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schlagellongllc
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“There were only approximately 1,900 taxable estates in the U.S. in 2018, which is less than 0.1 percent of people who died that year.” The federal estate tax has been a small but steady source of federal revenue for nearly 100 years. The tax was first imposed on wealthy families... Continue reading
Posted 2 days ago at Johnson County Estate Planning
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“The most common misconception estate planning attorneys hear, is that someone doesn’t need an estate plan because their client isn’t elderly or on death’s door.” Estate planning is something anyone who is 18 years old or older needs to think about, advises the article “Estate planning for every stage of... Continue reading
Posted 3 days ago at Johnson County Estate Planning
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“During the estate planning process, these beneficiary designations are reviewed to ensure that the beneficiaries are correct, and that the distribution of these assets conforms with the client’s intended estate plan.” Naming a beneficiary on a non-retirement account can result in an unintended consequence—it can even topple an entire estate... Continue reading
Posted 4 days ago at Johnson County Estate Planning
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“Assuming you have income in retirement, you will be subject to at least some income taxes in your golden years.” Once you are retired, the only tax you won’t have to pay will be—can you guess? Yes, payroll taxes. However, there are plenty of other taxes to be paid, advises... Continue reading
Posted 5 days ago at Johnson County Estate Planning
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“With all the media buzz about guardians stealing money from those whom they are meant to protect and overall financial abuse issues involving seniors, it’s a good moment to revisit how surrogate decision-making works.” Protecting yourself or a loved one can take many different forms, since aging takes a toll... Continue reading
Posted 6 days ago at Johnson County Estate Planning
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“Probate can be a long, arduous, and costly process—especially in states that aren’t considered probate-friendly. Enter a workaround that is being used by an increasing number of people: revocable living trusts.” A will lets you determine how your property will be distributed when you die, and a revocable living trust... Continue reading
Posted Mar 27, 2020 at Johnson County Estate Planning
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“Failing to ensure that your asset titling and beneficiary designations are coordinated with your estate plan, can lead to unintended costs, taxes and outcomes.” One of the most common mistakes people make about their estate planning is neglecting to coordinate all of the moving parts, reports the Dayton Business Journal’s... Continue reading
Posted Mar 26, 2020 at Johnson County Estate Planning
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“ABLE accounts can be powerful financial tools for those living with a disability. Here's how they work.” It took nearly a decade of lobbying, but in 2014, Congress passed the Achieving a Better Life Experience Act. The law, referred to as ABLE, lets people with disabilities open a tax-advantaged account,... Continue reading
Posted Mar 25, 2020 at Johnson County Estate Planning
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“Research shows that moving 401(k)s to after-tax contributions would boost tax returns in the short term, but leave retirees worse off.” Overhauling the retirement savings system is the subject of considerable talk in Washington these days, with the focus on how to give an immediate boost to government tax revenues.... Continue reading
Posted Mar 24, 2020 at Johnson County Estate Planning
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“For obvious reasons, including control, privacy, asset protection, etc., many clients are interested in putting assets into a trust. For many retirees, their IRA is among their biggest assets. It’s only natural to want to put the IRA into a trust.” An IRA may not be placed into a trust... Continue reading
Posted Mar 23, 2020 at Johnson County Estate Planning
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“Planning for changes to the estate tax and the valuation discount for small businesses can be challenging. Here’s how to take advantage of them now.” Trying to anticipate changes in the tax codes is like trying to time the stock market—a nearly impossible task. Most tax pundits guessed right, when... Continue reading
Posted Mar 20, 2020 at Johnson County Estate Planning
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“Under the new law, not only must all of the tax on IRAs and plans benefits be paid much earlier than it was before, but the rate will likely be much higher too, since that income will be bundled into the recipients’ peak earning years.” The demise of the stretch... Continue reading
Posted Mar 19, 2020 at Johnson County Estate Planning
