Creating an effective estate plan is often overlooked, yet it is one of the most precious gifts that you can give to your loved ones. Below is a great video I created to educate you on effective estate planning.
- Revocable Living Trusts
- Last Wills and Testaments
- Powers of Attorney for Finances and Health Care
- Elder Law & Medicaid Planning
- Life Insurance Trusts
- Probate & Trust Administrations
- Estate Tax Minimization Planning Techniques
All Veterans, currently serving or retired, as well as their families, receive a 10% discount off of our fees.
Notice about the The SECURE ACT of Congress
The SECURE ACT of Congress, which stands for Setting Every Community Up for Retirement Enhancement Act of 2019, relates to your retirement accounts. As previously discussed, Congress now requires ALL beneficiaries of retirement accounts to withdraw their RMDs (Required Minimum Distributions) within TEN years of the plan owner’s passing. There are only a FEW exceptions to this rule: Surviving spouses; beneficiaries not more than 10 years younger than the plan owner, which includes most domestic partners and siblings; totally disabled or chronically ill persons; and the plan owner’s own minor children, but only until the age of 21. Sadly, this rule excludes beneficiaries who are adult children, grandchildren, nieces, nephews and other loved ones who do not fit into any of the listed categories. Currently, beneficiaries may take the RMDs anytime with in the ten-year period, thereby delaying the income tax until the beneficiary is, perhaps, in a lower tax bracket, as an example, however new regulations, scheduled to pass Congress in 2023, will require beneficiaries to take an RMD annually. Now is the time to review your retirement account beneficiary designations to make sure that they will work well within the ACT and coordinate with your own Estate Plan.