The chances of a married couple dying simultaneously in a common accident or within a very short time of one another are probably quite slim. However, it does sadly happen. And it happens frequently enough that most states have laws to address the issue and the problems that can arise from simultaneous deaths. What are these […]
In honor of the recent Teacher Appreciation Week (the first week of May), we are taking this opportunity to say a bit “thank you” our teachers for their time and dedication to teaching the future generation. Teacher, you provide the foundational knowledge necessary to ensure the success of tomorrow’s leaders. We are here to make sure […]
It’s a constant, death and taxes. And even death doesn’t stop the tax man. As part of wrapping up your estate, your executor must file a final income tax return with the IRS. This tax return is for the portion of the last year you were alive. For Whom Must an Estate Tax Return Be Filed? […]
Although spouses receive special treatment when inheriting a retirement account such as an IRA (the ability to roll over the account into a personal retirement account and to stretch the distributions over their lifetime), the retirement account you leave for your spouse can still be seized in a divorce, a lawsuit, or a bankruptcy proceeding. It […]
There are many reasons why you may want to give to charity, whether it is because you want to support a cause or organization, or because it can help reduce your yearly income tax bill and remove value from your overall estate. If you are considering donating, but are unsure of how to proceed, we are […]
If you have a loved one with disabilities, you may be familiar with “ABLE” accounts, authorized by Congress in 2014 under the Achieving a Better Life Experience Act. ABLE accounts are tax-advantaged savings accounts–similar to 529 education savings plans–whose funds can be used to pay for certain qualifying expenses of disabled individuals. As a result of […]
Estate planning is meant to be an ongoing process, not a one-time transaction. In the same way that you never stop budgeting, saving, and investing as you go through life, it is also sensible to see estate planning as a lifelong project. Let’s look at some of the considerations you should make now that the 2018 […]
When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool is the trust. There are numerous types of trusts aimed at fulfilling different estate planning purposes. If you are anticipating an inheritance, there is a special type of trust designed to help […]
The fall, generally late-October or early-November, is the time when employers send out summaries of employee benefits offered by the company and give employees the option to enroll in these benefits. These can generally include retirement plan options, health care, dental, vision, short and/or long-term disability, and life insurance coverage. Your employer may pay 100 percent […]
While the end of the year is not quite here yet (but rapidly approaching), now is an opportune time to take a moment and start your year-end tax planning for 2018. This is particularly necessary this tax year because of the changes to the tax law that became effective in 2018. As a result of the […]
