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January 2020 Archives

Do you need to plan for your long-term care needs?

When you are older and in need of care, do you know what you'll want to see happen? If you want to plan for needing support as you age, then you'll want to talk to your attorney about your estate plan having long-term care planning documents included.

Major Changes in Ira and 401K Rules That May Impact Your Estate and Financial Planning

Congress passed the "Secure Act" which makes major changes in the rules as to distributions from 401k plans and IRAs, beginning January 1, 2020. If you have any questions, please contact us to see how these new rules may impact your estate planning. Set forth below is a Q/A to explain some of the changes. We will refer to IRAs only, but unless noted below these rules apply to 401k plans or profit-sharing plans. The new rules do not apply to pension plans.

What are the benefits of avoiding probate?

When you place assets into a will, your estate must pass through the probate process. Probate involves the sorting and administration of your estate under court supervision. While probate isn’t meant to be a horrible and complicated process, in some cases it can be a stressful and chaotic time for your family.

Do you need to have a will?

As you begin the estate planning process, one thing you might be asking yourself is if it's necessary to have a will. A will is a legal document that you may want to have, because it tells your loved ones and the courts exactly how you'd like your assets distributed after your death.

Spendthrift trusts could be a good answer for risky beneficiaries

A spendthrift trust is a unique trust that gives an independent trustee complete control over trust funds that are to be distributed to a beneficiary or used for their benefit. This is an excellent trust to give to those who may spend money quickly or on things you don't want them to buy, for example.

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