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Aaron Charles Gregg
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Estate Planning Considerations for Minor Children
“When preparing estate planning documents, certain beneficiaries may need more protection than others. One particular class of beneficiaries that needs to be intentionally considered is minor children.” Creating an estate plan with minor children in mind has a host of variables quite different than one where all heirs are adults.... Continue reading
Posted Nov 4, 2022 at Aaron Charles Gregg
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Top 10 Success Tips for Estate Planning
“Estate planning is one of the most important steps you can take for yourself and your loved ones.” Unless you’ve done the planning, assets may not be distributed according to your wishes and loved ones may not be taken care of after your death. These are just two reasons to... Continue reading
Posted Nov 3, 2022 at Aaron Charles Gregg
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How Does an Irrevocable Life Insurance Trust Work?
“Life insurance is often a cornerstone of a comprehensive estate plan, particularly when an estate consists of largely illiquid assets.” Irrevocable Life Insurance Trusts (ILITs) are a common planning tool. However, buying the policy at the wrong time, leaving out Crummey withdrawal rights and ignoring administrative costs are commonly made... Continue reading
Posted Nov 2, 2022 at Aaron Charles Gregg
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How Important Is a Health Care Power of Attorney?
“It is your right to keep your health information private, but is that always what is in your best interests?” Health care decisions are often the most personal and private decisions a person can make. Information about your health can be very sensitive and if revealed to the wrong person,... Continue reading
Posted Nov 2, 2022 at Aaron Charles Gregg
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What Happens when You Inherit a Retirement Account?
“There’s almost always a reckoning when the government proffers a tax break. So it is with individual retirement accounts (IRA)s, 401(k)s and similar accounts that investors fund with pre-tax earnings.” The SECURE Act of 2019 reset the game for IRAs and other tax deferred retirement accounts, says a recent article... Continue reading
Posted Nov 2, 2022 at Aaron Charles Gregg
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Does Power of Attorney Perform the Same Way in Every State?
“The law sometimes appears to contradict itself. Specifically, the words ‘anything and everything’ do not always legally mean ‘anything and everything’.” A power of attorney is an estate planning legal document signed by a person, referred to as the “principal,” who grants all or part of their decision-making power to... Continue reading
Posted May 27, 2022 at Aaron Charles Gregg
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What If You Don’t have a Will?
“A recent survey estimated that 68% of people die without a will. The consequences of dying without a will (‘intestate’) can be disastrous.” A will is a written document stating wishes and directions for dealing with the property you own after your death, also known as your “estate,” explains a... Continue reading
Posted May 26, 2022 at Aaron Charles Gregg
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What Happens If You Become Incapacitated?
“Many people ask what would happen if they were in the hospital and unable to make their own medical decisions? The answer depends on whether you planned ahead.” If you became incapacitated and advance planning had been done, your family will have the legal documents you need. Just as importantly,... Continue reading
Posted May 25, 2022 at Aaron Charles Gregg
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When a Spouse Dies, Does Survivor Get Their Social Security Benefits?
“When you’re gone, your spouse’s income will take a major hit–one that can be worsened significantly, if you make the wrong decision about when to claim.” Most people don’t understand how Social Security works for themselves or their loved ones. Here’s one major misconception: you can’t file early for Social... Continue reading
Posted May 24, 2022 at Aaron Charles Gregg
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What I s a Pour - Over Will?
“A pour-over will can be an important part of a person’s estate planning checklist.” A pour-over will is a particular kind of will created to work with a trust, with a goal of facilitating the transfer of assets if the person creating the trust (the grantor) has not transferred all... Continue reading
Posted May 23, 2022 at Aaron Charles Gregg
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No Will? What Happens Now Can Be a Horror Show
“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
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How to Handle Digital Assets in a Will
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
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Can I Pay Less Taxes on My Retirement Funds?
“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
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What are the Current Gift Tax Limits?
“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
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How Do You Get a Power of Attorney?
“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
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Do You Have to Pay Taxes on Inherited IRAs?
“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
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Can Grandchildren Receive Inheritances?
“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
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Why Not Have a Will?
“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
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What Is a Trust and How Does It Work?
“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
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Can I Add Children’s Names to my House Deed?
“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
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Does Your Will and Estate Planning Documents Need to Be Updated?
“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
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Should I Delay Claiming Social Security?
“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
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How Does the Caregiver Tax Credit Work?
“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
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When Does Someone Need a Guardian?
“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
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Do You Have to Go through Probate When Someone Dies?
“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
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