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schlagellongllc
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“Federal estate, gift and GST tax exemptions are currently at historic highs ($11.58 million per individual in 2020). These higher exemptions are scheduled to return to $5 million, adjusted for inflation, after December 31, 2025, but they could be reduced before then, as a result of political or policy changes.”... Continue reading
Posted Oct 16, 2020 at Johnson County Estate Planning
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“As a result of illness, old age or incapacity, what may happen when you can no longer handle your own decision-making, handle your own money or make your own health care choices? Who can step in to help and how are they empowered?” For the most part, we are free... Continue reading
Posted Oct 15, 2020 at Johnson County Estate Planning
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“Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.” How would funding a... Continue reading
Posted Oct 14, 2020 at Johnson County Estate Planning
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“Some retirees may be surprised to learn that a portion of their Social Security benefits could be subject to federal income taxes.” Paying taxes when you aren’t working but are instead receiving income from a lifetime of working and Social Security is a harsh reality of retirement for many people.... Continue reading
Posted Oct 13, 2020 at Johnson County Estate Planning
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“These all-too-common misconceptions can steer your estate plans in the wrong direction right from the start. Here’s how to overcome them and tips to build the right plan for your family.” Estate planning should be a business-like process, where people evaluate the assets they have accumulated over time and make... Continue reading
Posted Oct 13, 2020 at Johnson County Estate Planning
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“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 4, 2020 at Johnson County Estate Planning
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“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 Sep 3, 2020 at Johnson County Estate Planning
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“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 2, 2020 at Johnson County Estate Planning
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“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 Sep 1, 2020 at Johnson County Estate Planning
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“’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 31, 2020 at Johnson County Estate Planning
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“During the past four months, more than 141,000 Americans have died of COVID-19. Anecdotal evidence suggests that the pandemic has prompted some people to get serious about creating or updating their estate plans, according to Christine Benz, Morningstar’s director of personal finance.” The importance of having key estate planning documents... Continue reading
Posted Aug 28, 2020 at Johnson County Estate Planning
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“If you think of estate planning as something only ultra-wealthy people need to do, you're not alone. That's a common misconception.” Financial planners know that most people need to have estate plans, no matter how much or even how little money they have, as explained in this recent article “I’m... Continue reading
Posted Aug 27, 2020 at Johnson County Estate Planning
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“One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.” For those who inherit IRAs, the intersection of taxes, estate law and financial planning can be a tricky place. There are many choices, maybe too many, and making the... Continue reading
Posted Aug 26, 2020 at Johnson County Estate Planning
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“If you like the way the laws are today, you need to take advantage of them now, before they are changed tomorrow. In other words, use it or lose it.” The pundits are saying that the if Democrats win the White House and possibly Congress, expect changes to income, gift... Continue reading
Posted Aug 25, 2020 at Johnson County Estate Planning
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“One in four American adults live with a disability, according to the Center for Disease Control. One in 10 adults over the age of 65 has Alzheimer’s or dementia, according to the Alzheimer’s Association.” Planning for incapacity is just as important as planning for death. One is certain, the other... Continue reading
Posted Aug 24, 2020 at Johnson County Estate Planning
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“As you plan how you will leave your estate, it is important to your family’s future that you leave a legacy with well-executed documents. It’s also essential that you understand all of the roles of the people involved in your estate, especially the person or organization who will manage your... Continue reading
Posted Aug 14, 2020 at Johnson County Estate Planning
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“So, you’ve decided that a family member won’t be getting an inheritance, after all. Maybe you have an ungrateful or irresponsible family member you want to cut out of the will.” If there’s someone you believe is more deserving or needs more of your help, that may mean someone else... Continue reading
Posted Aug 13, 2020 at Johnson County Estate Planning
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“The possibility that a power of attorney might be rejected may be one reason not to simply pull a form off the internet and hope it will be accepted.” It is frustrating when a bank or other financial institution declines a Power of Attorney. It might be that the form... Continue reading
Posted Aug 11, 2020 at Johnson County Estate Planning
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“When should you sign up for Social Security? It is a good question. Many seniors grapple with that decision, and understandably so, since the age at which you claim benefits will dictate how much money you will receive each month during retirement.” There’s an unfortunate tendency to focus on how... Continue reading
Posted Aug 10, 2020 at Johnson County Estate Planning
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“Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.” Many people get these two things confused. A recent article, “Appreciating the differences between probate and trust administration,” from Lake County News clarifies the... Continue reading
Posted Aug 7, 2020 at Johnson County Estate Planning
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“Medicare has a series of income limits that trigger increasingly higher payments for retirees. And it’s not just the rich who are affected.” A 70% increase in Medicare premiums to $559 was a complete surprise to a woman who became a single taxpayer when her husband died. She felt like... Continue reading
Posted Aug 6, 2020 at Johnson County Estate Planning
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“Orlando Cepeda wants to know where his money went. He also wants to learn what happened to all of his baseball memorabilia, including his 1967 National League Most Valuable Player Award, and wants to be made whole.” Eighty-two-year-old Giants great Orlando Cepeda filed a lawsuit against his daughter-in-law Camille Cepeda... Continue reading
Posted Aug 5, 2020 at Johnson County Estate Planning
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“By discussing finances with your children early and often, you can set them—and future generations—up for success, when it's time to receive the wealth you've accrued.” Almost three quarters of the wealthiest people in the world—those whose net worth is higher than $30 million—are self-made, according to a Wealth-X report.... Continue reading
Posted Aug 4, 2020 at Johnson County Estate Planning
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“Talking about death makes most of us uncomfortable, so we don't plan for it. That's a big mistake, because if you don't have an end-of-life plan, your state's laws decide who gets everything you own.” Without an end of life plan, a doctor you’ve never even met might decide how... Continue reading
Posted Aug 3, 2020 at Johnson County Estate Planning
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The late 'Siegfried & Roy' star, Roy Horn, named lifelong friend and performance partner, Siegfried Fischbacher as the executor of his multi-million-dollar estate, according to his will filed in Las Vegas courts.” Legal documents revealed that performer Roy Horn’s last will and testament was filed in the Las Vegas courts... Continue reading
Posted Jul 31, 2020 at Johnson County Estate Planning