A Revocable Living Trust is a cornerstone of many modern estate plans. It offers flexibility that a simple will cannot, providing a detailed roadmap for how your assets should be managed during your lifetime and after you’re gone. But not all trusts are created equal. A generic, boilerplate document often fails to provide the real […]
One of the most common questions in estate planning is, “Do I need a Revocable Living Trust?” Once considered a tool exclusively for the wealthy, trusts are now a valuable and accessible option for many families seeking greater control and protection for their assets. The Three Key Roles in a Trust At its heart, a […]
Don’t Forget the Pets: Including Your Four-Legged Family in Your Estate Plan For most of us, pets are not just animals; they are cherished members of our family. We plan for their care when we go on vacation, but many people overlook one critical question: What happens to my pets if I become incapacitated or […]
What is an Aging Life Care Professional? As our loved ones age, navigating the complexities of their health, housing, and financial needs can become a significant challenge for families. An Aging Life Care Professional, formerly known as a Geriatric Care Manager, is a health and human services specialist who acts as a guide and advocate […]
The Most Common Mistake in Estate Planning: An Unfunded Trust You’ve met with an attorney, carefully considered your wishes, and signed your new Revocable Living Trust. It’s a comprehensive document, a “magic book” designed to protect your family, avoid probate, and ensure your legacy is handled privately and efficiently. Unfortunately, for many people, the process […]
The Dangers of DIY Estate Planning From home renovations to crafting, the “do-it-yourself” spirit is everywhere. While tackling a project on your own can be empowering and cost-effective, some things are simply too important to leave to chance. Your estate plan—the legal strategy that protects your family and your life’s work—is one of them. Online […]
Retirement accounts are important assets. Currently, Roth IRAs (Individual Retirement Account) have the following rules:
-Only those singles with income below $137,000 or couples below $203,000 can contribute
-Annual contributions are limited to $6,000 or $7,000 if you are 50 or older.
-The account grows income tax free and is distributed after 59½ free of income tax.
-There is no Required Minimum Distribution (RMD) even after you are 70½.
-You can’t withdraw within 5 years of your contribution without a penalty
Is Long-Term Care Insurance Part of Your Financial Plan? We buy insurance to shift the risk of a catastrophic financial loss. We have it for our homes, our cars, and our health. But one of the most significant financial risks many families will face—the cost of long-term care—is often overlooked. Long-Term Care (LTC) Insurance is […]
What Does It Mean to Be a Fiduciary? If you have been named as an agent under a Power of Attorney or a trustee of a trust as part of a loved one’s estate plan, you have been given a significant responsibility. In the eyes of the law, you are now a “fiduciary.” But what […]
Is Trust-Based Planning Right for You? While every adult should have foundational estate planning documents like a will and powers of attorney, some families require a more robust and customized strategy. For many of our clients, trust-based planning is the key to achieving their specific goals for asset protection, privacy, and control. What is a […]
If you own a corporation or LLC, Google “Corporate Transparency Act” and file your report before the end of the year. Don’t be fined $500.00 per day for failing to file.