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Klitzman Law Group, PLLC
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“State-by-state differences in matters around taxes, inheritance, marital property and more make a thorough review imperative.” In the excitement of a move from one state to another, people often forget that their estate plan may no longer be valid. That is because each state has its own laws about estate... Continue reading
Posted 2 days ago at Klitzman Law Group, PLLC
“Everything each spouse earns during their marriage is community property. Fortunately, a gift or inheritance is separate property. However, that’s only half the battle.” Families with concerns about the durability of a child’s marriage are right to be concerned about protecting their children’s assets. For one family, where a mother... Continue reading
Posted 3 days ago at Klitzman Law Group, PLLC
“Choosing when to file for benefits is a critical decision that will affect your monthly retirement income for the rest of your life.” When it comes to planning for retirement finances, one of the most important decisions concerns when to claim Social Security benefits. There’s no one-size-fits-all answer to the... Continue reading
Posted 4 days ago at Klitzman Law Group, PLLC
While direct giving has an immediate impact, some individuals may be considering charitable planning strategies that will have a larger and longer-lasting impact not only on charities, but on their own lives or that of their families. A charitable trust can provide an alternative to meeting your wishes for charities... Continue reading
Posted 5 days ago at Klitzman Law Group, PLLC
“A majority of retirees—53%—have a last will and testament. However, most lack six other crucial legal documents.” You might think that the coronavirus pandemic has caused everyone to get their estate planning documents in order, but the 20th annual Transamerica Retirement Survey of Retirees found that 30% of all retirees... Continue reading
Posted Jan 15, 2021 at Klitzman Law Group, PLLC
“A majority of retirees—53%—have a last will and testament. However, most lack six other crucial legal documents.” You might think that the coronavirus pandemic has caused everyone to get their estate planning documents in order, but the 20th annual Transamerica Retirement Survey of Retirees found that 30% of all retirees... Continue reading
Posted Jan 15, 2021 at Klitzman Law Group, PLLC
“Many people plan their estates diligently, with input from legal, tax and financial professionals. Others plan earnestly but make mistakes that can potentially affect both the transfer and destiny of family wealth.” Estate planning for any sized estate is an important responsibility to loved ones. Done correctly, it can help... Continue reading
Posted Jan 14, 2021 at Klitzman Law Group, PLLC
“No matter how solid the relationships might be, it is important for parents to be aware how blended families can create unique estate planning issues.” If two adult children in a blended family receive a lot more financial help from their parent and stepparents than other children, there may be... Continue reading
Posted Jan 13, 2021 at Klitzman Law Group, PLLC
“An applicable multi-beneficiary trust can solve some--but not all--of the challenges that the new act presents.” The SECURE Act eliminated the life expectancy payout for inherited IRAs for most people, but it also preserved the life expectancy option for five classes of eligible beneficiaries, referred to as “EDBs” in a... Continue reading
Posted Jan 12, 2021 at Klitzman Law Group, PLLC
“A last will and testament are the foundation of an estate plan, which lets you plan for your estate after you’re gone. However, there are certain things that you might not want to put in your will.” A last will and testament is a straightforward estate planning tool, used to... Continue reading
Posted Jan 11, 2021 at Klitzman Law Group, PLLC
“When something is tailored to one’s needs, everything can go smoother.” Just as a custom-tailored suit fits better than one off the rack, a custom-tailored estate plan works better for families. Making sure assets pass to the right person is more likely to occur when documents are created just for... Continue reading
Posted Jan 8, 2021 at Klitzman Law Group, PLLC
“Low interest rates and looming potential tax changes make this a good time for high-net-worth clients to use a special tool to transfer wealth: the grantor-retained annuity trust (GRAT), a strategy to reduce future estate taxes, by transferring assets to beneficiaries without using the lifetime gift tax exclusion.” A Grantor-Retained... Continue reading
Posted Dec 24, 2020 at Klitzman Law Group, PLLC
