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Paul O. Dillon Attorney at Law
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What Is Family Business Succession Planning?
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“Studies have shown that the number of family businesses owned by second generations and third generations dramatically decline for a number of reasons. One large reason is the lack of business succession planning for the family business.” Continue reading
Posted Apr 17, 2021 at Paul O. Dillon, Attorney at Law
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Just What Does an Executor Do?
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“In addition to deciding who gets what when you die, you have key roles to fill that deserve thoughtful deliberation as part of the estate-planning process, experts say.” Continue reading
Posted Apr 17, 2021 at Paul O. Dillon, Attorney at Law
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Can a Charity Be a Beneficiary of an Estate?
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“Ever since a group of philanthropists created the Giving Pledge in 2010, taxpayers have expressed greater interest in potential estate planning strategies that would allow them to leave a significant portion of their assets to charity upon their death.” Continue reading
Posted Apr 16, 2021 at Paul O. Dillon, Attorney at Law
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The Stretch IRA Is Diminished but Not Completely Gone
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“In the pre-SECURE Act universe, there were designated beneficiaries. These beneficiaries could be individuals (sometimes called named beneficiaries), institutions, such as charities, or estates.” Continue reading
Posted Apr 16, 2021 at Paul O. Dillon, Attorney at Law
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What are the Stages of Probate?
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“Although most assets in your estate may pass through the probate process, other assets may not. It often depends on the type of asset or how an asset is titled.” Continue reading
Posted Apr 16, 2021 at Paul O. Dillon, Attorney at Law
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What Paperwork Is Needed after Someone Dies?
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“While the tasks of dealing with an estate after someone passes may be simple administration, the work associated with it is often quite complicated.” Continue reading
Posted Apr 16, 2021 at Paul O. Dillon, Attorney at Law
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How Do Special Needs Trusts Work?
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“Just as you have trust in a relationship, trusting your document and those with responsibilities in the trust are crucial to obtaining your objectives.” Continue reading
Posted Apr 15, 2021 at Paul O. Dillon, Attorney at Law
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Can I Revoke a Power of Attorney?
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“You don’t actually appoint someone power of attorney (POA). A POA is a document that you execute that allows someone to act on your behalf.” Continue reading
Posted Apr 15, 2021 at Paul O. Dillon, Attorney at Law
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What Qualifies as a Qualified Charitable Distribution?
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“Qualified Charitable Distributions, which allow Individual Retirement Account holders in their 70s and older to divert some of their federally taxable required distributions to charity while reducing their federally taxable income, are back after a 2020 hiatus.” Continue reading
Posted Apr 15, 2021 at Paul O. Dillon, Attorney at Law
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Estate Planning Lessons from Celebrity Nightmares
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“The press has made much of the handwritten will that Larry King executed in the months before he died and in which he purports to change his prior will executed in 2015, to leave his estate equally between his children.” Continue reading
Posted Apr 15, 2021 at Paul O. Dillon, Attorney at Law
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Trusts can Work for ‘Regular’ People
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“When you hear the word trust fund, you might think of the uber-wealthy giving their kids a big chunk of cash on their 25th birthday. However, trust funds aren’t just for the rich.” Continue reading
Posted Apr 15, 2021 at Paul O. Dillon, Attorney at Law
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Roth IRA has a 5-Year Rule
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“Established in 1997, the Roth individual retirement account has long been a favored option for retirement savings, due to its promise of tax-free withdrawals in retirement.” Continue reading
Posted Apr 15, 2021 at Paul O. Dillon, Attorney at Law
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How Does Home Ownership Transfer after a Parent Dies?
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“My father passed away recently. How do we remove his name from the title to the home? Can we record a death certificate or have mom sign a new deed?” Continue reading
Posted Apr 15, 2021 at Paul O. Dillon, Attorney at Law
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Pay Raise can Have an Impact on Retirement Savings
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“Highly compensated employees are those making more than $130,000 a year or who own—along with a spouse or other family member—more than 5% of the company they work for. If you qualify as an HCE under either of those criteria, your maximum contribution limits to a tax-deferred retirement plan are tied to the participation rates of other employees in the company.” Continue reading
Posted Apr 15, 2021 at Paul O. Dillon, Attorney at Law
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What’s Happening to the Estate Tax?
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“Under current rules, the federal estate tax won’t ever affect you, unless you’re quite wealthy. However, that could change rapidly, even if you are far from rich.” Continue reading
Posted Apr 15, 2021 at Paul O. Dillon, Attorney at Law
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Aretha Franklin’s Estate and IRS Resolve Tax Debt
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“When Aretha Franklin died in 2018, a powerful creditor came calling: The Internal Revenue Service.” Continue reading
Posted Mar 26, 2021 at Paul O. Dillon, Attorney at Law
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Is it Better to Have a Living Will or a Living Trust?
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“Whether you need a living will vs. living trust as part of your estate plan depends on your overall financial situation and goals. However, it’s helpful to consider the advantages of including one or both in your planning efforts.” Continue reading
Posted Mar 25, 2021 at Paul O. Dillon, Attorney at Law
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How to Maximize Social Security Benefits
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“Sophisticated analyses take into account the tradeoff of receiving no income during the deferral period and more income later in retirement.” Continue reading
Posted Mar 24, 2021 at Paul O. Dillon, Attorney at Law
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Tax Planning Strategies for 2021
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“Although uncertainty surrounding the likelihood of tax reform continues for the moment, there are still several wealth transfer strategies that can be considered by those wanting to make gifts.” Continue reading
Posted Mar 23, 2021 at Paul O. Dillon, Attorney at Law
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Preparing for an Estate Planning Meeting
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“While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use of time with your attorney.” Continue reading
Posted Mar 22, 2021 at Paul O. Dillon, Attorney at Law
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How to Avoid Medicaid Estate Recovery
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“If you’re helping an aging parent navigate Medicaid because they don’t have long-term care insurance or you think you’ll need it yourself someday, it’s important to understand how the program works.” Continue reading
Posted Mar 19, 2021 at Paul O. Dillon, Attorney at Law
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Should Inherited Money Be Equally Split Between Family Members
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“When you’re planning to divide your estate unequally, explain the reasons to your heirs, and remember: They might be hurt anyway.” Continue reading
Posted Mar 18, 2021 at Paul O. Dillon, Attorney at Law
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Britney Spears’ Conservatorship Battle Continues
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“The legal controversy surrounding Britney Spears is no secret. Her father has controlled her career and finances since 2008, a position she's been fighting against for years.” Continue reading
Posted Mar 17, 2021 at Paul O. Dillon, Attorney at Law
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What Is a SLAT in Estate Planning?
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“If you have been thinking about making large gifts to take advantage of the current $11,700,000 lifetime federal estate tax exemption, you have probably been contemplating a spousal lifetime access trust, commonly known as a SLAT.” Continue reading
Posted Mar 17, 2021 at Paul O. Dillon, Attorney at Law
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How Do I Talk to the Children about My Estate Planning?
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“Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the next couple of decades.” Continue reading
Posted Mar 17, 2021 at Paul O. Dillon, Attorney at Law
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