New 2020 Limits Announced by IRS for Estate and Gift Tax Limits and Retirement Plan Contributions.
Designating a primary and contingent beneficiary of your Individual Retirement Account (IRA) is a critical part of your overall estate plan.
For many, year-end tax planning considerations includes making charitable contributions. When determining how much to contribute, there are number of issues that come into play. The beauty of most charitable gifts is that you get the full benefit of the face value of the asset. Careful planning is necessary to avoid financial and tax pitfalls.
A power of attorney (POA) is one of the three documents commonly used to implement an estate plan (a will and a living will being the other two). At least every five years, an estate plan should be reviewed to consider changes in the laws, your family and financial situation, your intentions regarding fair and equitable distributions under your estate plan and your probate assets (distributed per your will) and non-probate assets (distributed per beneficiary designation or by law).
With the cost of skilled nursing care exceeding $100,000 per year in some parts of Pennsylvania, a married couple’s assets can be quickly consumed by the cost of one spouse’s care in the event they become institutionalized in a skilled nursing facility.
Imagine forgetting all your passwords and being locked out of your online accounts.
Traditional estate planning focuses on what will come of an individual’s assets after they pass. It does not address the reality that there is a 70% chance that individuals over 65 will require some type of long-term care, including entry into a skilled care facility.
The United States Supreme Court declared that the federal government must honor a state’s decision giving same-sex couples the right to marry and that not recognizing such marriages was a violation of basic due process and equal protection principles.
There are several risks involved when adding another person to a bank account, before creating a joint bank account, one should be aware of some of the potential consequences.