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Klitzman Law Group, PLLC
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Estate Planning for a Second Marriage and Blended Family
“Second (or third or fourth) marriages often require careful balancing between the needs of the surviving spouse and the needs of the children from a previous marriage.” It takes a certain kind of courage to embark on second, third or even fourth marriages, even when there are no children from... Continue reading
Posted 2 days ago at Klitzman Law Group, PLLC
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Can You Distribute Unequal Amounts in an Estate Plan?
“For most of us, considering the distribution of the property we have accumulated over our lives is a painful reminder of our mortality.” Overcoming an emotional response to the necessary task becomes complicated, when we want to leave uneven distributions of our property to loved ones, including children and spouses.... Continue reading
Posted Oct 8, 2020 at Klitzman Law Group, PLLC
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Should You Include a Letter of Instruction with Your Estate Plan?
“LOIs may also include whatever you think may help the people you leave behind or who would take over if you are not capable.” A letter of instruction, or LOI, is a good addition to the documents included in your estate plan. It’s commonly used to express advice, wishes and... Continue reading
Posted Oct 7, 2020 at Klitzman Law Group, PLLC
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The Simple Math Behind Social Security Benefits
“Should I start collecting Social Security retirement benefits as early as possible, or hold off for longer in exchange for plus-size payments?” How much time you need to figure out the best time to take Social Security benefits can be as much of a puzzle as figuring out the actual... Continue reading
Posted Oct 6, 2020 at Klitzman Law Group, PLLC
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How to Choose a Trustee
“Only you know the strengths and weaknesses of your family members, putting you in the best position to decide if your spouse or your child can appreciate a trustee’s responsibilities.” To protect all that you have worked for and take care of the most important people in your life, you... Continue reading
Posted Oct 5, 2020 at Klitzman Law Group, PLLC
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What Needs to Happen after a Spouse Dies?
“The list of things you need to do after someone dies can seem endless, especially during a time when you are also grieving.” Making funeral arrangements, paying medical bills and closing down accounts are just the start of the tasks that a surviving spouse must take charge of, advises the... Continue reading
Posted Sep 24, 2020 at Klitzman Law Group, PLLC
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Searching for Lower Taxes? Check State Laws
“Some states are great to live in, but not so great to die in.” If you are among the many Americans making a move because of economics, a recent article from MarketWatch titled “Thinking about moving to a state with lower taxes? These are the mistake to avoid” has the... Continue reading
Posted Sep 23, 2020 at Klitzman Law Group, PLLC
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Estate Planning for Asset Distribution
“The distribution of some of our assets can be governed by contracts. Examples of these contracts include life insurance, investment accounts, bank accounts and trusts.” Without proper planning, your will determines who inherits your property—everything from your home, car, bank accounts and personal possessions. Your spouse may not necessarily be... Continue reading
Posted Sep 22, 2020 at Klitzman Law Group, PLLC
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Social Security Benefits: Timing Is Everything
“Deciding when to start receiving Social Security retirement benefits is an important decision. Making the wrong choice could cost you.” Not knowing when you will be eligible to receive all of the benefits earned through your work history can hurt a retirement plan, says a recent article from CNBC.com titled... Continue reading
Posted Sep 21, 2020 at Klitzman Law Group, PLLC
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Estate Planning Needs for Every Stage
“Although there is often a progression of complexity in estate planning, this progression generally follows stages in life rather than specific ages.” Many people decide they need an estate plan when they reach a certain age, but when an estate plan is needed is less about age than it is... Continue reading
Posted Sep 18, 2020 at Klitzman Law Group, PLLC
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Planning for Nursing Home Expenses
“A revocable trust is great for many reasons, but it does NOT protect assets from nursing home expenses.” The question raised in the article “Fact or Fiction: I Can Protect My Assets from a Nursing Home with a Revocable Trust” from New Hampshire Business Review is frequency asked, and the... Continue reading
Posted Sep 17, 2020 at Klitzman Law Group, PLLC
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What Happens when an Autistic Child Turns 18?
