Estate plans are not complete the first time you draft them. They are suitable for the present, but after three years or so, it is time to take another look. Your life can change in an instant. Life events can alter the nature of how your estate plan should be....
Month: February 2020
Dividing Retirement Fund Money During a Divorce
Dividing retirement fund assets during a divorce is all about who's going to be paying the taxes. “Whether you are giving up funds or receiving them, you need to understand the rules that govern asset division in a divorce,” Mark Cussen cautions in Investopedia. There...
New Law Makes Big Changes to Retirement Plans
By Dara M. Hensel President Trump on December 20 signed a spending bill that makes major changes to retirement plans. The new law is designed to provide more incentives to save for retirement, but it may require workers to rethink some of their planning. The Setting...
Heir or Beneficiary – What’s the Dif?
You might say estates involve heirs, while estate planning involves beneficiaries. Is there a difference? Yes, and it’s an important one. An heir is a relative or other person who is legally entitled to an inheritance if there is no document specifying otherwise. A...
10 Reasons to Create an Estate Plan Now
By Cara M. Chittenden Many people think that estate plans are for someone else, not them. They may rationalize that they are too young or don't have enough money to reap the tax benefits of a plan. But as the following list makes clear, estate planning is for...
Think Twice Before Starting Over from Estate Planning Scratch
No, the estate tax isn’t dead, Fidelity reminds investors in “Tax Reform and Estate Planning”, even if it is in a coma until the end of 2025. True, 2018’s tax reform had far-reaching implications, including an increase in the federal estate tax exclusion to $11.4...
Estate planning for unmarried persons
If you are not married, you might not think that making an estate plan is a priority for you. This may be especially the case if you are young and have no children. However, the reality of the matter is that anyone can benefit from some form of estate planning. In...
Do I Need a Trust?
By Dara M. Hensel This is a common question we hear. Read on for information to help figure out whether you need a trust and, if so, what kind fits your specific situation. For example, maybe you have a disabled child and you want a trust to permit that child to...
Alternatives to Guardianship
By Rebecca W. Geyer Guardianship, among the most restrictive options for assisting disabled individuals because it takes decision-making rights away from the person, is a commonly used means of assisting people with disabilities. Under Indiana law, when a person...
Should we get a prenup?
Many people, when they walk down the aisle, do so with a very complicated financial past. There are many reasons why people across the United States are looking into prenuptial agreements, and it is not due to a lack of romance. In fact, having a prenuptial agreement...