Articles

How Your IRA Can Benefit Both Your Heirs and Charity

Do you want to use your IRA to help a charity, but also benefit your heirs? Instead of leaving your IRA directly to your children, you can leave it to a charitable remainder unitrust (CRUT) while still benefiting your children. With the SECURE Act making changes to rules about inherited IRAs, this may be an attractive estate planning option.

Prenuptial Agreements Can Be an Estate Planning Tool

As more and more people marry more than once, prenuptial agreements have become an important estate planning tool. Without a prenuptial agreement, your new spouse may be able to invalidate your existing estate plan. Such agreements are especially helpful if you have children from a previous marriage or important heirlooms that you want to

Coronavirus Relief Funds Paid to Deceased Americans Must Be Returned

The federal coronavirus relief bill has sent direct emergency payments to some 150 million Americans in the wake of the pandemic. Among the recipients are possibly millions of deceased individuals, raising questions about what their survivors should do with the money. After weeks of silence, the IRS has finally confirmed that the money should be returned

Pandemic Relief: Retirement Account Owners Do Not Have to Take Required Distributions in 2020

Retirement account owners, many of whose retirement balances have been pummeled by a stock market drop due to the coronavirus pandemic, do not have to take mandatory withdrawals this year. Federal law requires individuals who were age 70 1/2 before the end of 2019 to begin taking required minimum distributions (RMDs) from their retirement plan in

Protecting Inherited IRA – Replace Tax Hit With Trust-Owned Life Insurance

Written by: Stanley M. Vasiliadis Esquire, CELA A recently-enacted federal law, The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, eliminated a giant tax break for children (adults and minors) who inherit an IRA from a parent.  With limited exceptions, they can no longer stretch withdrawals over their actuarial life expectancy.  Instead,

Should Seniors Who Lose Their Job During the Coronavirus Pandemic Claim Social Security Benefits Early?

In the wake of the coronavirus pandemic, unemployment is skyrocketing. Seniors who lose their jobs may be tempted to claim Social Security benefits early, but should they, given the resulting reduction in future benefits? The answer depends on your situation, but you may be able to claim and not sacrifice much in terms of future benefits.

A Letter of Instruction Can Spare Your Heirs Great Stress

While it is important to have an updated estate plan, there is a lot of information that your heirs should know that doesn't necessarily fit into a will, trust or other components of an estate plan. The solution is a letter of instruction, which can provide your heirs with guidance if you die or