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Klitzman Law Group, PLLC
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Probate: What Is it? How Does it Work?
“In certain instances, particularly when there is no Will, the system ensures that all accounts and property are distributed in accordance with state law.” Many times, the word probate carries a negative connotation and it’s often positioned as something to avoid at all costs. According to a recent article “The... Continue reading
Posted 6 hours ago at Klitzman Law Group, PLLC
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Do Family Secrets Hurt Estate Planning?
“With about $70 trillion in wealth transfers expected over the next 22 years, the conversations clients have with advisors about their inheritance plans show a shocking lack of timeliness and transparency, according to a survey by Cerulli Associates.” A study by the financial services research firm reveals just how big... Continue reading
Posted yesterday at Klitzman Law Group, PLLC
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Beneficiary Battle over Presley Estate Reveals Possible Problems in Estate Planning
“A badly in debt woman dies leaving the proceeds of substantial insurance policies to her children only to have her trust contested by relatives who claim an amendment naming the children as beneficiaries is invalid with no witnesses, misspelled names, suspicious signatures and was never given to previous trustees for... Continue reading
Posted 4 days ago at Klitzman Law Group, PLLC
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What Documents are in an Estate Plan?
“There are frequently asked questions that people have about revocable living trusts, wills, supported decision making agreements (new), powers of attorney and advance health care directives.” Understanding how estate planning documents work is central to creating an estate plan for each individual’s unique situation. An estate planning attorney needs to... Continue reading
Posted 5 days ago at Klitzman Law Group, PLLC
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Does Divorce Have an Impact on Estate Planning?
“When you're in the midst of a divorce, you're probably not thinking about estate planning or your will. However, if you're divorcing, you should think about the impact a divorce can have on an estate plan.” Even the most amicable divorce requires a review and update of your estate plan,... Continue reading
Posted 6 days ago at Klitzman Law Group, PLLC
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What Strategies Minimize Estate Taxes?
“With 2022 bringing very little change to trust and estate law, 2023 remains a prime opportunity to take advantage of the favorable tax landscape.” The gift and estate tax benefits from the Tax Cuts and Jobs Act (TCJA) are still in effect. However, many provisions will sunset at the end... Continue reading
Posted 7 days ago at Klitzman Law Group, PLLC
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How to Pass Crypto to Heirs
"Huge amounts of crypto are lost not just from a lack of legacy provision, but when passwords and private keys are mislaid.” Matthew Mellon was a direct descendent of the founder of the Mellon Bank and inherited $25 million. He invested early in cryptocurrency, against his family’s wishes, as explained... Continue reading
Posted Mar 13, 2023 at Klitzman Law Group, PLLC
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What are RMD Rules for 2023?
“The SECURE 2.0 Act, which was signed into law in December 2022, changes the RMD rules for retirement savers beginning in 2023.” After a certain age, retirement account owners are required to take minimum distributions from traditional IRAs and 401(k)s. The SECURE 2.0 Act has changed the rules, reports the... Continue reading
Posted Mar 10, 2023 at Klitzman Law Group, PLLC
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What Should Seniors Know before Remarrying?
“As the calendar turned to 2023, many of us took a moment to think about resolutions. I want to lose 10 pounds. I want to read things that aren’t just about work. I want to learn how to play pickleball. Or maybe this year I’ll give a relationship another shot.... Continue reading
Posted Mar 9, 2023 at Klitzman Law Group, PLLC
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How Do I Leave Assets for Heirs?
“No family is exactly like another, so here are some considerations to help you decide which distribution strategy best suits your situation, values and goals.” How to distribute assets to beneficiaries isn’t always a simple decision. Not only do you want to consider how best to distribute assets, you also... Continue reading
Posted Mar 8, 2023 at Klitzman Law Group, PLLC
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Can a Power of Attorney Withdraw Money from Bank Account?
“The first step in understanding whether a power of attorney can transfer money to themselves is to understand the different types of power of attorney.” A power of attorney, or POA, is a legal document giving another person the legal authority to make financial and legal decisions on your behalf.... Continue reading
Posted Mar 7, 2023 at Klitzman Law Group, PLLC
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What are the Advantages of Putting Your Home in a Trust?
“If you have a residence you would like to pass onto loved ones after your death, and you’re worried about your home going into probate, you may want to put your home in a property trust.” Property trusts allow you to place your personal residence or any property you own... Continue reading
Posted Mar 6, 2023 at Klitzman Law Group, PLLC
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How Does Estate Planning Work for Caregiving Children?
“A not uncommon estate planning scenario is an elderly parent who lives with an adult child, either at the parent(s)’s home or at the child’s home.” This situation requires considered estate planning to protect the arrangement, both for the parent and child, in the event of the parent’s incapacity and... Continue reading
Posted Mar 2, 2023 at Klitzman Law Group, PLLC
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What are the Components of an Estate Plan?
