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Aaron Charles Gregg
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“It's hard for a family to recuperate when the patriarchs and matriarchs have gone to glory, leaving a battle for who will carry the family's leadership role and manage the family's transition of wealth.” Families who have lived through settling an estate without an estate plan will agree that the... Continue reading
Posted Apr 29, 2022 at Aaron Charles Gregg
The rapid rise in circulation and growing popularity of cryptocurrencies is prompting attorneys and estate planners to adjust, as digital assets are inherited through wills, trusts and estates, according to experts who warn of the danger of lost or misappropriated assets.” Now that cryptocurrency has become almost commonplace, it is... Continue reading
Posted Apr 28, 2022 at Aaron Charles Gregg
“You don't get to use all the money in your traditional 401(k) and IRA for retirement because you still have to pay taxes on it.” No one likes paying taxes on retirement funds. However, unless you have a Roth IRA or SEP, funded with after-tax dollars, you will owe taxes... Continue reading
Posted Apr 27, 2022 at Aaron Charles Gregg
“In 2017, Congress doubled the exemption starting in 2018, and the amount will continue to rise with inflation through 2025. This expansion helped reduce the number of taxable estates to about 1,300 for returns filed in 2020 from about 5,200 in 2017, according to the latest IRS data. The expanded... Continue reading
Posted Apr 26, 2022 at Aaron Charles Gregg
“To get power of attorney (POA), the person granting you that power must name you as the agent to have the powers specified in the POA document. It must be signed by the giver while s/he is sound of mind.” If you are involved as a care provider for someone... Continue reading
Posted Apr 25, 2022 at Aaron Charles Gregg
“Tax rules on individual retirement accounts (IRAs) are different for inherited IRAs. Some differences are positive.” If you’ve inherited an IRA, you won’t have to pay a penalty on early withdrawals if you take money out before age 59½. However, you may have to make those withdrawals earlier than you’d... Continue reading
Posted Mar 25, 2022 at Aaron Charles Gregg
“Children and grandchildren motivate us to think about a will and life insurance. However, it is problematic to name minor children as beneficiaries.” Wanting to take care of the youngest and most vulnerable members of our families is a loving gesture from grandparents. However, minor children are not legally allowed... Continue reading
Posted Mar 24, 2022 at Aaron Charles Gregg
“Out of sight, out of mind isn't just an everyday adage—it's one of the reasons why people 50 and over fail to write a will, update a previous one, or make other estate planning decisions.” For one couple, this important task was set aside for more than four decades. They... Continue reading
Posted Mar 23, 2022 at Aaron Charles Gregg
“Trusts are often associated with the rich. However, the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.” A trust is... Continue reading
Posted Mar 22, 2022 at Aaron Charles Gregg
“It’s true that if your child is on your deed as a joint tenant on your home, your home will not have to go through probate if your child survives you. At your death, your surviving child would immediately become the sole owner of your home without probate and with... Continue reading
Posted Mar 21, 2022 at Aaron Charles Gregg
“It’s generally recommended that you review your will and other end-of-life documents at least every few years, although there can be reasons to do a checkup more often.” It seems like a global pandemic would push people to get their estate plans in order, but more than half of American... Continue reading
Posted Feb 25, 2022 at Aaron Charles Gregg
“When you begin claiming affects how much money you get from the program, and once you're receiving checks, it's difficult to undo your decision.” Getting the timing right on Social Security is important. Deciding when to claim is a decision requiring thoughtful planning and accurate information. A recent article from... Continue reading
Posted Feb 24, 2022 at Aaron Charles Gregg
“There are actually several tax credits and deductions available to adult children who help look after their aging parents or other relatives.” Family caregivers who support loved ones are eligible for several tax credits and deductions. It’s not just for taking care of parents; other relatives may be covered as... Continue reading
Posted Feb 23, 2022 at Aaron Charles Gregg
“Seeking a guardianship for a loved one is a decision that shouldn't be taken lightly. Here's how the process works.” When a person is legally deemed incapable of managing their own affairs and has not named a financial power of attorney to do so, a guardian or conservator may be... Continue reading
Posted Feb 22, 2022 at Aaron Charles Gregg
“The law requires probate for a good reason. If a person dies, probate ensures that the property goes to the people who are supposed to inherit it.” Probate is a required court proceeding under certain circumstances, although the rules surrounding probate are slightly different from state to state. In Hawaii,... Continue reading
Posted Feb 21, 2022 at Aaron Charles Gregg
“Deborah Placet had no idea how to access her husband’s cryptocurrency and other digital accounts after his unexpected death at age 52.” Despite having the resources to hire IT forensic experts to help access accounts, including her husband’s IRA, it’s been three years and Deborah Placet still hasn’t been able... Continue reading
Posted Feb 11, 2022 at Aaron Charles Gregg
“Non-probate assets are those assets which do not go into an estate when the owner dies.” Updating estate plans and reviewing beneficiary designations are both important estate planning tasks, more important than most people think. They’re easy to fix while you are alive, but the problems created by ignoring these... Continue reading
Posted Feb 10, 2022 at Aaron Charles Gregg
“The ‘HEMS’ (health, education, maintenance, support) standard in estate planning is used to guide trustees in how/when they should release funds to a beneficiary.” The HEMS standard is used to inform trustees as to how and when funds should be released to a beneficiary, according to a recent article from... Continue reading
Posted Feb 9, 2022 at Aaron Charles Gregg
“Modern trusts can be drafted, and existing trusts can be modified, to provide flexibility allowing a family the ability to navigate an unknown future and preserve family legacies intergenerationally.” Many families use their estate, gift and generation-skipping transfer tax exemptions to fund a flexible modern trust for non-tax reasons, explains... Continue reading
Posted Feb 8, 2022 at Aaron Charles Gregg
“With apologies to poet Robert Burns, the best-laid estate plans of women and men sometimes go awry.” There are so many estate planning horror mistakes, it’s hard to know which is the worst. One is the woman who had an estate plan created, but only named one guardian for her... Continue reading
Posted Feb 7, 2022 at Aaron Charles Gregg
“Without a valid will, a person’s estate passes to their surviving heirs under intestate succession (i.e., ‘succession without a will’).” A properly created will is used to distribute assets, name the executor of the estate, provide details for the powers you want the executor to have and more, depending on... Continue reading
Posted Feb 4, 2022 at Aaron Charles Gregg
“Last year, the Social Security Administration announced that seniors would be getting their largest cost-of-living adjustment, or COLA, in decades. Fueled by rampant inflation, Social Security benefits are in line for a 5.9% boost this year.” The COLA increase in Social Security is welcomed by seniors depending upon their benefits... Continue reading
Posted Feb 3, 2022 at Aaron Charles Gregg
“Despite the various proposals to lower federal transfer tax (estate, gift and GST taxes) exemptions and increase the tax rates, none of them were enacted in 2021.” It’s possible that some of these proposals may be enacted in 2022, but for now, they are moot. In the meantime, exemptions have... Continue reading
Posted Feb 2, 2022 at Aaron Charles Gregg
“The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for... Continue reading
Posted Feb 1, 2022 at Aaron Charles Gregg
“Based on a recent survey by the American Pet Products Association, as of 2020, 70% of households in the U.S. have pets—about 90.5 million households.” One of the goals of estate planning is to care for loved ones, particularly those who depend on us for care after we have passed... Continue reading
Posted Jan 31, 2022 at Aaron Charles Gregg