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“A life estate can solve some possibly lengthy and costly problems for your heirs.” Kiplinger’s recent article, “An Overlooked Way to Pass Down Your Home Without Probate: The Life Estate,” explains that simply designating a beneficiary in your will or assuming your home will pass to your children might mean... Continue reading
Posted Jun 16, 2017 at Rowley Law
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“Is a trust valid in all states?” Generally speaking, trusts are valid across the country. That means the trust beneficiaries can be located in any state or move to any state, as can the trustee. In fact, a recent nj.com article addresses this very matter, in “Is a trust valid... Continue reading
Posted Jun 15, 2017 at Rowley Law
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“Dealing with the death of a loved one is hard enough. Estate planning can make things easier on a grieving family.” As you may have read, a recent study revealed that 56% of Americans die without a will or estate plan. That’s staggering, and it tells us that the importance... Continue reading
Posted Jun 14, 2017 at Rowley Law
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“You may think you need a long and complicated list of tasks to accomplish your retirement goals. But a good place to start, is with these four simple steps.” Vanguard recently published an article, “4 things to put on your to-do list for retirement prep,” which has a list of... Continue reading
Posted Jun 13, 2017 at Rowley Law
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“One of your most important estate planning document for many reasons.” When you have your estate planning attorney draft your will, you should also have him or her prepare a Trust, a power of attorney, living will and an advance health care directive. In addition to these important documents, there’s... Continue reading
Posted Jun 12, 2017 at Rowley Law
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“The Maryland lawmaker said the tax certainty the bill creates, would make it easier for family business owners to transfer their operations to subsequent generations.” A story originally reported in Bloomberg reports that a House Republican is planning to reintroduce a bill that would allow taxpayers to make annual payments,... Continue reading
Posted Jun 9, 2017 at Rowley Law
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“When it comes to preparing for retirement, the devil is in the details. Just one slip-up can derail your plans.” Kiplinger’s recent article, “5 Common Roadblocks That Can Shut Down Retirement Success,” reports that numerous studies say most people aren’t properly preparing for retirement. According to the Economic Policy Institute,... Continue reading
Posted Jun 8, 2017 at Rowley Law
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“If you’ve been putting it off because it's sad or uncomfortable, don't. Estate planning can be a loving tribute and source of comfort. Here’s what to consider.” No one likes death or thinking about their own mortality. OK, maybe the undertaker, but for the rest of us, it’s creepy. Estate... Continue reading
Posted Jun 7, 2017 at Rowley Law
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“The nanny tax isn't just for Mary Poppins. It covers any household employee, including housekeepers, gardeners and caregivers.” With this latest presidential transition, there’s another Nannygate controversy. You may remember the 1993 case of Zoë Baird—the person nominated to be the first female U.S. attorney general—only to be stopped short,... Continue reading
Posted Jun 6, 2017 at Rowley Law
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“If your children are under age the age of eighteen, you should have trusts for them in your wills, in the event that you and your spouse should die before all of your children reach age 18.” Trust Advisor explains in its recent article “Should You Create Trusts for Your... Continue reading
Posted Jun 5, 2017 at Rowley Law
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“How do I keep my heirs from having to go through probate?” There are some estate planning questions that many of us would like answered. These include how to keep heirs from going through probate, whether you need an estate planning attorney or can you just use an online form... Continue reading
Posted May 12, 2017 at Rowley Law
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“We uncovered the biggest things people overlook when drafting a will. Find out if you’re missing a one of these key elements.” There are a few common items that folks neglect to put in their wills or estate plan. These can have a major effect on your family. An article... Continue reading
Posted May 10, 2017 at Rowley Law
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“A new law just passed this week by the Washington state legislature, is aiming to curb crime against what some call the ever-growing ranks of the aging known as the "Silver Tsunami."” Elder abuse was the subject of a recent story at mynorthwest.com, entitled, “Washington state takes new steps to... Continue reading
