Do You Have a Retirement Account? How a New Federal Law Could Impact Your Estate Plan On January 1st, 2020, the Setting Every Community Up for Retirement Enhancement (SECURE) Act officially went into effect. The legislation, which garnered significant bipartisan support in both the House of Representatives and the Senate, was signed into law by President Trump last month. The law puts sharp new limits on the use of so-called ‘Stretch More
Washington Appeals Court Disallows the Use of Extrinsic Evidence in Dispute Over a Will On November 4th, 2019, the Court of Appeals, Division I for the State of Washington overturned a trial court’s decision in a dispute over an allegedly ambiguous will. The case—In re Matter of the Estate of Earl M. Holmes—involved a Washington man named Earl Holmes whose will disinherited his relatives. Mr. Holmes Disinherited Relatives—But Failed More
What You Can Learn From Aretha Franklin’s Handwritten Wills Aretha Franklin, the Queen of Soul, passed away after a long battle with health issues in the summer of 2018. Since that time, there have been major questions raised about what will happen with her estate. Initially, it was reported that she died without a will — which raised serious questions about what will happen More
The SECURE Act is Making Its Way Through the Senate, Could Affect Estate Planning In May of 2019, the House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act or SECURE Act by a vote of 417 to 3 — an overwhelming bipartisan majority in an era where that is increasingly uncommon. As of August of 2019, the bill is still making its way through the More
Consumer Financial Protection Bureau (CFPB): Elder Financial Abuse is Widespread Recently, the Consumer Financial Protection Bureau (CFPB) released a new report on elder financial abuse in the United States. According to the CFPB, the nation’s largest private financial institutions state that they have received massive amounts of elder financial fraud. They report more than $6 billion in elder financial fraud between 2013 and 2017. Even More
IRS Confirms Taxpayers Will Not Face Retroactive Gift Tax After 2025 Recently, the Internal Revenue Service (IRS) announced that taxpayers who make significant gifts now will not be hit with surprise tax penalties after 2025. For those affected by this proposed regulation, this is a major announcement. Before the IRS clarified this point, there was considerable confusion over how the 2017 tax reform law. Known as More
National Estate Planning Awareness Week Begins October 15 Take advantage of the upcoming National Estate Planning Awareness Week to put your affairs in order Doing so now reduces stress. There are many options available. In 2008, Congress passed a resolution designating the third week of every October as National Estate Planning Awareness Week. This period reminds everyone that the estate plans are easy More