Although spouses receive special treatment when inheriting a retirement account such as an IRA (the ability to roll over the account into a personal retirement account and to stretch the distributions over their lifetime), the retirement account you leave for your spouse can still be seized in a divorce, a lawsuit, or a bankruptcy proceeding. Three Options Available to Surviving …
Estate planning is essential for everyone, but it is especially important if you and your partner are in a long-term committed relationship and are not married. Unless you plan properly, your partner will not receive any of your money or property when you pass away and will be unable to care for you when you most need it. Instead of …
Do not let constant political and financial speculation prevent you from making tax-free annual exclusion, medical-payment, and educational gifts to or for the benefit of your loved ones. Make Annual Exclusion Gifts Annual exclusion gifts are transfers of money or property in an amount or value that does not exceed the annual gift tax exclusion. In 2021, the annual gift …
Confused about the differences between a will and a trust? If so, you are not alone. While it is always wise to contact experts like us, it is also important to understand the basics. Here is a quick and simple reference guide: What a Revocable Living Trust Can Do – That a Will Cannot Avoid conservatorship and guardianship. A revocable …
Divorce is a stressful situation for everyone involved. Emotions run high, and many times the main emotion being experienced is anger. This can lead to divorce negotiations becoming extensive and expensive. When the disagreements become so intense that the divorce cannot move forward, both sides of the party lose. Therefore, anyone going through a divorce may want to seek the …
Do you have an individual retirement account or other type of retirement account that you plan to leave to your loved ones? If so, proceed with caution. Inherited retirement accounts do not have asset protection when they pass to your loved ones, meaning creditors can seize the money in the accounts to satisfy any claims against your beneficiaries. How Can …
When a couple decides to separate, it brings up painful, and often conflicting, emotions. This isn’t shocking because divorce tends to be an acrimonious process. Unfortunately, going to court to settle the divorce frequently makes the situation worse. With court hearings, an in-depth discovery process, and perhaps even an expensive and risky trial, letting a judge preside over your divorce …
I loved this conversation with Beth Rumley on this episode of Ag Law Today speaking about all things slaughter and processing laws. The National Agriculture Law Center is such a wealth of information. Beth is a brilliant writer and speaker. The agriculture community is lucky to have her.
Myth #1: If I need help paying my bills, I can just add my child to my bank account. Nothing bad will happen. False. When you add a child or anyone else to your bank account, you are making that person a co-owner of the account. Your child can pay bills using the money in your bank account, but your …
Comprehensive estate and financial plans are not just for the wealthy. Anyone who cares for a person or cause and who wants to provide for the person or cause after they die can benefit from such plans. Along with comprehensive estate and financial plans comes a team to help you create, manage, and support those plans. This team includes your …
Divorce can be a very complicated proceeding. Both parties can be very emotional about the entire process, and this can slow things down. When both sides are furious, the process can drag on for months because agreements cannot be made on the divorce’s important issues. Sometimes it takes a third party to get things moving and help the divorce move …