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King & Wood, P.A.
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“Separating financial facts from fiction, will help you budget correctly for retirement.” After spending years working, bringing in income and saving for the future, you now must spend and manage that money. It’s a big change, and requires a thoughtful approach. US News & World Report’s recent article, “7 Myths... Continue reading
Posted yesterday at King & Wood, P.A.
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“If you are taking control of a trust for your own benefit, one source of fear may simply be fear of the unknown.” WTOP’s article, “7 questions to ask when taking control of a trust,” says that while having more wealth at your disposal may give you an increased sense... Continue reading
Posted 2 days ago at King & Wood, P.A.
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“The recent passing of First Lady Barbara Bush has touched many Americans deeply. Affectionately known as the ‘Silver Fox,’ Bush was an advocate for both children and literacy in the United States. She was the matriarch of a family that has been at the political forefront for over 40 years.... Continue reading
Posted 3 days ago at King & Wood, P.A.
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“Going through the process of financial planning and estate planning, many issues come to light. In a well-executed financial plan, no stone in your personal life should be left unturned or unexamined.” Your financial and estate plans can easily become out-of-date. Your situation may have changed, since the analysis and... Continue reading
Posted 4 days ago at King & Wood, P.A.
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“When is the last time you updated your beneficiary designations?” Beneficiary designations have precedence over wills. Therefore, if you have accounts with assets to pass on to heirs, be sure to update them regularly. CNBC’s recent article, “Out-of-date beneficiary designations are a common and costly mistake,” says that naming beneficiaries... Continue reading
Posted 5 days ago at King & Wood, P.A.
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“You may be able to postpone taking your first required distribution from an IRA until the following year. However, that can trigger a bigger tax bill.” Kiplinger’s article, “When to Take Your First Required Minimum Distribution From an IRA,” explains that when you must take your Required Minimum Distribution (RMD),... Continue reading
Posted May 18, 2018 at King & Wood, P.A.
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“Guardians can be paid court-determined fees for their efforts.” Did you know that a person who serves as a court-appointed guardian of both person and property, is eligible to be paid for their efforts? nj.com published an article recently that asks “Can a court-appointed guardian get paid?” The answer: yes.... Continue reading
Posted May 17, 2018 at King & Wood, P.A.
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“For some, it means liberation. For others, loss. For women in particular, the doubling of the divorce rate for the 50-plus crowd since the 1990s can mean something far more prosaic: a need to shoulder the big financial decisions they’d let their spouses deal with, when they were married.” Bloomberg’s... Continue reading
Posted May 16, 2018 at King & Wood, P.A.
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“Changes in the tax reform law can provide entirely new strategies for planning for all levels of education.” Think Advisor’s recent article, “Investing in 529, ABLE Plans? Better Check Tax Law Changes,” says that the tax reform passed at the end of 2017 made important changes to educational 529 and... Continue reading
Posted May 15, 2018 at King & Wood, P.A.
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“State Rep. Mark Gillen sponsored the measure. It would also prevent those with felony convictions from serving as guardians.” A Pennsylvania lawmaker has introduced a bill that would require background checks on those selected for appointment as guardians for the incapacitated. The Reading Eagle reports in a recent article, “Bill... Continue reading
Posted May 11, 2018 at King & Wood, P.A.
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“Even with the estate tax exemption at $11.2 million per person, business owners and wealthy families need to head off drama.” The biggest hurdle to seeing a windfall from your rich grandfather isn't the possible 40% estate tax. It's your own relatives, according to CNBC in the recent article, “Say... Continue reading
Posted May 11, 2018 at King & Wood, P.A.
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“A Hays woman poised to collect half of her late boss’ $20 million estate, if an addendum to a will she claimed to have found had been deemed valid, has lost at the Kansas Court of Appeals.” The Kansas Court of Appeals recently upheld a 2016 ruling by Senior Judge... Continue reading
Posted May 10, 2018 at King & Wood, P.A.
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“A woman, whose lover stole nearly $1 million from the Lake Norman estate of the woman’s late husband, received no jail time after pleading guilty to felony embezzlement on Tuesday.” A North Carolina judge sentenced 41-year-old Charlinette Detmers to four years’ probation and ordered her to pay $30,000 in restitution.... Continue reading
Posted May 9, 2018 at King & Wood, P.A.
