Once you reach a certain age, you must take an annual required minimum distribution, which is a payout from your traditional IRA, 401(k), or other retirement account. The required amount is calculated based on your age and the account balance. Generally, you can’t reinvest your required minimum distribution in a tax-advantaged account, including another […]
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LGBTQ Estate Planning: Are You Prepared
Everyone should prepare for the inevitable, but LGBTQ estate planning is particularly important for many members of the community. Far too many people are unprepared, and you take a considerable risk when you go through life without a plan. Let’s look at the details. Changing Times Now that same-sex marriages are recognized, LGBTQIA estate planning […]
How Do No-Contest Clauses Work?
Contesting a will is not just the stuff of TV melodramas — it happens in real life. After you’re gone, if a family member believes you didn’t have the requisite mental capacity to execute your will, that someone exerted undue influence over you, that someone committed fraud, or that the will wasn’t executed properly, […]
Courts Allowing More Flexible Trust Amendments
As much as I enjoy writing about celebrity Estate Planning gone wrong, and less often, right, occasionally, a court opinion catches my attention. That’s particularly true when the decision will have lasting implications for Estate Planning. This blog returns to the basic lessons about amending a Trust. In an increasingly litigious world, disgruntled beneficiaries feel emboldened to fight for what they think is theirs. It doesn’t always work out in their favor, especially when they base their argument on a “technicality.”
Settling a Deceased Person’s Debts
An estate is everything someone owns at the time of death. The process of paying bills and distributing what’s left is called probate. The executor of an estate uses assets to pay off debts. This might include writing checks from a bank account or selling property to get the money. Indeed, the settlement of […]
Meeting the Next Level in Minneapolis
The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning Attorneys held its semi-annual conference providing education and learning for and inspiring excellence in its Members. Read on to learn more about the unique experience at the Spring Summit 2024 conference.
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