Two provisions under the new tax law positively affect ABLE accounts The Tax Cuts and Jobs Act includes two provisions that boost Achieving a Better Life Experience (ABLE) accounts for those with disabilities. These are the ABLE Financial Planning Act and the ABLE to Work Act. The primary goal of the ABLE account legislation is…
Details
Refinancing your principal residence when owned by your revocable living trust We occasionally get calls from clients who are trying to refinance their house which has been placed in their revocable living trust. Most often it is because their mortgage lender wants them to supply assurances that, if the living trust owns the house, the trust…
Details
How Caregivers Can Deal With Stress Related Insomnia Imagine a 50-year-old man caring for his elderly mother. His mother lives in a retirement community and has support services for meals, bathing, and other basic tasks, but she still has an intense need for family support. Her son works full time, but he takes time in…
Details
Three common mistakes to avoid when planning the succession of your business Many small business owners are focused on running their business, rather than planning for its succession. By focusing only on the here and now, however, a business owner can set his or her business up for failure once it is time to relinquish…
Details
The role of a premarital agreement in estate planning A premarital agreement, also known as a prenuptial agreement or prenup, can play an important role in estate planning. While you may think of a premarital agreement as a contract created in anticipation of divorce, and not much else, it can actually be a valuable estate…
Details
Safekeeping your estate planning documents I received a call this week from a client who asked for copies of his estate planning documents because his had been destroyed in a fire. That got me thinking about all of the different scenarios that could play out which could result in losing the estate planning documents that…
Details
Estate Planning – The Best Plan is YOUR Plan Here are some tips on maintaining control while in the process of putting together your estate plan, as set forth in Keith’s book, “Introduction to Estate Planning – How to Protect and Pass on Your Legacy,” Bardolf & Company, 2017. Once your attorney has really listened…
Details
Estate Planning: Why you should NOT do it yourself Today’s blog is authored by LaTonya Elliott, one of the legal assistants in our office. She is new to Montana and our office, but she knows her stuff!–Jon There are many problems that could potentially arise for a rookie attempting DIY, (do-it-yourself), estate planning. The consequences…
Details
Use of a personal property memorandum – sometimes you need to sweat the small stuff An elderly woman has an estate worth $450,000, all in a brokerage account. She has four children and a last will and testament stating that she wants each child to receive 25% of her assets after she dies. The situation…
Details
Does equal mean fair in estate planning? Our clients, as parents, want to treat their children fairly and equally. Splitting assets equally among children may be easy, but is it fair or equitable? Equal and fair can be vastly different depending on the estate plan and this is where it can become difficult because in…
Details