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Rowley Law
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“Be frank about finances before you head to the altar. It’s a key piece of advice for all marriages. However, it takes on a whole new weight when people say “I do” for the second, or third, or fourth time.” If you’re older and remarry, you may have more assets... Continue reading
Posted Mar 29, 2019 at Rowley Law
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“One of the great challenges in financial planning is figuring out how to transfer wealth from one generation to the next in the most tax efficient manner possible.” Tax efficiency means transferring the most assets, while paying the least amount of estate tax. In the past, this meant complex trust... Continue reading
Posted Mar 28, 2019 at Rowley Law
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“If a person doesn't want to create an estate plan, you can't force them.” Here’s a common situation that’s faced by adult children: Dad is in his 90s and has informed his four sons that they’ll receive an inheritance of roughly $250,000 each. Dad was a blue-collar worker who saved... Continue reading
Posted Mar 27, 2019 at Rowley Law
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“There's no limit on the number of IRAs you can have. However, there are limits on how much you can contribute in a single year.” There’s no limit on the number of IRAs you can have. You can also own multiple types of IRAs, like a traditional, a Roth, a... Continue reading
Posted Mar 26, 2019 at Rowley Law
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“A woman accused of conspiring to scam her special needs son out of his trust fund, has turned herself in to police, according to the Gwinnett County Police Department.” A Georgia woman surrendered to the Gwinnett County Detention Center recently and remains behind bars without bond on charges of perjury,... Continue reading
Posted Mar 26, 2019 at Rowley Law
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“The question becomes, should they name a trust rather than an individual as a beneficiary of the IRA?” There are many pros and cons to naming a trust, rather than an individual as a beneficiary of the IRA. However, there are many complex rules. You need to get it right,... Continue reading
Posted Mar 25, 2019 at Rowley Law
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“Sen. Bernie Sanders, I-Vt., has introduced a bill that would re-establish the threshold of the estate tax at $3.5 million and set the top taxation rate as high as 77 percent.” Senate Bill 309 was introduced by Senator Bernie Sanders in January. It is also called the "For the 99.8... Continue reading
Posted Mar 25, 2019 at Rowley Law
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“While it is not clear that Lagerfeld went down this path, a pet trust would likely appeal to his sensibilities.” When Karl Lagerfeld died in February at age 85, he was mourned in the fashion world. Lagerfeld had a unique image, and part of that image was his ever-present Birman... Continue reading
Posted Mar 25, 2019 at Rowley Law
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“Trusts are one of the most versatile items of the financial planning toolkit. However, they are not just for rich people. With the new higher estate tax exemptions, avoiding or reducing estate tax is not a concern for most of us.” There’s quite a bit that a trust can do... Continue reading
Posted Mar 25, 2019 at Rowley Law
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“Of course, you might think that only the very wealthy need a trust company. However, that’s not really the case–people of many income levels have long used these companies.” When it’s time to do your estate planning, you should get assistance from professionals. When you draft your estate plan, you’ll... Continue reading
Posted Mar 25, 2019 at Rowley Law
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“There's one critical move that a large number of older Americans have yet to make: creating a will.” Motley Fool’s article, “Nearly Half of Americans 55 and Over Are Making This Huge Financial Planning Mistake,” notes that almost 50% of Americans 55 and older don't have a will and trust.... Continue reading
Posted Mar 13, 2019 at Rowley Law
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“For many people, their home is the most valuable asset they own. Leaving real estate to your heirs can also be a complicated process, so you'll want to make sure you plan accordingly.” Figuring out what will happen to your assets after you pass away, is an unpleasant but necessary... Continue reading
Posted Mar 12, 2019 at Rowley Law
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“Take care to avoid these mistakes after the death of a spouse…” There is no doubt that the stress can be all-consuming, when a spouse passes away. It's not a good time to make financial decisions. You should also avoid making any major changes for at least a year, if... Continue reading
Posted Mar 11, 2019 at Rowley Law
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“Imagine that your mom has Alzheimer’s. She calls you one day, out of the blue, saying that she wants to sell the family home. When you ask her where she would live if the family home is gone, she doesn’t seem to have a clear plan. Ten minutes into the... Continue reading
Posted Mar 9, 2019 at Rowley Law
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“There are limited actions you can take, if you're disinherited.” If your father divorces your mother to marry a younger woman, it’s not unlikely that your step-mother will make your dad change his will. The step-mother may then stand to inherit everything. Is there anything the disinherited child can do?... Continue reading
Posted Mar 9, 2019 at Rowley Law
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“How much you will pay in taxes on an individual retirement account (IRA) withdrawal depends on the type of IRA, your age and the purpose of the withdrawal.” Sometimes, the amount of taxes will be zero. However, in other cases, you will owe income tax on the money you withdraw... Continue reading
Posted Mar 9, 2019 at Rowley Law
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“Americans aren't worried so much about passing away at a young age, as they are about dying in pain or with dementia, according to a new study.” A survey of 3,000 U.S. residents, with most age 55 and older, found that people's biggest fear was dying with dementia (34%), followed... Continue reading
Posted Mar 9, 2019 at Rowley Law
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“Preparing a will is one of the most important steps a parent can take to protect their family.” Who wants to think about their own mortality? No one. However, it’s a fact of life. Failing to plan for your eventual death by preparing a will—especially as a parent—can result in... Continue reading
Posted Mar 8, 2019 at Rowley Law
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“Rumors swirled about the possibility of Houston-born rapper Travis Scott, 26, asking his girlfriend, Kylie Jenner, 21, to marry him during his half time performance at Super Bowl LIII.” A recent article in the Houston Chronicle asks “Did Kylie Jenner make Travis Scott sign an ironclad prenup before saying I... Continue reading
Posted Mar 1, 2019 at Rowley Law
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“If You Haven’t Started Your Estate Plan, Now is The Time.” Your estate plan is an essential part of preparing for the future. It can have a dramatic effect on your family’s future financial situation. Estate planning can also have a significant impact on your tax liability immediately. Utah Business’s... Continue reading
Posted Feb 28, 2019 at Rowley Law
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“Inheritance taxes must be paid to the state of New Jersey.” The New Jersey inheritance tax is due eight months after the decedent's death, according to nj.com’s article, “The inheritance tax is slowing down my inheritance. What can I do?” It’s not uncommon to see a delay on an inheritance.... Continue reading
Posted Feb 28, 2019 at Rowley Law
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“When you buy a home, you have the option of buying the home in a trust. Why should you choose to purchase a home in a trust? By getting a property in a trust, you hold the property for your benefit and the benefit of whomever you decide to own... Continue reading
Posted Feb 28, 2019 at Rowley Law
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“An estate plan is the guide to how you want your personal and financial affairs to be handled, in the event of your incapacity or death.” As life changes, you need to periodically review your estate-planning documents and discuss your situation with your estate planning attorney. WMUR’s recent article, “Money... Continue reading
Posted Feb 28, 2019 at Rowley Law
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“The Social Security Administration uses many factors to calculate benefit amounts for beneficiaries, including marital status.” Widowed or divorced Social Security beneficiaries can run into issues, if they decide to remarry later in life. Those who remarry in their 50s or 60s should know about the ways your new marital... Continue reading
Posted Feb 22, 2019 at Rowley Law
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“Estate planning is more complicated when you have global assets” Forbes’ recent article, “6 Ways To Protect Your Foreign Assets In Estate Planning,” explains that estate planning is more complex when you have global assets. A big consideration is how to structure ownership of the assets to maximize your estate... Continue reading
Posted Feb 21, 2019 at Rowley Law