3 Estate Planning Mistakes to Avoid April 28, 2021 3 Estate Planning Mistakes to Avoid You want to give your loved ones an inheritance that represents the legacy you are leaving them. Unfortunately, making mistakes when creating your plan can undermine that goal. In some situations, a loved one’s inheritance can actually create more problems than benefits. You can avoid those situations with careful More
Estate Planning Amid COVID-19 July 8, 2020 As COVID-19 sweeps the globe, it has many people thinking about their mortality and how their families will cope if the unthinkable happens. If those thoughts have been swirling through your mind, you can ease your worries by taking a close look at your estate plan — or creating one if you are not already More
Trial to Clarify Evidence Used in Dismissing TEDRA Petition March 24, 2020 At the trial court involving the validity of a will, a judge ruled that the decedent’s siblings were the rightful heirs. However, the appeals court (In re the Matter of the Estate Of Cecilia Brost) wants clarification on the evidence the court relied on to make that decision. Stepchildren Filed a TEDRA Petition The Trust More
Do You Have a Retirement Account? How a New Federal Law Could Impact Your Estate Plan February 1, 2020 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 November 12, 2019 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 November 12, 2019 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 August 8, 2019 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 March 27, 2019 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 January 7, 2019 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 October 9, 2018 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