The Importance of Updating Your Will – Part 1
A will is something everyone should have, but just as important is to update a will when it is clear that changes are necessary. No will can be designed to last forever, no matter what happens. By way of example, we have had two recent cases in our office in which the
Why a Will is so Important in a Second Marriage – Part 2
In my post last week I began telling you about Mary’s call. Her husband, John passed away without a will so for the probate assets - those held by John individually with no co-owner and no beneficiary upon death - New Jersey’s intestacy laws would control. As I explained last week, these
Biden Tax Plan Begins to Take Shape – Part 2
In my post last week, I reviewed what we know so far about President Biden’s proposed tax law changes. One change would increase the tax rate on capital gains, which currently is taxed at a lower rate than regular income. Another change relates to the provision that wipes out the capital gains tax for
How the SECURE Act Changed Estate and Long Term Care Planning – Part 2
In last week’s post I reviewed the stretch provision of the tax laws that apply to retirement accounts such as IRAs and 401ks. These laws allowed tax deferred accounts to remain tax deferred for a longer period of time by allowing certain beneficiaries to “stretch out” the time within which they
Possible Tax Law Changes after the Election – Part 2
Last week I wrote about the questions we have been receiving from clients about tax law changes coming after next month’s election and what to do now. As I stated last week and I’ll say again, it is impossible to know now what changes may come, therefore, we can’t recommend any
Possible Tax Law Changes After the Election (Part 1)
Taxes are always a topic of conversation during elections, especially presidential elections. This one is no different. At the same time, our clients have begun to ask us about certain changes they have read about and what they should do now. Our answer at this point is that any talk about changes
Do It Yourself Estate Plan – Part 2
In last week’s post I was telling you about Mary and John’s do it yourself wills. For less than $100 they purchased a software program that helped them assemble their wills. When John died only then did Mary learn of the mistakes they made. I already told you about the IRA which John intended
A Do It Yourself Will Gone Bad – Part 1
I recent call I received from Mary illustrates the risks of do it yourself estate planning. In this case Mary and john, her husband prepared their wills using Quicken’s Willmaker software which can be purchased online for less than $100. It couldn’t be easier, right? Hiring an estate planning attorney could cost several hundred to a
What to do if a Bank Refuses to Honor Your Power of Attorney
2 years ago I wrote about bank and other financial institutions' resistance to powers of attorney (POAs). Since then we have seen an increase in frequency of these issues so it bears revisiting some of the common problems and solutions. When we draft POAs for clients we tell them to
The SECURE Act – Part 2
In last week’s post I reviewed the changes to retirement accounts under a new law called the SECURE Act. I started with the positive changes but not all about the new law is a plus. The SECURE Act severely limits the ability of retirement account beneficiaries to stretch out the