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“One Justice from the Florida Supreme Court commented that the expensive litigation far outweighed any savings resulting from the pre-printed form.” Here’s a real world example of why what seems like a good idea backfires, as reported in The National Law Review’s article “Unintended Consequences of a Do-It-Yourself Estate Plan.”... Continue reading
Posted Mar 18, 2020 at Johnson County Estate Planning
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“A suspicious email, a strange phone call from an unknown number, an overzealous financial adviser, a close family member: what’s the connection between all these people and things? It's financial elder abuse.” Financial elder abuse is defined as the “fraudulent or otherwise illegal, unauthorized or improper act or process of... Continue reading
Posted Mar 16, 2020 at Johnson County Estate Planning
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“Rising divorce rates among Americans over the age of 50 are causing more conflict in estate planning, new data shows.” Add “gray divorce” to the factors leading to strife in estate planning. Minimizing discord among beneficiaries is one of the top three reasons people decide to have estate plans created,... Continue reading
Posted Mar 13, 2020 at Johnson County Estate Planning
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“A strong long-term care plan spells out where you would like to live, how you plan to get around, and who will oversee your financial and health decisions when you’re incapacitated.” Starting to plan for elder care should happen when you are in your 50s or 60s. By the time... Continue reading
Posted Mar 10, 2020 at Johnson County Estate Planning
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“Nobody likes to think about dying. However, it happens whether we prepare for it or not. If you don’t do some advance planning, it can cause even more longer lasting pain and grief, not to mention money and strained relations for your loved ones.” Many people don’t think of themselves... Continue reading
Posted Mar 10, 2020 at Johnson County Estate Planning
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“The typical explanation given for retaining original wills at the lawyer’s office is that clients might lose them, or executors may be unable to find them at the appropriate time.” An estate planning attorney has 500 wills with no owners. Most came into his office through several law firm acquisitions.... Continue reading
Posted Mar 9, 2020 at Johnson County Estate Planning
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“Have you resolved to get your estate planning done at last or perhaps updated? Good for you. Here’s what you’ll need to do, and, just as importantly, what you don’t need to do.” The death of basketball legend Kobe Bryant, his daughter and seven others reminded us that we never... Continue reading
Posted Mar 9, 2020 at Johnson County Estate Planning
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“Regardless of whether the law makes sense to us, we are all required to abide by it.” There are many misconceptions about the law in general and about estate planning in particular. There are also many opportunities to use the law to protect those we love, when it comes to... Continue reading
Posted Mar 9, 2020 at Johnson County Estate Planning
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“Federal law, under the Equal Credit Opportunity Act, forbids discrimination in the mortgage market on the basis of age. Nonetheless, loan officers say older borrowers often don’t realize they can get loans with terms that will expire on their 110th, 120th or nearly 130th birthdays.” A senior loan officer with... Continue reading
Posted Feb 28, 2020 at Johnson County Estate Planning
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“While many retirees have considered purchasing a vacation home to escape cold winters, to rent out for income, or simply have a gathering place for far-flung family members, there are a number of financial matters to consider that could make ownership onerous.” It sounds like a great idea. After all,... Continue reading
Posted Feb 27, 2020 at Johnson County Estate Planning
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“Social Security provides a guaranteed source of income in retirement, but what many don't realize is that you're not guaranteed to keep it all.” Coordinating income in retirement takes a bit more thought than just collecting a paycheck. Take too much from Peter, you’ll end up paying Paul. Some retirees... Continue reading
Posted Feb 26, 2020 at Johnson County Estate Planning
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“The kiddie tax was created long ago to prevent wealthy parents from cutting their taxes by transferring a large amount of investments to their dependent children, who would be taxed at a lower rate.” Families were hurt by a change in the kiddie tax that took effect after 2017, but... Continue reading
Posted Feb 25, 2020 at Johnson County Estate Planning
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“The number of unmarried couples who live together reached 18 million in 2016, a 29% jump from 14 million in 2007. Among adults age 50 and older, the increase was 75%: About four million were cohabiting in 2016, up from 2.3 million in 2007.” For some couples, getting married just... Continue reading
Posted Feb 24, 2020 at Johnson County Estate Planning