Category Archives: Estate Planning

Coronavirus Aid, Relief, and Economic Security (CARES) Act: What could it mean for you?

In response to the ever-increasing impacts of the COVID-19 across the nation, Congress passed the CARES Act last week to provide much-needed relief for individual taxpayers and small businesses. By now, many people are already expecting their $1,200 checks from the government – but the bill goes well beyond these individual payments in its efforts to mitigate the economic effects of the coronavirus. Read on to learn how you may be able to benefit from this act: Read more »

How Will Government Spending Affect Your Financial Planning?

COVID-19 has taken an extraordinary toll on humanity in a few short months. The respiratory illness has killed over 22,000 people as of this writing and has caused global stock markets to come off of historic highs and drop toward recession. Governments around the world have responded to this crisis by cordoning off citizens and spending money at a breakneck pace. The United States’ similar response will have long-term impacts that may affect your financial planning today. This is the subject of today’s post – and an extension of my earlier post on financial planning in a bear market, which you can find here. Read more »

One more reason you may want to convert to a Roth

Last week I wrote an article, Seven Reasons to Fund a Roth, on some of the reasons a taxpayer would consider rolling retirement funds into Roth accounts. Just after the article was posted, global stock markets subsequently endured their worst week in over a decade — giving me reason to amend my prior post, as the drop in stock valuations has made converting IRA funds to Roth funds less expensive than it was a week ago. If you believe the market is in a short-term correction and that equity prices will recover, you may want to consider funding a Roth. Read more »

The SECURE Act: The elimination of the stretch IRA and how it impacts conduit trusts

Our recent post about the SECURE Act addressed many of the provisions of the new law and discussed how these provisions will impact most taxpayers. In today’s post, I’d like to follow up with a discussion about how the SECURE Act affects the applicable rules in one specific area unique to families with substantial IRA assets: the elimination of the stretch IRA and its impact on conduit trusts. Read more »

Add an Advance Directive to your New Year’s Resolutions

Saying final good-byes to loved ones is one of the most difficult parts of the human experience. These good-byes can be infinitely more difficult when the one saying good-bye is saddled with the responsibility of making end-of-life decisions for someone who can no longer communicate his or her wishes. The legal system has come up with a document to help give incapacitated individuals a say in these decisions. Most states call this document the Living Will or the Advance Directive. It is the most depressing multiple choice test you will ever take, as it poses a variety of end-of-life situations and asks the signer to indicate their wishes for each situation. This document is often combined with a medical power of attorney, depending on which state you live in. Read more »