What is Estate Planning? Here is our definition of estate planning, as set forth in Keith’s book, “Introduction to Estate Planning – How to Protect and Pass on Your Legacy,” Bardolf & Company, 2017. We define estate planning as follows: “I want to control my property while I’m alive and well, take care of myself…
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Understanding IRA Required Minimum Distributions (RMDs) The money you contribute to a traditional Individual Retirement Account is not counted as income in the year you contribute it. As a result, the contribution is put into the account without paying any tax. The government allows you to delay paying tax in order to encourage you to…
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Our Living Trust Planning Process Here’s how our unique process for trust-based estate planning, Peace of Mind By Design, works. Our process is also described in Keith Tokerud’s book, “Introduction to Estate Planning – How to Protect and Pass on Your Legacy,” Bardolf & Company, 2017. The Right Fit Conversation We start with The Right Fit Conversation. You…
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Montana Beneficiary Deed (Please note: The 2019 Montana Legislature replaced Beneficiary Deeds with Transfer on Death Deeds. See blog posted November 19, 2020.) Montana allows an owner of real property located within the state to avoid the probate process for such real property by creating and recording a special type of deed known as a…
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Blog Anniversary December 1st will be a milestone in our office. We started our blog 7 years ago and we have covered a lot over that time and seen a lot happen. Keith’s first blog introduced you to Jana and Jeanne. Well, Jana left us to pursue other avenues. We still keep in touch with her…
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The Tax Cuts and Jobs Act: no change to treatment of retirement accounts On November 2, 2017, Republicans in the House of Representatives released their version of the tax reform bill, The Tax Cuts and Jobs Act (the “GOP Act”). The GOP Act in its current form is still subject to revision, even before it…
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Veterans Day – remembering my father and thanking all those that have served My father has been deceased for over 12 years now, but rarely a day goes by when I do not think of him. With Veterans Day being November 11, I thought it appropriate to thank him for his service to our country…
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Helping Someone with Alzheimer’s Cope with a Spouse’s Death Losing a loved one to death is a traumatic experience for anyone, but when you are someone with Alzheimer’s, the experience can be devastating. Suddenly, the person who took care of your every need is no longer there. It’s difficult to help a loved one with…
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The risks of holding assets as joint tenants in order to avoid probate Owning assets jointly with one or more children or other individuals is viewed by some as a simple informal estate plan that can avoid probate and can even avoid the expense associated with setting up a formal plan. There are advantages and…
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Near Retirement? Five Plans You Must Have in Place. I came across a short but important article in a recent issue of Kiplinger magazine. The article is entitled, “Near retirement? 5 plans you MUST have in place,” authored by Chris Harlow, a CPA and investment advisor representative with NW Tax & Wealth Advisory Group, Inc.,…
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