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Concealing a trust could run afoul of state law

Keith Orr

Posted By: Keith Orr

Posted June 11, 2020 / No comments

You may have good intentions in keeping a trust a secret from its beneficiaries. Perhaps you have concerns that, if your children or other beneficiaries know about the trust, they might set aside educational or career pursuits. Be aware, however, that the law in many states forbids this practice by requiring a trust’s trustee to

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Estate planning when time is short

Keith Orr

Posted By: Keith Orr

Posted May 28, 2020 / No comments

The novel coronavirus (COVID-19) pandemic has caused some people to contemplate their own mortality or that of a family member. For those whose life expectancies are short — because of COVID-19 or for other reasons — estate planning can be difficult. But while money matters may be the last thing you want to think about

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Looking for a trust that can also act as a financial backup plan? Consider a SLAT

Cynthia Petschke

Posted By: Cynthia Petschke

Posted May 22, 2020 / No comments

Some of the most effective estate planning strategies involve setting up irrevocable trusts. For a trust to be deemed irrevocable, you, the grantor, lose all incidents of ownership of the trust’s assets. In other words, you’re effectively removing those assets from your taxable estate. But what if you’re uncomfortable placing your assets beyond your control?

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Drafting your will using online tools can lead to unwanted outcomes

Cynthia Petschke

Posted By: Cynthia Petschke

Posted May 7, 2020 / No comments

The novel coronavirus (COVID-19) pandemic has refocused people’s thoughts on the health and safety of their families. In addition to taking the necessary steps today to protect your loved ones, it’s equally important to consider their financial security in the future. If you don’t have a will, drafting one should be your first step in

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Take steps to curb power of attorney abuse

Robert Tighe

Posted By: Robert Tighe

Posted February 14, 2020 / No comments

A financial power of attorney can be a valuable planning tool. The most common type is the durable power of attorney, which allows someone (the agent) to act on the behalf of another person (the principal) even if the person becomes mentally incompetent or otherwise incapacitated. It authorizes the agent to manage the principal’s investments,

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Nondeductible IRA contributions require careful tracking

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 2, 2020 / No comments

If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you treat distributions as fully taxable, you’ll end up overpaying.

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