COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. The disruptions from the social distancing required to fight the virus have been felt by people around the world. As we mark passing holidays, we reflect on the importance of family. Learn how to share time with family during this pandemic and tackle tasks such as Estate Planning. As we begin to open up non-essential businesses and some of us begin to spend more time outside of our homes, remember … [Read more...] about Families Gather in Novel Ways in Pandemic
Estate Planning Conference Discusses SECURE Act and More
Those of you who attended our 2019 Clarity Legal Group® Annual Client Education Program heard our discussion and predictions regarding the possibility of significant changes to the rules relating to IRAs and other tax deferred retirement accounts. We discussed the SECURE Act, which at the time was stuck in committee in the United States Senate, having passed the House of Representatives. On December 19, 2019, having passed the Senate, it became law, effective January 1, 2020. Clarity Legal … [Read more...] about Estate Planning Conference Discusses SECURE Act and More
The SECURE Act and What It Means for You
Those of you who attended our 2019 Clarity Legal Group® Annual Client Education Program heard our discussion and predictions regarding the possibility of significant changes to the rules relating to IRAs and other tax deferred retirement accounts. We discussed the SECURE Act, which at the time was stuck in committee in the United States Senate, having passed the House of Representatives. On December 19, 2019, having passed the Senate, it became law, effective January 1, 2020. Clarity Legal … [Read more...] about The SECURE Act and What It Means for You
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...] about New Tax Proposal re: Retirement Savings
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...] about Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
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...] about Planning to Avoid Too Much SALT
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...] about You Never Know: Planning for the Unexpected
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...] about Planning for Frequent Flyer Miles
Planning for the International Client
Estate planning for the international client can be tricky. In this post, my friend Steve Hartnett, the Director of Education for the American Academy of Estate Planning Attorneys, tatkes a look at the estate tax treatment of U.S. citizens and non-resident aliens. Steve's thoughts are a good starting place for a sometimes complex subject which we can help you with at Clarity Legal Group®. Planning for the International Client … [Read more...] about Planning for the International Client
6 Important Estate Planning Considerations – Part 2: Long-Term Care
Many considerations must be addressed in an estate plan, not just who gets whatever’s left after your death. Long-Term Care expenses are an ever-increasing concern. Your estate plan should consider how those expenses would get paid. This article looks at several ways to plan for those expenses. 6 Important Estate Planning Considerations – Part 2: Long-Term Care … [Read more...] about 6 Important Estate Planning Considerations – Part 2: Long-Term Care