Posted May 9, 2017 at Rowley Law
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“The hit podcast "S-Town," which was downloaded more than 10 million times in its first four days, highlighted the importance of having a will.” A will is great first step, but estate planning is an entire strategy to protect you and your spouse in retirement, and to leave a legacy... Continue reading
Posted May 8, 2017 at Rowley Law
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“The reality is that taxes have always been a secondary component of the charitable giving process and now may be less critical than ever before. As tax planning has become less relevant, personal goals and the role of the adviser have gained in importance.” Financial Planning’s recent article, “Charitable giving:... Continue reading
Posted May 5, 2017 at Rowley Law
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“In light of the Kollsman decision, estate administrators should proceed with caution, when considering for estate tax purposes the use of appraisals prepared by merchants simultaneously seeking to sell the appraised property.” The U.S. Tax Court in Estate of Kollsman v. Commissioner held that an art collector’s estate significantly underreported... Continue reading
Posted May 1, 2017 at Rowley Law
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“Today, the Whitehouses receive income that will continue throughout their lifetime from a Charitable Remainder Unitrust that will also benefit the university and Calvary Church for years to come.” Neil and Marilyn Whitehouse like to see how Bethel University is making a difference in the world because as donors, they... Continue reading
Posted Apr 21, 2017 at Rowley Law
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“Before you name a beneficiary, you may want to gain a basic understanding of beneficiary designations.” One of the biggest decisions in estate planning is determining the beneficiaries on your life insurance policies, pension plan accounts, IRAs and annuities. Some people automatically put down their children or nieces and nephews,... Continue reading
Posted Apr 20, 2017 at Rowley Law
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“Life insurance policies are legally enforceable contracts and are subject to the general rules of contract law.” The Aiken Standard notes in its recent article, “Life insurance policy is a contract,” that the required premiums for a whole life policy—which are invested at the company’s earning rate over the life... Continue reading
Posted Apr 19, 2017 at Rowley Law
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“Five adopted children, who say their stepmother maliciously removed them from the massive estate of late Astec Industries CEO J. Don Brock, are heading to the highest Tennessee court to argue their case.” The Chattanooga Times Free Press reported in “Tennessee Supreme Court agrees to hear J. Don Brock estate... Continue reading
Posted Apr 18, 2017 at Rowley Law
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“'It's mine, all mine!' cartoon character Daffy Duck wails, spit flying and lisp in full effect, as he stuffs Bugs Bunny down a rabbit hole in hopes of keeping the pile of treasure all to himself.” Baby boomers can learn a lesson from Daffy Duck, with the treasure of gold... Continue reading
Posted Apr 17, 2017 at Rowley Law
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“Civil elder abuse is more of a financial crime against an elderly person, who may suffer from memory loss.” Do you remember Richard Simmons, the goofy but lovable fitness guru of the 1980s? This was long before all of today’s high intensity workouts. Well into his 60s, Richard Simmons was... Continue reading
Posted Apr 7, 2017 at Rowley Law
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“There are several advantages that IRAs have over other ways to save.” Everyone wants to take advantage of tax breaks when they're available. One smart way to do this is with an IRA: it gives those saving for retirement some potentially significant tax savings. You can go with a traditional... Continue reading
Posted Apr 6, 2017 at Rowley Law
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“While most of us don't have to worry about estate tax, those who do, have many options to reduce their tax liability.” Fortunately, or unfortunately, whichever way you look at it, most of us won’t have to fret about estate taxes. However, if you think you’ll pass away with more... Continue reading
Posted Apr 5, 2017 at Rowley Law
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“Not planning for long term health care, when doing farm business transition and estate planning, can financially cripple the farm business.” There are three reasons why many farm families fail to consider planning for long-term health care when doing business transition and estate planning: They don’t realize the odds of... Continue reading
Posted Apr 4, 2017 at Rowley Law