Going through a divorce is never easy. On the contrary, even the most amicable divorce typically causes increased stress and anxiety. It comes as no surprise then that updating your estate plan is probably not at the forefront of your mind if you recently went through a divorce. While that is certainly understandable, I always urge our Durham, Raleigh, Cary and Chapel Hill area clients at Clarity Legal Group who experience a divorce -- or even the separation from a long time partner -- to … [Read more...]
New Tax Proposal re: Retirement Savings
There are new tax proposals working their way through the House and Senate. These proposals, if passed, would change retirement savings significantly. Read on to learn more about these proposals and whether they might impact you or your clients. New Tax Proposal re: Retirement Savings … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
My friend Steve Hartnett, Director of Education for the American Academy of Estate Planning Attorneys has a clear blog post addressing the most basic differences between use of a transfer on death (TOD) or pay on death (POD) designation for an account rather than planning through a trust. These designations, like joint tenancy with right of survivorship, have a lure of simplicity which in my judgement is false. They do not address a variety of potential problems which might arise, they leave … [Read more...]
Planning to Avoid Too Much SALT
The 2018 changes in the federal tax laws were a mixed bag. One of the disadvantages for many tax payers was the new cap of $10,000 on federal deduction of state and local taxes. For many people this will mean a higher tax bill. Any time there is a change in the tax law, there will be people looking for different ways to get around the cap. I always encourage clients to be cautious. Anything in the tax world that sounds too good to be true, almost certainly is. Some of the ways people … [Read more...]
You Never Know: Planning for the Unexpected
This article from my good friend, Steve Hartnett, the Director of Education at the American Academy of Estate Planning Attorneys, examines the deaths of two people who died from doing very typical things. You never know what risks might be around the corner, even in seemingly safe endeavors, so you should be prepared. The article looks at the elements of a basic plan. You Never Know: Planning for the Unexpected … [Read more...]
When Should I Update My Estate Plan?
Creating a comprehensive estate plan which addresses all of your goals and creates the tools and organizational structure you need is one of the best gifts you can give to yourself and to your loved ones. If you have an estate plan in place, do not make the mistake of failing to review and update that plan on a regular basis. Things change, and when change occurs, your plan should be realigned. Whether it is changes in your family, your goals, your health, your assets or the law, any one of … [Read more...]
Estate Planning Attorneys Offer Counselling about IRAs
Saving for retirement is important and estate planning and elder law attorneys can provide the help that you need to ensure you have financial security during your golden years. One of the best ways to make sure you have saved enough for retirement is to invest regularly in IRAs, 401(k)s, 403(b)s or other work related retirement accounts. However, you need to understand rules for IRA and Retirement Account management and operation and you also need to consider what will happen to these accounts … [Read more...]
What Happens to Your Assets if You Don’t Make an Estate Plan?
Chapel Hill estate planning lawyers can provide personalized help and support in making sure you control what happens to your legacy. It's imperative that you ensure you have made plans in advance for your money and property so you can control what happens to your wealth after you pass on. The title to this post asks what happens to your assets if you don't make an estate plan. The simple answer to this is: you won't know. Estate planning is a lot of things, but I think of it as a tool to … [Read more...]
Planning for Frequent Flyer Miles
This is a post from my friend Steve Hartnett, the Director of Education at the American Academy of Estate Planning Attorneys, about the transfer of frequent flyer mile accounts to beneficiaries. It mentions that Anthony Bourdain had a specific gift of his airline miles in his Will and at least raises the question whether this rights are always transferrable in this way. The post points out that these are contractual rights and not all companies will have the same policies. Planning for … [Read more...]
Should You Talk With Your Loved Ones About Estate Planning?
The Durham area estate planning attorneys at Clarity Legal Group can help you to put together a comprehensive estate plan. One of the issues that often comes up during the estate planning process is a question of how involved family members should be as you make your decisions. For example, while husbands and wives often draft wills together, it is not always clear how much involvement people want their children or other relatives to have in weighing in on decisions made during the estate … [Read more...]
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