Does Your Estate Plan Cover Your Bank Accounts?

By |2021-10-21T15:18:17-04:00October 21st, 2021|Estate Planning, Financial Planning|

You just got the final draft of your estate plan. You’ve been thinking about this for a long time—how you want your estate distributed, who you want to take care of, who you want to benefit. As you scan the document, it includes your exact wishes for disposition of all the major assets; stocks and bonds, property, business ownership. But [...]

Estate Planning Review

By |2021-10-11T12:16:35-04:00October 11th, 2021|Estate Planning, Financial Planning|

We’ve been focused on Covid for so long that a lot of things have taken a back seat. We’re still regrouping, trying to find the new normal. Estate planning is one of the things that’s easy to forget in this new normal. Why not? You did the estate planning, you listed your wishes, and you put the document in a [...]

Paying More Taxes Because Your Spouse Dies

By |2021-09-27T11:44:47-04:00September 27th, 2021|Estate Planning, Financial Planning|

It’s one of the most obscure taxes in the IRS code, but it can be one of the most devastating at a time when you can least afford it. It’s called the Widow’s Penalty Tax—a stealth tax you never see coming—that can cause a widow or widower to struggle financially. When one spouse dies, the surviving spouse is now responsible [...]

Spousal Lifetime Access Trusts—a Treasure Chest for Married Couples

By |2021-08-16T13:11:12-04:00August 16th, 2021|Estate Planning, Financial Planning|

There’s an old axiom that says, “All good things must come to an end.” And unless Congress makes some changes, that’s what will happen to the current level of the federal estate tax exemption. As it stands now, every individual can give away $11.7 million of their estate free of inheritance and gift taxes. Married couples have a combined exemption [...]

Common vs Solemn Probate

By |2021-08-09T13:24:50-04:00August 9th, 2021|Estate Planning, Financial Planning|

Probate is a term most people have heard. It’s the court process required to settle an estate when a Will was used as the estate planning tool. What most people don’t know is that there are two types of probate—Common and Solemn. The executor chooses the one that is most appropriate. Common probate is used most often. It’s the easiest. [...]

Guarding Against the Survivor Trap

By |2021-05-03T09:24:48-04:00May 3rd, 2021|Estate Planning, Financial Planning|

It’s called the survivor trap or widow’s penalty. It’s a financial monster that eats away retirement income after one spouse dies, often leaving the surviving spouse with no hope of the retirement they expected. Here are some of the pitfalls of the Survivor Trap.   Loss of Social Security One of the first things to happen when a spouse dies [...]

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