How did the SECURE Act change regulations around IRAs (Individual Retirement Accounts)? In this article we will give you a broad look at IRAs, as well as an explanation of some of the changes made by the SECURE Act. Read on for more! Traditional Individual Retirement Accounts The defining feature of a traditional IRA is …
You Should Use a Living Trust If… (5 reasons)
When should you use a trust instead of a will? Let’s examine the objectives we can address if you utilize the right trust as the centerpiece of your estate plan! 1) You Value Your Privacy We’re all safety-conscious when it comes to financial information. There are many reasons we don’t want the entire world to …
Don’t Let the State Plan Your Estate!
Some people think that the government will take care of everything if they die without an estate plan. Many of these individuals intend to make some type of strategy at some nebulous point in the future, but they keep pushing it off because there isn’t a feeling of immediacy. After all, it doesn’t have to …
What to do When Will Contests Terrorize You
Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit
Why Use a Trust?
Most people think of a will as the “right” estate planning document. After all, we’re all familiar with wills. They appear in movies, television shows, and even novels. You may have one yourself. It has been our experience that people are less familiar with trusts. Who uses a trust for estate planning? What does a …
Trust or Will?
Many people think that trusts are only for the ultra-wealthy. It has been our experience that most people think wills are “easier” than trusts to create and manage unless their family has complex requests or lots of property. In practice, we have found some very good reasons why everyday people may prefer a trust over …
Does Medicare Cover Nursing Home Care?
You probably feel a sense of confidence about your health care insurance situation during your senior years. Medicare will be a solid source coverage, but there are out-of-pocket expenses that you have to cover yourself. These would include premiums, deductibles, and co-insurance, but if you plan ahead for retirement effectively, they should be manageable. However, …
Why Do People Avoid Probate?
Probate is a legal process that can be initiated when an estate is being administered. In Texas, a small estate can avoid probate through the use of a simple affidavit or a simplified probate procedure. Independent administration is another alternative to the full probate process. When an estate is going through the actual probate procedure, …