Q&A: My Parents Shut Down When I Try to Talk About Estate Planning. How Can I Help Them Open Up?
Q&A: Can you explain how the administration of a will works?
Q&A Can I leave my 401(k) to my minor children when I die?
Q&A Do I need to create a new will if I move to another state?
Q&A: How do I include cryptocurrency in my estate plan?
Q&A: What is the federal estate tax?
Q&A: What estate planning should my child have in place once they reach adulthood?
Q&A: What is a pour-over will?
Q&A: Can I tap into my retirement savings to pay for my child’s college education?
Q&A: What is the “contestability period” on a life insurance policy?
Clarifying Questions
Q&A Should the person I pick as my trustee have a background in law or finance?
Q & A: QUESTION ______________________________________________________________________________ Q: Should the person I pick as trustee of my living trust have a background in law or finance? —Trust Planner ANSWER ______________________________________________________________________________ A: Dear Planner: The person you choose to serve as trustee…
Q&A What is the IRS’s “Rule of 55” for 401(k) plans?
Q & A: QUESTION Q: What is the IRS’s “Rule of 55” for 401(k) plans? -Ready to Retire ANSWER Dear Ready: Although you generally must wait until age 59½ to make withdrawals from your 401(k) without incurring a 10%…
Q&A: What is “diminished financial capacity”?
Q & A: QUESTION Q: What is “diminished financial capacity,” and why is it so dangerous for seniors? —Concerned Caretaker ANSWER A: Dear Concerned: The National Institute on Aging estimates that nearly half of all Americans will develop some form…
Q&A How much can I write off on my 2021 income taxes for charitable donations?
Q & A: Q: How much can I write off on my 2021 income taxes for charitable donations if I don’t itemize? -Tax Filer ANSWER A: Dear Filer: To increase charitable giving during the pandemic, the Coronavirus Aid,…
Q&A How can I determine how much life insurance I should have?
Q & A: Q: How can I determine how much life insurance I should have? —Family Planner ANSWER A: Dear Planner: When purchasing life insurance, you’ll want to make certain you have enough term life insurance to cover the expenses…
Q&A: How does buying or selling a business affect my estate plan?
Q: How does buying or selling a business affect my estate plan? –Business Buyer ANSWER Dear Buyer: If you are buying a business, you’ll want to ensure your plan is updated to take into account your new assets and put…
Q&A: How does the proposed tax bill affect federal estate and gift tax?
Q: How does the Democrat’s newly proposed tax bill affect the federal estate and gift tax exclusion? -Concerned Planner ANSWER Dear Concerned: The new bill would reduce the federal estate and gift tax exclusion from its current level of $11.7…
Q&A: How does the administration of a will work?
Q: How does the administration of a will work? -Family Planner ANSWER Dear Planner: In order for assets in a will to be transferred to a beneficiary, the will must first pass through the court process known as probate. During…
Q&A: What is a pet trust, and how does it work?
Q: What is a pet trust, and how does it work? -Doggy Daddy ANSWER A: Dear Doggy, While it’s possible to name a caregiver and leave them funding for your pet in a will, a will cannot guarantee the new…
Q&A: How should I include my cryptocurrency in my estate plan?
Q: How should I include my cryptocurrency in my estate plan? -Digital Planner ANSWER A: Dear Digital, Just like any other property you want to pass on, detail in your estate plan who you want to inherit your cryptocurrency, and…
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