“My colleague’s father recently got infected with the coronavirus and had to be rushed to the hospital. The move was abrupt and hectic, and left no time for any deep conversation with his wife and family as he was being taken out to the ambulance.” Scenes like this have taken... Continue reading
Posted Dec 23, 2020 at Klitzman Law Group, PLLC
“In a nutshell, an estate plan encompasses the accumulation, conservation and distribution of an estate. Done well, it will enhance and maintain the financial security of the next generation.” Having a well-prepared estate plan means that you have a plan in place to distribute your home, assets and possessions. However,... Continue reading
Posted Dec 22, 2020 at Klitzman Law Group, PLLC
“The pandemic is isolating many elderly Americans—as family members distance themselves, in an effort to keep everyone safe.” The same isolation that is keeping seniors safe during the pandemic is also making them easier targets for scammers, reports WKYC in a news report “Northeast Ohio family warns of elder financial... Continue reading
Posted Dec 21, 2020 at Klitzman Law Group, PLLC
“If you get bogged down with a high balance that you can’t easily afford to pay off, it can take years to get out of debt. However, what happens to your credit card debt, if you die before you’ve repaid it?” Credit card debt worries create sleepless nights for many.... Continue reading
Posted Dec 21, 2020 at Klitzman Law Group, PLLC
“It is critical that parents and grandparents give careful thought to any gift of money or bequest in an estate plan, when the recipient has special needs.” Parents and grandparents do all they can to help their children and grandchildren lead their best lives, and that often extends to the... Continue reading
Posted Dec 17, 2020 at Klitzman Law Group, PLLC
“In situations where both spouses want the surviving spouse to inherit all the assets, which is often the case, a joint trust can be far less complicated to set up and maintain than separate trusts, with less headaches for the surviving spouse.” The decision about separate or joint trusts is... Continue reading
Posted Dec 16, 2020 at Klitzman Law Group, PLLC
“A common misconception is that you do not have to probate a will when your spouse dies.” Probate, also called “estate administration,” is the management and final settlement of a deceased person’s estate. It is conducted by an executor, also known as a personal representative, who is nominated in the... Continue reading
Posted Dec 15, 2020 at Klitzman Law Group, PLLC
“The steady drone of coronavirus news these past nine months has spurred countless older Americans to face a long-procrastinated task: writing—or rewriting—their wills.” While many people have had their wills updated or created in response to the pandemic, millions of Americans have yet to do so, reports the article “How... Continue reading
Posted Dec 14, 2020 at Klitzman Law Group, PLLC
“Many investors took advantage of the pandemic-induced market decline this spring to do big Roth conversions and pay less tax on reduced asset values.” People with large tax-deferred accounts they intend to leave to their children can eliminate a tax burden on their heirs, by converting the tax-deferred money over... Continue reading
Posted Dec 11, 2020 at Klitzman Law Group, PLLC
“There’s much to plan for in life—college, your wedding, your first child, life insurance—and with more than enough to keep you busy, it’s easy to forget about your will.” Even during a pandemic, few people want to spend time thinking about death. However, having an estate plan means having some... Continue reading
Posted Dec 10, 2020 at Klitzman Law Group, PLLC
“Death and taxes may be certainties of life, but how much tax your family pays upon your death is still within your control to a certain degree.” Irrevocable Life Insurance Trusts, or “ILITs” are life insurance policies owned by irrevocable trusts used to manage taxes on estates. There are complexities... Continue reading
Posted Dec 9, 2020 at Klitzman Law Group, PLLC
“Many people work hard to acquire real estate and then later find that that real estate makes them ineligible for Medicaid to help pay for nursing home or in-home, long-term care.” The challenges begin when homeowners don’t do any Medicaid planning and decide the best answer is simply to gift... Continue reading
Posted Dec 8, 2020 at Klitzman Law Group, PLLC
“We currently have the highest estate tax exemption and the lowest intra-family interest rates in history. That combination alone is significant, but when mixed with the potential for lower estate and gift tax exemptions and depressed business valuations, you have a potent catalyst for transitioning ownership.” Anyone with a taxable... Continue reading
Posted Dec 7, 2020 at Klitzman Law Group, PLLC