Why You Need The Business Owner Estate Planning Process

From: www.businessmole.com

For company owners, estate planning is essential. When you’ve worked so hard to establish and expand your family company, it’s hard to envision not being in charge of it anymore. In other words, they don’t know what it would imply for their company if something unexpected happened. That is why forethought is essential.

Suppose your incapacity or death, a well-thought-out estate…

Estate Planning Reduces Stress During High Anxiety Times

From: www.aaepa.com

Everyone who lived through September 11, 2001, shares a common experience. Although colored by our individual circumstances, we remember looking at the horrific images of destruction and misery and wondering why this tragedy occurred. Since that fateful day, Americans have flocked to churches, synagogues, mosques, and other places of worship seeking answers to questions regarding the meaning of life and the…

What to do When a Loved One Dies

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

Estate Planning in 2021 and Beyond

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

The new administration has proposed tax changes that could affect estate planning for the wealthy.

While these proposals may not pass, they offer an important reminder. No matter what, it’s important to remain alert to how the tax code can affect investments and the assets we want our families to inherit.

And while it’s hard to act in the…

Inheritance and IRAs

From: www.birchgold.com

Unfortunately, when it comes to inheritance and IRAs, nothing is straightforward. Even though the inheritance rules are the same regardless of account type (Roth IRA, traditional IRA, SEP IRA, etc), each inheritance case is unique. By the end of this guide, you will understand:

Naming a Trust as IRA Beneficiary: Key Considerations

From: www.wealthmanagement.com

In many, but not all, instances, a trust is a better option than naming an individual.

Trusts are terrific estate planning vehicles that allow individuals to protect and preserve wealth and to pass assets to the next generation. Individual retirement accounts (IRAs) are also useful vehicles that are often used to grow assets free from current income tax and to transfer those…

Preparing for an Estate Planning Consultation: 10 Items to Consider Before Meeting with Your Attorney

From: www.natlawreview.com

Are you working on getting your affairs in order? Before you meet with an estate planning attorney, it’s important to be as prepared as possible.

See David’s LinkedIn post here.

While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways…

Giving and Receiving Wealth: What to Know

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

As baby boomers move into and through retirement, they will pass on substantial wealth to younger generations.

This financial shift will impact each generation (and each family) differently, but we’re likely to see a few common themes and trends emerge.

Are you wondering about the ins and outs of transferring wealth thoughtfully? Here are a few details to…

Can a Trust Transfer an IRA to a Trust Beneficiary?

From: www.morningstar.com

Here’s a question I get at least once a week: “I’m dealing with a trust that holds an inherited IRA. Can the trustee transfer that IRA out to the individual beneficiary(ies) of the trust?” The unspoken part of the question is, “….without triggering an income tax?”

The simple answer is yes, in most cases a trustee can transfer an inherited…

Estate planning is something that all of us will have to face at some point in our lives. It’s a long process with a lot of planning, documenting, and computing.

Unfortunately, taking stock of your assets also includes thinking about taxes and other fees. Inheritance taxes and estate taxes can burn holes in your savings that you plan to pass down to your family. And while your local government is more than capable of…