“It’s essential to think ahead and consider what important legal documents you should include in your estate plan.” Estate planning doesn’t have to be challenging. It’s also one of the most thoughtful steps you can take for the people you care about. Estate planning is the process of who will... Continue reading
Posted Mar 1, 2023 at Klitzman Law Group, PLLC
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Do I Need a Life Insurance Trust?
“Created to own and control a life insurance policy or policies while the insured is alive, Irrevocable Life Insurance Trusts (ILITs) are tools that are sometimes recommended by estate and planners.” Irrevocable Life Insurance Trusts have three components: a grantor, the person who creates a trust, a trustee, the manager... Continue reading
Posted Feb 28, 2023 at Klitzman Law Group, PLLC
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What Is Portability and When Should I Make a Portability Election?
“A common financial mistake married farm couples make occurs when the first spouse dies, and the surviving spouse fails to ‘elect portability.’” Portability is a process in which any unused estate tax exemption can be transferred from the deceased spouse to the surviving spouse, according to a recent article from... Continue reading
Posted Feb 27, 2023 at Klitzman Law Group, PLLC
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What Is an Estate Planning Checkup?
“An appointment with your estate planning attorney can address any holes that have developed and ensure that everything is in place.” The start of the year is the time to review and revisit your estate plan. Just like going to the doctor and dentist for regular exams, it’s basic self-care.... Continue reading
Posted Feb 24, 2023 at Klitzman Law Group, PLLC
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Is There a Limit to Social Security Tax?
Once your earnings exceed a specific amount, you can stop paying into Social Security for the rest of the year.” If you’ve got a high salary, you may not need to pay Social Security tax on all of your earnings, according to the article “What is the Social Security Tax... Continue reading
Posted Feb 23, 2023 at Klitzman Law Group, PLLC
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Presley Estate Battle Heating Up
“Priscilla Presley believes she should be in charge of daughter Lisa Marie Presley's estate. However, a legal document filed seven years ago suggests that wasn't what the singer-songwriter wanted should she die.” Expect a lot of twists and turns as the Lisa Marie Presley estate gets addressed, as detailed in... Continue reading
Posted Feb 22, 2023 at Klitzman Law Group, PLLC
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Estate, Gift, and Generation Skipping Taxes for 2023
“The Internal Revenue Services has announced the inflation-adjusted figures for estate, gift and generation-skipping transfer (‘GST’) tax exemptions for 2023.” The new year brings new inflation-adjusted figures for many estate planning exemptions, as reported in the article “2023 Estate, Gift and GST Tax Changes” from mondaq. These should be considered... Continue reading
Posted Feb 21, 2023 at Klitzman Law Group, PLLC
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Busting Some Estate Planning Myths
“While thinking about legacy planning can be unpleasant because it involves discussions about incapacity or mortality, it's an important aspect of good financial planning that shouldn't be ignored.” An estate plan consists of four basic documents: a last will, a living trust, a financial power of attorney and a medical... Continue reading
Posted Feb 20, 2023 at Klitzman Law Group, PLLC
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Can a Revocable Trust Protect Assets from Creditors?
“With a revocable trust, you are typically both the founder and the trustee. This means that you both create the trust and manage its assets and operations.” Revocable trusts, sometimes referred to as “living trusts”, do not protect assets from creditors. They are subject to collections actions and lawsuits, and... Continue reading
Posted Feb 17, 2023 at Klitzman Law Group, PLLC
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How Does an ABLE Account Work for a Special Needs Child?
“If you have a child or grandchild with disabilities, one of your biggest worries is what will happen when you are no longer around to provide aid.” For many families, a plan for the future includes an Achieving a Better Life Experience, or ABLE, account to allow those with disabilities... Continue reading
Posted Feb 16, 2023 at Klitzman Law Group, PLLC
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What Is a Beneficiary Defective Inheritor’s Trust?
“A Beneficiary Defective Inheritor’s Trust, also known as a ‘BDIT,’ is a specific type of estate planning trust.” The purpose of a Beneficiary Defective Inheritor’s Trust is to allow an individual with a federal estate tax problem to maintain control of the assets to the maximum extent allowed by law.... Continue reading
Posted Feb 15, 2023 at Klitzman Law Group, PLLC
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What’s the Best Way to Organize Your Estate Plan?
“Does somebody else know where it is in the event of your death or incapacity?” If you already have an estate plan, congratulations. However, do you remember where you put it? Does anyone but you know where it is? According to a recent article from The Press-Enterprise, “2023 check list:... Continue reading
Posted Feb 14, 2023 at Klitzman Law Group, PLLC
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