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“With a new lawsuit, the Harper Lee estate is effectively saying that it has no faith in her novel to withstand the slings and arrows of someone else’s interpretation.” In spring 1957, an unknown young woman from Monroeville, Alabama, finished the first draft of a novel that was based in... Continue reading
Posted May 8, 2018 at King & Wood, P.A.
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“Frasier star John Mahoney, who died in hospice at 77 last month, has reportedly left behind an estate worth more than $5 million.” John Mahoney, one of the stars of the Cheers spin-off Frasier, died in hospice at 77 last month. The highly honored actor reportedly left behind an estate... Continue reading
Posted May 7, 2018 at King & Wood, P.A.
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“Wyoming does not recognize an exception to enforceability of no-contest clauses, where a will contest is made in good faith.” The Supreme Court of Wyoming recently reviewed a trust case involving an in terrorem clause or no-contest clause. It’s a term in a legal document that’s designed to threaten someone,... Continue reading
Posted Apr 27, 2018 at King & Wood, P.A.
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“Butler County Prosecutor Mike Gmoser is warning scammers who prey on the elderly that they will be caught, and they will be imprisoned.” The Journal-News reports in the article, “105-year-old woman trying to help grandson gets scammed out of $4,800,” that Butler County Prosecutor Mike Gmoser remarked that “When you... Continue reading
Posted Apr 26, 2018 at King & Wood, P.A.
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Medicare and most health insurance don't cover hearing aids, but alternatives, including some over-the-counter devices, can be less expensive. Kiplinger’s recent article, “Medicare Doesn't Cover Hearing Aids but Retirees Have Options,” reminds us that hearing loss is so gradual, that you don't really recognize it until your hearing is impaired... Continue reading
Posted Apr 25, 2018 at King & Wood, P.A.
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“Paperwork, including a living will and health care power of attorney, can convey your treatment preferences, if you are ever unable to make medical decisions for yourself.” While you may believe you’ve covered your bases by completing an advance directive detailing your preferences for end-of-life care, that may not be... Continue reading
Posted Apr 24, 2018 at King & Wood, P.A.
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“You should listen, do your homework, and remember whose money it is.” A 2016 Fidelity study found that 38% of parents say they don't talk to their adult children about retiring, because the conversation never comes up. Motley Fool says in its recent article, “3 Tips for Talking to Your... Continue reading
Posted Apr 23, 2018 at King & Wood, P.A.
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“The recently passed “Tax Cuts and Jobs Act” (TCJA) contains a major change to the Federal estate tax laws – the doubling of the individual estate gift and GST tax exemptions to approximately $11.2 million (double this for couples).” The new tax law will greatly decreases the number of people... Continue reading
Posted Apr 20, 2018 at King & Wood, P.A.
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“Appellees answered Appellant's petition by asserting that his claims had no legal or factual basis because the acts that he alleged, occurred prior to the execution of the family settlement agreement.” Judge John M. Bailey of the Court of Appeals of Texas recently wrote the opinion in the Court’s decision... Continue reading
Posted Apr 19, 2018 at King & Wood, P.A.
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“The best approach to dealing with long-distance caregiving is to educate yourself and your family to prepare ahead of time.” It’s not uncommon for families and friends to be separated by many miles and even many time zones. Even so, at some point in their lives, parents, grandparents or a... Continue reading
Posted Apr 18, 2018 at King & Wood, P.A.
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“The inheritance tax is determined by the relationship between the deceased and the beneficiary…” Let’s say that you and your spouse both have life insurance policies of $500,000 on each other and have no children. Each spouse is named as the primary beneficiary on the other's policies, and the contingent... Continue reading
Posted Apr 17, 2018 at King & Wood, P.A.
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“Everyone needs a will, but, increasingly, estate planners say people could benefit from setting up a trust, while they are alive.” Creating a trust can help assure that assets are distributed more quickly, bills are paid promptly and continuously and personal information about property and other assets remains private. The... Continue reading
Posted Apr 16, 2018 at King & Wood, P.A.