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Hughes Law Firm
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“There are a handful of states that allow a person to probate a will…before the testator… dies. In recent years, there has been a trend to expand this practice to more states.” This practice, which lets challengers contest the validity of a will before the person who created the will... Continue reading
Posted Mar 31, 2017 at Denver Colorado Estate Planning
“This case arose out of a will contest between the wife and son of deceased musician Ray Price.” Price's widow filed an interlocutory appeal alleging that the trial court erred in appointing a receiver to take possession of property subject to the will contests, according to a recent write-up in... Continue reading
Posted Mar 30, 2017 at Denver Colorado Estate Planning
“Many parents who have children struggling with addiction or mental illness are often too consumed with caring for those children in the present, to give any thought about how those children will be cared for when they are gone.” A question to consider in estate planning, if you have children... Continue reading
Posted Mar 29, 2017 at Denver Colorado Estate Planning
“Although these are just two of the misconceptions regarding wills, they take on special significance because they relate to some of the most important assets owned by a person.” There are several misconceptions floating around in estate planning, and the Pauls Valley Daily Democrat reviews some misunderstandings about wills in... Continue reading
Posted Mar 28, 2017 at Denver Colorado Estate Planning
“Yes, you heard us right. Millennials do need to start thinking about their estate plans now. It has nothing to do with the fact that they have several decades to go before they actually get to the retirement stage.” According to a caring.com study, the percentage of 18 to 36-year-old... Continue reading
Posted Mar 27, 2017 at Denver Colorado Estate Planning
“If I earn too much to contribute to a Roth IRA, can I still contribute to a traditional IRA and then immediately convert it to a Roth? Would I have to pay taxes on the conversion?” Kiplinger’s recent article, “How High Earners Can Set Up a Roth IRA,” says that... Continue reading
Posted Mar 24, 2017 at Denver Colorado Estate Planning
“Working into the second half of your sixties (or even longer) can mean a happier, more financially secure retirement when you finally leave your job.” Kiplinger’s recent article, “6 Reasons to Work Past Retirement Age,” provides us with some good reasons for working a few more years. Employee Benefits. The... Continue reading
Posted Mar 23, 2017 at Denver Colorado Estate Planning
“A group of lawmakers have teamed up to address what they said is a growing issue across the state – elderly abuse.” Tennessee state lawmakers recently announced legislation that would address the abuse of elderly or vulnerable adults in the state. Nashville News Channel 5’s report, “New Legislation Targets Elder... Continue reading
Posted Mar 22, 2017 at Denver Colorado Estate Planning
“Each year over 43 million Americans provide unpaid care to a family member, usually a parent.” Adult children who care for an elderly parent will typically be asked to oversee and provide medical care and finances. However, sometimes the caregiving goes far beyond this. As a result, many adult children... Continue reading
Posted Mar 21, 2017 at Denver Colorado Estate Planning
“When leaving a home to your children, you can avoid probate by using either joint ownership or a revocable trust, but which is the better method?” In the event you decide to add your child as a joint tenant on your home, you’ll each have an equal ownership interest in... Continue reading
Posted Mar 21, 2017 at Denver Colorado Estate Planning
“Helping someone in need with their finances may seem altruistic and may even tap into your inner hero, but if you're not careful, you could find yourself in hot water.” Assisting someone with his or her finances sounds simple, right? Your mom, a neighbor or the person for whom you... Continue reading
Posted Mar 17, 2017 at Denver Colorado Estate Planning
“Retirement is the most expensive purchase most people will make, yet many Americans are underfunding their retirement…” A new study from Merrill Lynch and Age Wave, part of a four-year, 50,000-respondent investigation into the changing lifescape of retirement, reports that retirement has the highest average price tag when stacked up... Continue reading
Posted Mar 16, 2017 at Denver Colorado Estate Planning
“Whether they're working or not, people with disabilities and their caregivers often have higher costs associated with medical care or daily living, so the current tax code makes some of these costs deductible.” The Centers for Disease Control and Prevention found in 2015 that 53 million adults in the U.S.... Continue reading