“If you feel that your child will be incapable of making adult decisions on their own behalf, you can pursue a legal guardianship, so that you will retain the rights to make those decisions for them.” For parents of autistic children, the coming of an 18th birthday is the time... Continue reading
Posted Sep 16, 2020 at Klitzman Law Group, PLLC
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Trusts: The Swiss Army Knife of Estate Planning
“We may think of a spoiled heiress to a large fortune, whose parents were savvy enough to prevent her from having full access to her funds. On the other hand, we could imagine a loved one with special needs, whose needs will be provided for with trust-protected money.” Trusts serve... Continue reading
Posted Sep 15, 2020 at Klitzman Law Group, PLLC
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You Need More than a Will for Estate Planning
Regardless of the pandemic, experts say it’s important to plan for when you’re not here—that is, give thought to what would happen to your bank accounts, your home and your belongings, as well as, perhaps, your dependents.” As the coronavirus continues to sweep across through the U.S. and the death... Continue reading
Posted Sep 14, 2020 at Klitzman Law Group, PLLC
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Gifting Can Help Estate Plans and Heirs Reach Goals
“Despite many attempts at repeal over the years, the modern U.S. Estate Tax has been in place since September 8, 1916. Each U.S. citizen and resident alien is entitled to a lifetime exemption from the federal Gift/Estate Tax called the Applicable Exclusion Amount.” The applicable exclusion amount for gift/estate tax... Continue reading
Posted Sep 11, 2020 at Klitzman Law Group, PLLC
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A Four-Decades Long Social Security Scam Finally Ends
“In February, Social Security officials calculated that a woman who was sent monthly checks for decades was 114 years old. The problem? The lifelong New Yorker died more than 40 years ago—and may never have seen a penny of her retirement checks totaling nearly a half-million dollars.” In one of... Continue reading
Posted Sep 10, 2020 at Klitzman Law Group, PLLC
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Estate Planning Basics You Need to Know
“Estate planning can come in a variety of forms, from basic beneficiary designations when you open a bank or brokerage account to more complex and comprehensive plans.” The key reason for estate planning is to create a plan directing where your assets will go after you die. The ultimate goal... Continue reading
Posted Sep 9, 2020 at Klitzman Law Group, PLLC
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Securing Farm or Ranch Needs to Happen Sooner and Not Later
“Develop a successful transition plan that will provide for you, your heirs and your business.” Most American farms or ranches are family businesses, started by one generation with the hope that the business will be transferred to the next generation. However, surveys show that only 20% of farm and ranch... Continue reading
Posted Sep 8, 2020 at Klitzman Law Group, PLLC
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How to Make Beneficiary Designations Better
“Beneficiary mistakes can result in retirement plan assets being transferred to unintended beneficiaries.” Beneficiary designations supersede all other estate planning documents, so getting them right makes an important difference in achieving your estate plan goals. Mistakes with beneficiary designations can undo even the best plan, says a recent article “5... Continue reading
Posted Sep 7, 2020 at Klitzman Law Group, PLLC
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What Is a ‘Caregiver’ Agreement?
“As family members age and require care, the burden of that care often falls on an adult child. For those that leave jobs to care for family members, it can become a financial hardship for the family.” The idea that a family member or trusted friend may be paid to... Continue reading
Posted Sep 4, 2020 at Klitzman Law Group, PLLC
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Different Trusts for Different Estate Planning Purposes
“Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.” There are a few things all trusts have in common, explains the article “All trusts are not alike,” from... Continue reading
Posted Sep 2, 2020 at Klitzman Law Group, PLLC
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How to Be Smart about a Financial Windfall
“Windfalls can result from fortunate events, like lottery winning, and unfortunate events, like a legal settlement. Whatever the triggering event, a big injection of cash can certainly be a life-changing event in someone’s life.” Few would complain about a financial windfall, but many people report feeling feelings of anxiety, guilt... Continue reading
Posted Sep 1, 2020 at Klitzman Law Group, PLLC
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What Happens to Debt when You Die?
“Creditors typically try to collect on unpaid debt, by going after the decedent’s estate during a process called probate.” When a person dies, it’s not unusual for them to leave behind some unpaid debt. What happens to that debt depends upon how their estate was organized, says the article “This... Continue reading
Posted Aug 31, 2020 at Klitzman Law Group, PLLC
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What Is a Qualified Personal Residence Trust (QPRT)?
“When creating an estate plan, one important question to consider is how to handle the transfer of personal property, including your home. A Qualified Personal Residence Trust, or QPRT, is something you may decide to create to minimize gift and estate taxes associated for your heirs.” A Qualified Personal Residence... Continue reading
Posted Aug 28, 2020 at Klitzman Law Group, PLLC
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Two Words Could Undo Your Entire Estate Plan
“’Per stirpes’ vs. ‘per capita.’ Making the wrong choice could cause an estate planning disaster.” No one relishes the idea of planning for their own death, but the alternative of not planning and leaving your family members to sort out an expensive mess is a poor way to be remembered.... Continue reading
Posted Aug 28, 2020 at Klitzman Law Group, PLLC
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