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Klitzman Law Group, PLLC
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“What is an unsupervised administration and why is it better than other types?” Probate is the legal process where the court approves the will and the executor so the estate may be distributed after a person dies. Probate is a familiar term to many, but supervised or unsupervised administration is... Continue reading
Posted yesterday at Klitzman Law Group, PLLC
“Frequent triggers also include changes in the health of executors and guardians; changes in laws, which may impact tax and legal strategies; and changes in state residence, which can also impact planning.” Some reasons to update your will are more obvious than others, like marriage, divorce, remarriage, births and deaths.... Continue reading
Posted 2 days ago at Klitzman Law Group, PLLC
“These vehicles let a family manage multiple interests, preserve parental control and protect assets from claims of creditors and divorcing spouses, among other benefits.” Family LLCs are used to protect assets, reduce estate taxes and more efficiently shift income to family members, reports the article “Handling Estates Like An LLC... Continue reading
Posted 3 days ago at Klitzman Law Group, PLLC
“Dealing with the loss of a loved one is never easy. When inheritances, homes, estates and mortgages are involved, tensions can run high within a family. It is easy to get lost in the paperwork and terms.” Inheriting a home with a mortgage adds another layer of complexity to settling... Continue reading
Posted 4 days ago at Klitzman Law Group, PLLC
“Roth individual retirement accounts allow you to pay income tax on your retirement savings upfront, so you won't be stuck with a tax bill in retirement when you can least afford to pay it.” Roth IRAs are powerful retirement savings tools. Account owners are allowed to take tax-free distributions in... Continue reading
Posted 7 days ago at Klitzman Law Group, PLLC
“Have you thought about what will happen to your bitcoin when you die? For many of us, the thought has at least crossed our mind.” Few bitcoin owners have seriously considered what will happen to their bitcoin when they die. A recent article titled “The Importance of Having an Estate... Continue reading
Posted May 12, 2022 at Klitzman Law Group, PLLC
“In presentations regarding essential actions individuals should take regarding inheritance, emphasis is usually placed on drafting a will. This leaves unanswered what happens to assets that do not pass by will —so called non-probate assets.” In many families, more assets pass outside the Last Will than through the Last Will.... Continue reading
Posted May 11, 2022 at Klitzman Law Group, PLLC
“Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped... Continue reading
Posted May 10, 2022 at Klitzman Law Group, PLLC
“The federal estate tax exemption and gift exemption is presently $12.06 million. A married couple can transfer $24.12 million to their children or loved ones free of tax with proper planning. The exemption is tied to inflation, so it will continue to rise.” Why should most of us be worried... Continue reading
Posted May 9, 2022 at Klitzman Law Group, PLLC
“When considering whether to contest a decedent’s Last Will and Testament, an individual should consider whether red flags might be present which may point to a successful basis to challenge a disputed Will.” One of the many reasons an experienced estate planning attorney is the best resource for creating an... Continue reading
Posted May 6, 2022 at Klitzman Law Group, PLLC
“Estate planning should always be customized to each individual creating a plan. This is particularly important when planning for beneficiaries with disabilities.” When a family includes a disabled individual, sometimes referred to as a “person with special needs,” estate planning needs to address the complexities, as described in a recent... Continue reading
Posted May 5, 2022 at Klitzman Law Group, PLLC
“Filing a gift tax return is something that might feel a little bit gratuitous—after all, you were gifting something, not accumulating income, so why would the IRS possibly need to be in the loop?” The IRS wants to know how much you’re gifting over the course of your lifetime. This... Continue reading
Posted May 4, 2022 at Klitzman Law Group, PLLC
“One of the most important estate planning documents for all persons over the age of 18 to consider is a durable power of attorney.” The chief reason for a Power of Attorney (POA) is to appoint an agent who can make decisions about business and financial matters if you become... Continue reading
Posted May 3, 2022 at Klitzman Law Group, PLLC
“Unfortunately, death doesn’t just happen to other people. We should all get our affairs in order, so that our loved ones can focus on grieving and moving on once we pass.’ Getting your affairs in order may not be on anyone’s top ten fun list for a weekend. However, once... Continue reading
Posted May 2, 2022 at Klitzman Law Group, PLLC
“Everyone needs a will. However, some people need more than that. To save on taxes and make for a smooth transition, they could really use a revocable trust, a family limited partnership or a gift trust.” Estate plans are like life—over time, it changes, people are added and subtracted and... Continue reading
Posted Apr 29, 2022 at Klitzman Law Group, PLLC
“These vacation homes may also comprise a significant portion of the family’s wealth. Therefore, it’s understandable that homeowners want to pass their properties and family traditions to future generations.” Many family traditions include gatherings at vacation homes. However, leaving these properties to the next generation is not always in the... Continue reading
Posted Apr 21, 2022 at Klitzman Law Group, PLLC
“If you’re putting together an estate plan, you have no doubt heard about the benefits of a living trust.” Avoiding the costs and extensive time needed to settle an estate through probate is one reason people like to use trusts in estate planning. This type of trust allows you to... Continue reading
Posted Apr 20, 2022 at Klitzman Law Group, PLLC
“The Internal Revenue Service (IRS) recently issued much anticipated proposed regulations that clarify and revise some of the required minimum distribution (RMD) rules for qualified plans (i.e., 401ks, 403bs, etc.) and individual retirement accounts (IRAs).” Many of the proposed distribution rules, which will be subject to further action in late... Continue reading
Posted Apr 19, 2022 at Klitzman Law Group, PLLC
“Trust funds are an important estate planning tool. They can protect your assets while you’re alive and help ensure that you leave money to your children or other loved ones after you die.” To maximize the benefits of a trust fund, you’ll need to understand how trusts funds work and... Continue reading
Posted Apr 18, 2022 at Klitzman Law Group, PLLC
“Two years into the pandemic, countless lives have been impacted by COVID 19. Faced with daily reminders of the consequences of this illness, estate planning seems to be on the minds of many.” The federal per person lifetime estate and gift tax exemption is now $12,060,000. This is the highest... Continue reading
Posted Apr 15, 2022 at Klitzman Law Group, PLLC
“A charitable trust can be set up in different ways and have various tax impacts. Two common types are the charitable remainder trust and the charitable lead trust. There are also variations within these categories.” If you have discretionary funds and are philanthropically minded, a charitable trust can serve you... Continue reading
Posted Apr 7, 2022 at Klitzman Law Group, PLLC
“In the wake of the coronavirus pandemic, many older adults are more socially isolated than ever—and thus more vulnerable to being financially victimized.” New best friends and unusual transactions could be signs of elder financial abuse, which extends far beyond the robocalls purporting to be from the Social Security Administration... Continue reading
Posted Apr 6, 2022 at Klitzman Law Group, PLLC
“In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.” How gifts are made could have major impacts on heirs, especially if the... Continue reading
Posted Apr 5, 2022 at Klitzman Law Group, PLLC
“Your last will and testament is one of the most important legal documents that you will ever make. It allows you to direct where you want your property, guardianship and debts to go after you die, and allows you to appoint an executor to act out your wishes.” Despite the... Continue reading
Posted Apr 4, 2022 at Klitzman Law Group, PLLC
“ABLE accounts are a way for people with disabilities to save and spend money, while protecting their access to public benefits.” An ABLE Account (Achieving a Better Life Experience Account) is a tax-advantaged savings account available to individuals diagnosed with disabilities. It lets them save without putting their public benefits... Continue reading
Posted Apr 1, 2022 at Klitzman Law Group, PLLC