Posted Mar 15, 2017 at Denver Colorado Estate Planning
“Marriage after age 50 is a wonderful thing, but it also has some financial challenges.” There are numerous money myths that you’ll hear when you consider getting married at midlife, particularly if your spouse-to-be has children from a first marriage. Here are six common myths from Forbes’ recent article entitled... Continue reading
Posted Mar 14, 2017 at Denver Colorado Estate Planning
“When it comes to retirement, a checklist is the best way to tackle this difficult subject. It can also put things into perspective.” Forbes’ recent article, “How Much Do You Need To Retire: 4 Things For Your Checklist,” provides some of the items that need to go on that list.... Continue reading
Posted Mar 13, 2017 at Denver Colorado Estate Planning
DAFs can be a quick, easy and flexible way to achieving your family's philanthropic goals. What's the best way to make tax-deductible charitable contributions? The answer depends on several factors, such as the recipients of your gift, the kinds of assets you'd like to donate, the size of your gift... Continue reading
Posted Mar 10, 2017 at Denver Colorado Estate Planning
“If you have a workplace retirement plan, you can still stash money in an IRA. You can even take a deduction for a traditional IRA contribution, if your income is low enough.” A 23-year-old single contributes the maximum $18,000 to his Roth 401(k) at work in 2016, and his employer... Continue reading
Posted Mar 9, 2017 at Denver Colorado Estate Planning
“More than 5 million Americans were living with Alzheimer’s disease in 2016.” The Alzheimer’s Association reports that one in three seniors will die with Alzheimer’s or some other form of dementia. These dramatic numbers mean that, either directly or indirectly, most families will be affected by this disease. WTTW.com’s recent... Continue reading
Posted Mar 8, 2017 at Denver Colorado Estate Planning
“Those who wait until after full retirement age to claim Social Security, but do so before age 70 may be disappointed in the size of their initial benefit checks.” Delayed-retirement credits increase Social Security benefits each month after you reach full retirement age (66 for those born between 1943 and... Continue reading
Posted Mar 7, 2017 at Denver Colorado Estate Planning
“If your estate is less than $150,000 total, including your home, you are among the rare few who do not need to read this article.” If you have an estate with any real assets, you should carefully weigh the risks of failing to make proper estate plans. This is the... Continue reading
Posted Mar 6, 2017 at Denver Colorado Estate Planning
“President Donald Trump began moving his NYC real estate portfolio into the “Donald J Trump Revocable Trust” on Dec. 31 and New Year’s Day, according to an analysis of city property records by The Real Deal” Trump has transferred 71 properties—primarily condo units in a handful of buildings—into his personal... Continue reading
Posted Mar 3, 2017 at Denver Colorado Estate Planning
“Through a charitable bequest, the Montgomery’s will creates an accounting scholarship to benefit the next generation of financial managers, especially those who might return to school while working.” Valarie Montgomery may have retired from overseeing Michigan State’s financial operations, but she used her estate plan with her husband Mark to... Continue reading
Posted Mar 2, 2017 at Denver Colorado Estate Planning
“Current law provides for an estate tax exemption of $5 million indexed for inflation, allows portability between spouses and includes stepped-up basis.” Proposed estate tax repeal legislation has been introduced in Congress that would assist farm and ranch families with the challenges of passing their family businesses to the next... Continue reading
Posted Mar 1, 2017 at Denver Colorado Estate Planning
“As the New Year turns, and with it, thoughts of income tax report preparation and filing, it might be a wise idea to do what many producers also do: spend time developing and honing transition and estate plans for their farm and ranch operations.” The (Dodge City, KS) High Plains... Continue reading
Posted Feb 28, 2017 at Denver Colorado Estate Planning
“2016 was a typical year in that, unsurprisingly, families continued to fight over estates.” A wealthmanagement.com article, “Top Four Estate Disputes of 2016,” gives us a sampling of some of the major estate planning issues among the recently passed celebrities. Prince. The rock star died in April of 2016 without... Continue reading
Posted Feb 27, 2017 at Denver Colorado Estate Planning