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Aaron Charles Gregg
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“During this crazy 2020 tax year, in addition to being faced with all the issues surrounding Covid-19, as well as the roller coaster ride of the stock market, we are also currently in an environment where the interest rates are as low as they ever have been.” As a result... Continue reading
Posted 2 days ago at Aaron Charles Gregg
“Most states recognize inheritances as separate property, and many experts say keeping them separate is often the best approach.” Is an inheritance a blessing, or a curse? That’s the question from the recent article “When One Spouse Gets an Inheritance It Can Be Hard on a Marriage” posed by The... Continue reading
Posted 3 days ago at Aaron Charles Gregg
“Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.” Transferring the management of assets if and when you... Continue reading
Posted 4 days ago at Aaron Charles Gregg
“It’s difficult to go a few hours without interacting with a digital account. Whether that is email, online banking or social media, many daily tasks involve digital informational storage.” One of the challenges facing estate plans today is a new class of assets, known as digital property or digital assets.... Continue reading
Posted 5 days ago at Aaron Charles Gregg
“First, let’s debunk the myth that an estate plan needs to be both elaborate and expensive.” Many people think you have to be a millionaire to need an estate plan and investing in an estate plan is too costly for an average American. Not true! People of modest means actually... Continue reading
Posted 6 days ago at Aaron Charles Gregg
“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 16, 2020 at Aaron Charles Gregg
“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 15, 2020 at Aaron Charles Gregg
“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 Aaron Charles Gregg
“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 Aaron Charles Gregg
“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 12, 2020 at Aaron Charles Gregg
“Cindy, a widow in her early 60s, was undergoing physical therapy for an injury to her foot, making it difficult for her to get around. In addition, she was suffering depression brought on by the immobility and pain, resulting in her neglecting to pay bills and taking care of other... Continue reading
Posted Oct 9, 2020 at Aaron Charles Gregg
“For most of us, considering the distribution of the property we have accumulated over our lives is a painful reminder of our mortality.” Overcoming an emotional response to the necessary task becomes complicated, when we want to leave uneven distributions of our property to loved ones, including children and spouses.... Continue reading
Posted Oct 8, 2020 at Aaron Charles Gregg
“LOIs may also include whatever you think may help the people you leave behind or who would take over if you are not capable.” A letter of instruction, or LOI, is a good addition to the documents included in your estate plan. It’s commonly used to express advice, wishes and... Continue reading
Posted Oct 7, 2020 at Aaron Charles Gregg
“Should I start collecting Social Security retirement benefits as early as possible, or hold off for longer in exchange for plus-size payments?” How much time you need to figure out the best time to take Social Security benefits can be as much of a puzzle as figuring out the actual... Continue reading
Posted Oct 6, 2020 at Aaron Charles Gregg
“Only you know the strengths and weaknesses of your family members, putting you in the best position to decide if your spouse or your child can appreciate a trustee’s responsibilities.” To protect all that you have worked for and take care of the most important people in your life, you... Continue reading
Posted Oct 5, 2020 at Aaron Charles Gregg
“Why wait? A variety of trusts—from SLATs to BDITs, GRATs and more—can help you be proactive in protecting your wealth.” You might remember a flurry of activity in advance of the 2016 presidential election, when concerns about changes to the estate tax propelled many people to review their estate plans.... Continue reading
Posted Oct 2, 2020 at Aaron Charles Gregg
“My aunt recently asked me to be the executor of her will when she dies. I’m flattered that she asked, but I’m not sure what exactly the job entails.” Being asked to serve as the executor of a loved one’s estate is flattering, but it is also a big responsibility... Continue reading
Posted Oct 1, 2020 at Aaron Charles Gregg
“To ensure your estate is settled in the way you want, it's wise to do a bit of extra planning to keep your documents up to date.” For anyone who thinks that their will or trust can be used to distribute assets in a 401(k) after they pass, think again.... Continue reading
Posted Sep 30, 2020 at Aaron Charles Gregg
“If you have lost your spouse during this time, there are so many issues you must address–funeral arrangements, meeting with lawyers and accountants and dealing with finances. All of this comes on top of dealing with the emotional loss.” Many people have died during the COVID crisis, and are coping... Continue reading
Posted Sep 29, 2020 at Aaron Charles Gregg
“What happens when a decedent’s will or trust does not provide for a decedent’s child?” Disinheriting a child as an heir happens for a variety of reasons. There may have been a long-running dispute, estrangement over a lifestyle choice, or not wanting to give assets to a child who squanders... Continue reading
Posted Sep 28, 2020 at Aaron Charles Gregg
“The list of things you need to do after someone dies can seem endless, especially during a time when you are also grieving.” Making funeral arrangements, paying medical bills and closing down accounts are just the start of the tasks that a surviving spouse must take charge of, advises the... Continue reading
Posted Sep 25, 2020 at Aaron Charles Gregg
“Some states are great to live in, but not so great to die in.” If you are among the many Americans making a move because of economics, a recent article from MarketWatch titled “Thinking about moving to a state with lower taxes? These are the mistake to avoid” has the... Continue reading
Posted Sep 24, 2020 at Aaron Charles Gregg
“The distribution of some of our assets can be governed by contracts. Examples of these contracts include life insurance, investment accounts, bank accounts and trusts.” Without proper planning, your will determines who inherits your property—everything from your home, car, bank accounts and personal possessions. Your spouse may not necessarily be... Continue reading
Posted Sep 23, 2020 at Aaron Charles Gregg
“Deciding when to start receiving Social Security retirement benefits is an important decision. Making the wrong choice could cost you.” Not knowing when you will be eligible to receive all of the benefits earned through your work history can hurt a retirement plan, says a recent article from titled... Continue reading
Posted Sep 22, 2020 at Aaron Charles Gregg
“Although there is often a progression of complexity in estate planning, this progression generally follows stages in life rather than specific ages.” Many people decide they need an estate plan when they reach a certain age, but when an estate plan is needed is less about age than it is... Continue reading
Posted Sep 21, 2020 at Aaron Charles Gregg