts and creditors of an estate. The personal representative is required to pay any outstanding medical expenses, but only from the decedent’s final illness. Also, funeral costs, debts to creditors, and applicable taxes need to be paid. If you have questions about these steps, let our estate planning lawyers … [Read more...] about Estate Planning Lawyers Discuss Satisfying Estate Debts
Estate Planning: The Simplest Plan is Usually Not the Best
Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other benefits?During both time periods, you could have a very simple estate plan: Do nothing. Let’s see how the simplest plan works.If you … [Read more...] about Estate Planning: The Simplest Plan is Usually Not the Best
Age-Related Retirement Milestones
There are many milestones in retirement. Financial advisers might advise that you achieve certain financial benchmarks by specific ages or stages in your life. They might advise that you have a certain multiple of your salary by specific ages. Or, they might advise having a nest egg of a particular size before you retire. Here’s a retirement calculator that might help you determine your progress as you plan for retirement.But, there are certain age-related milestones you need to remember as … [Read more...] about Age-Related Retirement Milestones
Estate Planning: Simple is not Always Better
Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other benefits?In this blog, we’ll look at a plan which is very simple, but which does not include a trust.A simple, common plan without a … [Read more...] about Estate Planning: Simple is not Always Better
The Pros and Cons of a Medicaid Trust
Kansas Medicaid is a very helpful health care assistance program. The program is run on the state level pursuant to federal requirements. It is a need-based benefits program that covers medical care that is deemed medically necessary by a physician. For that reason, there are income and financial resource limitations imposed on applicants. So, if your assets exceed $2,000 then you may not be eligible for Medicaid benefits. That is where Medicaid planning comes in. As part of your Medicaid … [Read more...] about The Pros and Cons of a Medicaid Trust
Estate Planning Attorneys Discuss Inheritance Planning
Many clients mistakenly assume that creating an estate plan is the only way to deal with inheritance choices. They also believe that inheritance planning and estate planning are one in the same. While the two planning strategies certainly go hand in hand, they are not synonymous. Let our estate planning attorneys explain inheritance planning and how it is different from estate planning.What does inheritance planning involve?Inheritance planning is basically a strategy involving various … [Read more...] about Estate Planning Attorneys Discuss Inheritance Planning
How Are You Planning for Long-Term Care (LTC) Expenses?
The odds are nearly even that you’ll need long-term care (LTC) after age 65, at least for a while. But, many people haven’t planned for that possibility in their retirement plan. LTC care costs about $86,000 per year nationally, according to a Genworth study. But, the costs vary dramatically from the least expensive state (Texas, about $55,000) to the most expensive state (Connecticut, about $150,000). Nearly one-half of those who need care need it for less than one year. However, a significant … [Read more...] about How Are You Planning for Long-Term Care (LTC) Expenses?
