Effects of Tax Cuts and Jobs Act (TCJA) on Estate Planning The Tax Cuts and Jobs Act (TCJA), which was passed on January 1, 2018, may have an impact on your existing estate plan. The Tax Cuts and Jobs Act is the most significant overhaul of the tax code since 1986. Although it was meant…
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Estate Planning 101 At its most basic, an estate plan is your plan to control your assets during life and to direct distribution of your assets at your death. There are three main focuses to an adequate estate plan: 1) ensuring your assets are sufficient and properly used for your support during life; 2) ensuring…
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Pros and cons of taking Social Security at 62 Last week’s blog explored the 10 reasons why today’s retirees are relying so heavily on Social Security. Today we will explore the pros and cons of taking Social Security at age 62. Today’s topic comes from an article authored by Christy Bieber for The Motley Fool.…
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10 Reasons Today’s Retirees are Relying on Social Security This is the first of two-blog post that will focus on Social Security and retirement. Today’s topic is the 10 reasons today’s retirees are relying on Social Security, and comes from an article authored by Andrew Lisa which can be found on GOBankingrates.com A recent GOBankingRates survey…
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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…
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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…
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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…
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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…
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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…
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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…
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