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Aaron Charles Gregg
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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.” Tax return issues, family matters, business associates, partners, trustees, bankers, investment advisors and tax collectors from the IRS to state and local taxing authorities all require... Continue reading
Posted 2 days ago at Aaron Charles Gregg
“Just as you have trust in a relationship, trusting your document and those with responsibilities in the trust are crucial to obtaining your objectives.” A trust of any kind is a document that expresses your wishes while you are alive and after you have passed. The need for a dedicated... Continue reading
Posted 3 days ago at Aaron Charles Gregg
“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.” Spouses and partners chosen by adult children often lead to estate planning challenges. In one case, a parent worries that a second husband may be... Continue reading
Posted 4 days ago at Aaron Charles Gregg
“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.” Qualified charitable distributions allow individual retirement holders to divert some of their federally... Continue reading
Posted 5 days ago at Aaron Charles Gregg
“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.” The dispute over Larry King’s estate shines a harsh spotlight... Continue reading
Posted 6 days ago at Aaron Charles Gregg
“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.” A trust fund is an estate planning tool that can be used by anyone who wishes to... Continue reading
Posted Apr 9, 2021 at Aaron Charles Gregg
“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.” Roth IRAs are popular for their flexibility and the simplicity of putting after-tax dollars in and not paying taxes on withdrawals during retirement. However,... Continue reading
Posted Apr 8, 2021 at Aaron Charles Gregg
“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?” The first thing you’ll need to know about selling a home after the death of a parent, is how your... Continue reading
Posted Apr 7, 2021 at Aaron Charles Gregg
“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... Continue reading
Posted Apr 6, 2021 at Aaron Charles Gregg
“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.” Proposals now being considered by President Biden may expand the number of Americans who will need to pay the federal estate tax in... Continue reading
Posted Apr 5, 2021 at Aaron Charles Gregg
“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.” The importance of the family business in the U.S. can’t be overstated. Neither... Continue reading
Posted Apr 2, 2021 at Aaron Charles Gregg
“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.” Spending the least amount of time possible contemplating your death is what most people try to do. However, one part of the... Continue reading
Posted Apr 1, 2021 at Aaron Charles Gregg
“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.” The interest in charitable giving increased in 2020 for two reasons.... Continue reading
Posted Mar 31, 2021 at Aaron Charles Gregg
“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.” Before the SECURE Act, named beneficiaries who inherited an IRA were able to take distributions over the course of their lifetimes. This allowed the IRA to... Continue reading
Posted Mar 30, 2021 at Aaron Charles Gregg
“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.” Probate is a court-supervised process occurring after your death. It takes place in the state where you were a resident... Continue reading
Posted Mar 29, 2021 at Aaron Charles Gregg
“When Aretha Franklin died in 2018, a powerful creditor came calling: The Internal Revenue Service.” The IRS said that the singer’s estate owed more than $7.8 million in unpaid income taxes, plus interest, plus penalties, from the last seven years of her life. There’s no lack of drama in the... Continue reading
Posted Mar 25, 2021 at Aaron Charles Gregg
“Sophisticated analyses take into account the tradeoff of receiving no income during the deferral period and more income later in retirement.” Claiming Social Security benefits early costs American households an average of $68,000 in lost wealth. More than a third of Americans claim Social Security at age 62, and two... Continue reading
Posted Mar 24, 2021 at Aaron Charles Gregg
“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.” A living will and a living trust are part of an... Continue reading
Posted Mar 24, 2021 at Aaron Charles Gregg
“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.” The uncertainty surrounding the election and possibility of changes to the tax law led many families to make substantial wealth transfers... Continue reading
Posted Mar 23, 2021 at Aaron Charles Gregg
“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... Continue reading
Posted Mar 22, 2021 at Aaron Charles Gregg
“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.” Medicaid is a government program that helps seniors and others pay for long term care. However, it’s not always... Continue reading
Posted Mar 19, 2021 at Aaron Charles Gregg
“When you’re planning to divide your estate unequally, explain the reasons to your heirs, and remember: They might be hurt anyway.” Leaving an equal amount to adult children works for many families, but equal is not always equitable. In those cases, leaving different amounts to heirs can lead to irreparable... Continue reading
Posted Mar 18, 2021 at Aaron Charles Gregg
“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.” The release of a documentary following the star’s rise to fame, public breakdown, and recent comeback has put the spotlight back on Spears... Continue reading
Posted Mar 17, 2021 at Aaron Charles Gregg
“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.” A SLAT is a type of irrevocable trust that can only be used by... Continue reading
Posted Mar 16, 2021 at Aaron Charles Gregg
“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.” Some $68 trillion will move between generations in the next two decades, reports U.S. News & World Report in the... Continue reading
Posted Mar 15, 2021 at Aaron Charles Gregg