The COVID-19 pandemic has led to volatile markets, and your retirement account may have a much smaller balance than only a few short months ago. In response to the economic fallout stemming from the pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020. The CARES Act was primarily aimed at providing quick and substantial relief to individuals and businesses affected by the economic shutdown in response to the spread of COVID-19. Several of the relief measures can provide significant peace of mind, as they provide you with the option to access some of the funds in your retirement accounts without the usual penalties if you have been negatively affected by COVID-19. In addition, the new legislation contains other provisions that may lower your tax bill for 2020.
Continue Reading…Time to Review Clients’ Retirement Accounts
The COVID-19 pandemic has led to volatile markets, resulting in retirement accounts with much smaller balances than only a few short months ago. In response to the economic fallout stemming from the pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020. The CARES Act was primarily aimed at providing quick and substantial relief to individuals and businesses affected by the economic shutdown in response to the spread of COVID-19. Several relief measures have a significant impact on clients’ ability to benefit from their retirement accounts. You can provide significant peace of mind to your clients by keeping them informed about how they can use their retirement funds now without penalties if necessary, as well as benefit from other tax relief provided by the new legislation.
The CARES Act creates new distribution options for those adversely impacted by coronavirus, expands the availability of plan loans, and waives required minimum distributions for most retirement plans for 2020.
Continue Reading…No-Contest Clauses: Does No-Contest Really Mean No Contest?
We live in a litigious society. Unfortunately, even family members sometimes file lawsuits because they are dissatisfied with what their parents or loved ones leave them in a will or trust. Some are so disgruntled that they decide to contest or challenge the validity of a will or trust, which can delay its administration for years and result in thousands of dollars in legal fees. If you are concerned that any of your beneficiaries may seek to challenge your will or trust, a no-contest clause might be one method you can use to discourage them from pursuing this course of action.
Continue Reading…How to Handle Savings Bonds in Estate Planning and at Death
A savings bond is defined as “a debt security issued by the U.S. Department of the Treasury to help pay for the U.S. government’s borrowing needs.” In effect, when you buy a savings bond, you are loaning the U.S. government money which is repaid with interest after a fixed period of time.
There are currently two types of savings bonds: Series EE U.S. Savings Bonds are currently sold at face value and worth their full value upon redemption with interest. Series I U.S. Savings Bonds are inflation-indexed, i.e., they offer a fixed rate of interest that is adjusted for inflation and are often used as a long-term investment. Series HH bonds are no longer available for purchase.
Continue Reading…Assisted Reproductive Technology and the Real Impact on Estate Planning
According to data provided by the Center for Disease Control (CDC), approximately 1.9% of all infants born in the United States, 81,478 in 2018, were conceived using assisted reproductive technology (ART). ART is defined by the CDC as all fertility treatments in which both eggs and embryos are handled: It can involve a number of procedures, the most well-known being artificial insemination, in-vitro fertilization, and cryopreservation (genetic material frozen for later use). Another related arrangement involves surrogacy, where a woman other than the one who will take on the role of mother carries and gives birth to a child. Surrogacy sometimes utilizes the surrogate’s egg with the father’s sperm and sometimes the surrogate carries an embryo containing genetic material from one or both of the intended parents implanted via in vitro fertilization.
ART can provide a solution for those who are struggling with infertility, interested in avoiding passing on genetic risks, or want to store genetic material for later use, as well as for same-sex couples who want to have children. Although it may be surprising, ART is an issue that could have a major impact on estate planning for families seeking to have children through its use.
Continue Reading…Wondering Whether You Need to Update Your Estate Plan?
Yes, You Do, and Here’s WhyPlease allow us to be frank. It’s unrealistic to think that a piece of paper you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. We’ll use the Kendrick family as an example.
Meet the Kendricks
Meet Bill and Karen Kendrick. They got their first estate plan in place when their daughter, Jessica, was born 30 years ago. They updated it when their son Steve came along 4 years later. After attending one of our living trust seminars 10 years ago, they got a fantastic trust-based plan in place, protecting themselves, their children, their grandchildren, and their dog, Sadie.
Unfortunately, the Kendricks didn’t join our client maintenance program; instead, they elected to take responsibility for calling us for updates themselves. Life got busy and, as you might guess, they never called to update their documents.
Continue Reading…Estate Planning as a Powerful Exercise in Optimism
Many scientific studies have established that there is a wide range of benefits flowing from a positive attitude and positive thinking. At a time when many are focused on worst-case scenarios and gloomy predictions, you can resist the pull of negativity and embrace the beneficial results of positivity. This is not just an attempt to make yourself feel better in spite of reality, but rather to take full advantage of the proven benefits of positivity. You can increase not only your own wellbeing but also that of your children or other beneficiaries by creating an estate plan designed to promote their happiness, which in turn, will enable them to live healthier and more successful lives. Fortunately, if you are someone for whom it does not come naturally, positive thinking can be learned by surrounding yourself with positive people, deliberately engaging in positive self-talk, and living a healthy lifestyle, just to name a few common methods.
Continue Reading…Helping Clients Create Positivity with Their Estate Plan
Many scientific studies have established that there is a wide range of benefits flowing from a positive attitude and positive thinking. At a time when many are focused on worst-case scenarios and gloomy predictions, help your clients resist the pull of negativity and embrace the beneficial results of positivity. This is not just an attempt to make them (or ourselves) feel better in spite of reality, but rather to take full advantage of the proven benefits of optimism. We can develop stronger relationships with our clients by helping them to incorporate positivity into their estate planning: They can increase not only their own wellbeing but also that of their children or other beneficiaries by creating an estate plan designed to promote their loved ones’ happiness, which in turn, will enable them to live healthier and more successful lives. Fortunately for those to whom it does not come naturally, positive thinking can be learned by surrounding themselves with positive people, deliberately engaging in positive self-talk, and living a healthy lifestyle, just to name a few common methods.
Continue Reading…When is “living probate” necessary?
If you become incapacitated, who is going to take care of you? You will not be able to make medical decisions for yourself and you will not be able to manage your day-today affairs. If you do not have the appropriate estate plan in place, your family maybe headed to the probate court long before you are deceased.
Continue Reading…What to do with the family heirlooms and keepsakes
When most people think of estate planning, they think of assets that include money, real estate, and personal property. But, included in someone’s estate could be invaluable personal property, such as family heirlooms or keepsakes. This type of property should not be overlooked in your estate plan just because it may not have a high dollar value because it still has sentimental value that cannot be quantified. Part of a thorough estate plan is determining how you want these priceless family heirlooms and keepsakes distributed once you are gone.
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