Q&A Should the person I pick as my trustee have a background in law or finance?
Q&A What is the IRS’s “Rule of 55” for 401(k) plans?
Q&A: What is “diminished financial capacity”?
Q&A How much can I write off on my 2021 income taxes for charitable donations?
Q&A How can I determine how much life insurance I should have?
Q&A: How does buying or selling a business affect my estate plan?
Q&A: How does the proposed tax bill affect federal estate and gift tax?
Q&A: How does the administration of a will work?
Q&A: What is a pet trust, and how does it work?
Q&A: How should I include my cryptocurrency in my estate plan?
Clarifying Questions
Q&A: My Parents Shut Down When I Try to Talk About Estate Planning. How Can I Help Them Open Up?
QUESTION Q: My parents shut down when I try to talk about estate planning. How can I help them open up? –Concerned Son ANSWER A: Concerned, It can be difficult for some people to talk about estate planning because…
Q&A: Can you explain how the administration of a will works?
QUESTION Q: Can you explain how the administration of a will works? –Taking Care of Mom ANSWER A: Dear Taking Care: In order for assets in a will to be transferred to a beneficiary, the will must first pass…
Q&A Can I leave my 401(k) to my minor children when I die?
QUESTION Q: Can I leave my 401(k) to my minor children when I die? –Pondering Parent ANSWER A: Dear Pondering: Though you can technically name a minor child as a beneficiary of your 401(k), IRA, or other employment-sponsored retirement…
Q&A Do I need to create a new will if I move to another state?
QUESTION Q: Do I need to create a new will if I move to another state? –Curious Mover ANSWER A: Dear Curious: Most states will accept a will that was executed properly under another state’s laws. However, there could…
Q&A: How do I include cryptocurrency in my estate plan?
QUESTION Q: How do I include cryptocurrency in my estate plan? — Crypto Owner ANSWER A: Dear Crypto, If you own cryptocurrency, you must leave detailed instructions for accessing it, and ensure that one or more trustworthy people know…
Q&A: What is the federal estate tax?
QUESTION Q: What is the federal estate tax? — Tax Planner ANSWER A: Dear Planner, The federal estate tax is a tax on the value of a person’s assets at the time of their death. If the total value…
Q&A: What is a pour-over will?
QUESTION Q: What is a pour-over will? — Prudent Planner ANSWER A: Dear Prudent, For a living trust to function properly, you must first transfer the legal title of any assets you want to be held by the trust…
Q&A: Can I tap into my retirement savings to pay for my child’s college education?
Q & A: QUESTION ______________________________________________________________________________ Q: Can I tap into my retirement savings to pay for my child’s college education? —Pondering Parent ANSWER ______________________________________________________________________________ A: Dear Pondering: If your kids will need financial assistance, beyond student loans, to pay…
Q&A: What is the “contestability period” on a life insurance policy?
Q & A: QUESTION ______________________________________________________________________________ Q: What is the “contestability period” on a life insurance policy? —New Beneficiary ANSWER ______________________________________________________________________________ A: Dear Beneficiary: Most life insurance policies contain a contestability period. Such periods are typically between one to two…
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