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Klitzman Law Group, PLLC
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Is a Power of Attorney Really Necessary?
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A document usually included in an estate planning package is a financial power of attorney. What is a financial power of attorney?” Continue reading
Posted Oct 6, 2023 at Klitzman Law Group, PLLC
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A Roth Conversion Can Benefit Retirement Plan
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Under the Secure Act, most Roth IRA beneficiaries must empty the account 10 years after the original owner's death. Unlike with traditional IRAs, however, they need not take distributions in years one through nine. Continue reading
Posted Oct 5, 2023 at Klitzman Law Group, PLLC
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Tasks to Be Done After a Loved One Passes
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Even though the death of a loved one comes with unbearable grief, there are important tasks you must carry out as soon as you’re able. Continue reading
Posted Oct 4, 2023 at Klitzman Law Group, PLLC
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Social Security has a Little Known “Do-Over” Clause
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In order to maximize your Social Security benefit, you first need to understand the four elements that factor into your payout. A little-known Social Security clause can be a silver lining for select baby boomers who regret claiming benefits early. Continue reading
Posted Oct 3, 2023 at Klitzman Law Group, PLLC
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What Is a No-Contest Clause?
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No-contest clauses deter challenges to your estate plan. However, you might want to consider terms that allow for legit challenges related to undue influence. Continue reading
Posted Oct 2, 2023 at Klitzman Law Group, PLLC
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Unmarried? What You Need to Know about Estate Planning
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Unmarried couples don’t receive the same legal protections as married couples when it comes to inheritance and taxes. Continue reading
Posted Sep 29, 2023 at Klitzman Law Group, PLLC
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How can You Make Changes to Estate Plan?
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Wills and trusts are typically changed over time as life circumstances, the state where you reside, or your desired outcomes change. Continue reading
Posted Sep 28, 2023 at Klitzman Law Group, PLLC
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Why are Contingent Beneficiaries Important?
When planning your estate rarely will you experience difficulty naming your initial beneficiary or beneficiaries for your will, IRA’s or life insurance. Continue reading
Posted Sep 27, 2023 at Klitzman Law Group, PLLC
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Everyone Needs an Estate Plan
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Life is unpredictable. At least some uncertainties and concerns can be addressed with a good estate plan that offers a wide range of benefits intended to protect one’s well-being and family’s wealth. Continue reading
Posted Sep 26, 2023 at Klitzman Law Group, PLLC
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How can Families Minimize or Avoid Estate Taxes?
An unprecedented rush to relinquish wealth is underway, and it isn’t just for billionaires. Continue reading
Posted Sep 25, 2023 at Klitzman Law Group, PLLC
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Don’t Fall for These Medicaid and Estate Myths
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Since estate issues, one way or another, affect everyone over time (since death does) and since Medicaid planning has for many years been a topic of popular conversation—and popular misconceptions in the U.S., it is not unusual that both subjects have generated misunderstandings and, in some cases, folklore that has persisted. Continue reading
Posted Sep 22, 2023 at Klitzman Law Group, PLLC
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Wrong Form Leads to a Trust Forfeiting a Large Tax Refund
The moral of this tax tale is that you have to be careful about making sure you file the right tax form to get what you want. Continue reading
Posted Sep 21, 2023 at Klitzman Law Group, PLLC
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What Kind of Medicare Plan Should You Have?
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If you’re thinking about retiring, or are already covered by Medicare, you might be overwhelmed by all the choices out there. Continue reading
Posted Sep 20, 2023 at Klitzman Law Group, PLLC
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Boomers, Beware: Don’t Spend Your Money This Way in Retirement
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Once they retire, many seniors change their spending patterns quite a bit. There’s nothing inherently wrong with this, as long as they remain within their retirement budget. Continue reading
Posted Sep 19, 2023 at Klitzman Law Group, PLLC
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How to Decide on an Executor?
Have you found an executor (also known as a personal representative) to handle your affairs should you become incapacitated or die? Continue reading
Posted Sep 18, 2023 at Klitzman Law Group, PLLC
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Will You Receive a Social Security Award Letter?
There are different types of Social Security benefits available, and the type of letter you get will depend on your application. Continue reading
Posted Sep 15, 2023 at Klitzman Law Group, PLLC
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How to Pay for Hearing Aids
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More than 48 million Americans, including two in three adults over 70, live with hearing loss. Continue reading
Posted Sep 14, 2023 at Klitzman Law Group, PLLC
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What’s the Best Way to Sell an Inherited Estate to an Heir?
We have a situation where both of my in-laws passed away in the last several years. My wife was the daughter and she and her brother are the executors to the last of my in-laws to pass away. Continue reading
Posted Sep 13, 2023 at Klitzman Law Group, PLLC
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Minimize Family Feuds about Your Inheritance
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The distribution of wealth among beneficiaries through your final will and testament is often a complex and sensitive issue, one that can potentially spark conflicts and legal challenges among family members. Continue reading
Posted Sep 12, 2023 at Klitzman Law Group, PLLC
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What Is the Deceased Spousal Unused Exclusion Portability Deadline?
Revenue Procedure 2022-32 (2022-30 IRB 101) became effective on July 8, 2022. This guidance issued by the IRS allows certain taxpayers an extended amount of time (five years) to make a ‘portability election’ regarding estate and gift taxes. Continue reading
Posted Sep 11, 2023 at Klitzman Law Group, PLLC
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Do You Need a Revocable Trust?
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One of the most common misconceptions about a last will and testament is that having a will avoids the need for probate court. Continue reading
Posted Sep 8, 2023 at Klitzman Law Group, PLLC
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When Is a Child Not A Descendant?
Wills and trusts, instead of designating a specific person to inherit, often name a group or class of people such as your ‘children,’ ‘issue’ or your ‘descendants. Continue reading
Posted Sep 7, 2023 at Klitzman Law Group, PLLC
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Who Should Be Your Executor?
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The person you have placed in charge of your estate under a Will is called a ‘Personal Representative’ or ‘Executor/Executrix. Continue reading
Posted Sep 6, 2023 at Klitzman Law Group, PLLC
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How to Pass on Family Heirlooms with Fewer Estate Battles
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There are better—and often more creative—ways to plan and divide that can avoid family squabbles over cars, jewelry, furniture and household items. Continue reading
Posted Sep 5, 2023 at Klitzman Law Group, PLLC
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How Does the IRS Rule on Inherited IRAs Work?
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Before the original SECURE Act, IRA owners who died were able to leave their accounts to their children, grandkids, or other non-spouse individual beneficiaries, and heirs could stretch required minimum distributions (RMDs) over their own lifetimes, thus allowing the funds in the accounts to grow tax-free for decades. Continue reading
Posted Sep 4, 2023 at Klitzman Law Group, PLLC
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