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Family Security Law Group, APC
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“Even though you’re busy, take a moment to fill out your beneficiary forms.” Regardless of your income or net worth, there’s one estate planning task you should do right now: check the beneficiary designations for your life insurance policies, bank accounts, brokerage firm accounts, and retirement accounts. You should update... Continue reading
Posted 3 days ago at Family Security Law Group, APC
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“If you have the policy and death certificate when you file a claim, it may take as few as five business days to receive a check.” A common question in settling the affairs of a loved one, is how long it generally will take after that person dies for the... Continue reading
Posted 6 days ago at Family Security Law Group, APC
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“There can be many benefits in having a living trust, dependent on your goals and how the trust is drafted.” The two biggest reasons for choosing a living trust are for the privacy and efficiency of avoiding public probate and for the protection that can be provided to beneficiaries, like... Continue reading
Posted Aug 9, 2017 at Family Security Law Group, APC
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Away at college—kids can: get seriously ill or be in an accident If your child is over age 18, he or she is an ADULT in the eyes of the law. Accordingly, parents lose the legal power to act on behalf of their own child, unless the child has given... Continue reading
Posted Aug 8, 2017 at Family Security Law Group, APC
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“If you have the policy and death certificate when you file a claim, it may take as few as five business days to receive a check.” A common question in settling the affairs of a loved one, is how long it generally will take after that person dies for the... Continue reading
Posted Aug 8, 2017 at Family Security Law Group, APC
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“When it comes to financial planning, one of the biggest debates can be about the best plan is to use. New regulations could play into making that decision.” A recent wjbf.com post, “Advantages and disadvantages to a 401k and an IRA,” explains some of the possible advantages and disadvantages of... Continue reading
Posted Aug 4, 2017 at Family Security Law Group, APC
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“Foreign lottery scams target millions of Americans each year.” At first, you might think your prayers have been answered. A recent woodtv.com article, “88-year-old nearly scammed by fake lottery, warns others,” tells the story of an elderly couple who love their home. Unfortunately, they are running out of money and... Continue reading
Posted Aug 2, 2017 at Family Security Law Group, APC
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“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 Jul 31, 2017 at Family Security Law Group, APC
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“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 Jul 28, 2017 at Family Security Law Group, APC
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“A charitable gift annuity provides a meaningful gift to charity, while improving your financial situation in two ways for the rest of your life: a steady stream of income and tax benefits.” In addition to making a meaningful gift to a charity, you can create a lasting legacy in your... Continue reading
Posted Jul 26, 2017 at Family Security Law Group, APC
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"Funerals cost $6,000 and up, but planning can help you cut the big expenses.” No one likes to talk about death, because it's considered taboo. But one subject even more taboo is money, contends gobankingrates.com. According to its article, “7 Money Secrets about Dying That No One Wants to Talk... Continue reading
Posted Jul 24, 2017 at Family Security Law Group, APC
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“IRAs were established to help Americans save for their future, and retirement savers should take advantage of tax shelters such as IRAs to build and grow their nest eggs.” A GOBankingRates.com survey found that one in three Americans has saved nothing for retirement. One great way to get started on... Continue reading
Posted Jul 21, 2017 at Family Security Law Group, APC
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“Sign up for Medicare Part B no later than eight months after you leave your job, or you could be hit with lifetime penalties.” What if you signed up for Medicare Part A when you turned 65, but didn’t enroll in Part B because you were still working and had... Continue reading
Posted Jul 19, 2017 at Family Security Law Group, APC
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“Exceptional care must be taken when considering how and when your inheritance is distributed to most children with special needs, because of the public benefits they may be receiving and the tax consequences involved” As parents, it’s hard to treat all children fairly, despite their different personalities and capabilities. Most... Continue reading
Posted Jul 14, 2017 at Family Security Law Group, APC
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“The longevity of successful retirement cannot be overstated, thus the importance of building, preserving and protecting one’s assets during retirement.” When we look at the steps taken in our investing lives, the basics are simple. As working investors in the initial stages, the priority is accumulation and growth. Therefore, we... Continue reading
Posted Jul 12, 2017 at Family Security Law Group, APC
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“Estate planning challenges include mastering financial markets, tax laws and other arcane technicalities.” The psychological issues in deciding how to leave your assets can be the hardest part of the process, says Wilmington Biz in the recent article, “Keep Mental Hang-Ups From Sabotaging Estate Planning.” The issues can range from... Continue reading
Posted Jul 10, 2017 at Family Security Law Group, APC
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“Revenue Ruling 2017-34 eases the process for an executor to get relief from having failed to make a timely ‘portability election’ to allow a surviving spouse to take advantage of a deceased spousal unused exclusion amount (DSUE).” Forbes’ recent article, “IRS Offers Estate Tax Relief To Widows And Widowers,” advises... Continue reading
Posted Jul 7, 2017 at Family Security Law Group, APC
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“As the auction hammer fell at Sotheby’s in New York last week, a painting by Jean-Michel Basquiat fetched a record $110.5 million. Now, another hammer will come down: the tax man’s.” Lise Wilks, the seller of the Basquiat, will have a sizeable capital gain—about $85 million. That means she may... Continue reading
Posted Jul 6, 2017 at Family Security Law Group, APC
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“Having no heirs or surviving spouse, can make estate-planning decisions more difficult.” Some people have a somewhat unique estate planning challenge: they’re childless and not sure what should happen to the assets they leave behind or whom to appoint as their proxy decision-maker. CNBC’s recent article, “Planning your estate when... Continue reading
Posted Jul 5, 2017 at Family Security Law Group, APC
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“Where do you start? How much do you contribute? What do you do, if there's no company match? Should you take the Roth option? There's a lot to consider with this important retirement asset.” As you develop your financial and estate plans, you should consider integrating 401(k) accounts into an... Continue reading
Posted Jul 3, 2017 at Family Security Law Group, APC
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“A will which has been admitted to probate is presumed to have been made free from restraint.” A recent case in Ohio demonstrates the very high threshold that must be met to establish that a decedent was unduly influenced or lacked testamentary capacity. In Young v. Bellamy, the Supreme Court... Continue reading
Posted Jun 30, 2017 at Family Security Law Group, APC
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“Choosing the right beneficiaries for the right assets can be complicated, so consider making an appointment to ensure that your plan covers all of the financial and legal bases.” When you pass away, what you leave to your loved ones is important, but so too is how you leave those... Continue reading
Posted Jun 26, 2017 at Family Security Law Group, APC
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“When a widowed mother plans to split her mutual fund portfolio equally among all of her children, it may be acceptable to everyone in the family. However, passing on a vacation home in the same way can have unintended consequences.” Financial Planning’s recent article, “Save clients from tax pitfalls, family... Continue reading
Posted Jun 23, 2017 at Family Security Law Group, APC
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Blended families have an opportunity to launch new relationships and traditions, but they often face pitfalls where finances are concerned. Did you know that about 1,300 new stepfamilies are created every day? That’s from the Stepfamily Foundation, and the Pew Research Center says 41% of all Americans have at least... Continue reading
Posted Jun 22, 2017 at Family Security Law Group, APC
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“If you use a 529 plan to save for a grandchild, here's what you need to know.” A recent nj.com post says that a 529 College Savings Plan is a great gift for a grandchild. The article, “529 plan funding for a grandchild,” explains that opening a 529 plan gives... Continue reading
Posted Jun 20, 2017 at Family Security Law Group, APC