Watch Out for Uncle Sam’s Penalties in Retirement
If you thought retirement was all fun and games, think again! Penalties for missing deadlines, failing to take distributions in a timely manner and other mistakes, can have a big impact on retirement finances. Taxes are just one of the unexpected elements that can pop up and put your retirement finances at risk. According to…
Read MoreWhat Could Go Wrong? Plenty, With Do-It-Yourself Wills
You may never know the impact of a DIY will, but your heirs certainly will. This is an instance where having a professional involved makes a world of difference. We’re used to doing everything online ourselves, from making movies to creating photo books and shopping for car loans. But there are some things, including estate…
Read MoreThe One Mistake That Can Doom Your Entire Retirement
None of us can control the stock market, but we need to ensure that our investments are positioned to minimize the impact of a volatile market. This becomes more important as retirement gets closer. Traditional strategies are no guarantee of financial security in today’s retirement environment. You can do all the right things, and you…
Read MoreDispute Between Daughter and Sister on Revocation of Will Settled by Georgia Supreme Court
A man who required 24/7 care, became the center of a battle between family members that resulted in a court deciding that a testator is not required to physically destroy a will in order to revoke it. The case of a daughter and sister of decedent Edison Milbourne, Milbourne v. Milbourne, over whether or not…
Read MoreCorporate Trustee Removal Decision from Pennsylvania Supreme Court Clarifies Issue
Can the beneficiaries of a trust remove a corporate trustee? This was the issue in a recent decision from a Pennsylvania Supreme Court case. In “Trust Under Agreement Of Edward Winslow Taylor Appeal Of: Wells Fargo Bank,” the beneficiaries of an irrevocable trust were told they did not have permission to remove a trustee through…
Read MoreThe Newest Estate Planning Asset: Your Digital Life
Now that every generation is well-represented in the online world, we all need to consider what will happen to our social media, financial and creative online assets, when we pass away. Treat your digital assets as you do any other assets during estate planning, and your heirs will thank you for it. That includes creating…
Read MoreNew Jersey Enacts Law That Increases Abuse Reporting Requirements, Shrinks Fines for Failing to Report
With the maximum penalty for failing to report abuse reduced from $5,000 to $500, some claim that Peggy’s Law simply aligns state law with federal regulations. An article from McKnight’s Senior Living, “NJ law increases requirements, decreases some fines in reporting of suspected abuse cases,” that provides the history behind “Peggy’s Law,” which took seven…
Read MoreMinnesota Legislature Asked to Review Elder Abuse Secrecy Law, Says Minnesota Governor
It’s one thing to protect whistleblowers, but preventing families from getting all of the details, if loved ones have been abused or neglected, just doesn’t sit right with governor. A recent report from KARE 11 TV, “Governor wants review of elder abuse secrecy issue,” explains that the Governor of Minnesota has asked the state’s legislature…
Read MoreYes, Even You Need to Have a Will
Most of us are hard-wired to avoid situations that might lead to our death. While some thrive on sky diving or swimming with sharks, death is something most of us prefer to avoid. Unfortunately, trying to ignore our own mortality can wreak havoc for our loved ones. That is, if we don’t take the time…
Read MoreEstate and Farm Succession Planning: Costly and Common Mistakes
Planning for the next generation to continue the legacy of a family farm, or any family-owned business, requires estate planning that begins decades in advance. Without properly prepared estate and succession plans in place, many farm families find themselves in a bind from a financial and legal standpoint. In many cases, the family farm must…
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