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King & Wood, P.A.
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What Are the Common Myths of Powers of Attorney?
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“While most of us have heard of a power of attorney, many have misconceptions about them.” The Lubbock Avalanche-Journal’s recent article entitled “Five common myths about powers of attorney” explains away some misconceptions about powers of attorney. There’s just one uniform power of attorney document. No, there are many types.... Continue reading
Posted yesterday at King & Wood, P.A.
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Does the New Tax Law Give Me More Time to pay Back My 401(k) Loan?
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“If you leave your job while you have an outstanding 401(k) loan, Uncle Sam now gives you extra time to repay it -- thanks to the new tax law.” Kiplinger’s article titled “Ex-Workers Get More Time to Repay 401(k) Loans” explains that the new tax law extended the deadline for... Continue reading
Posted 2 days ago at King & Wood, P.A.
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How Do I Cash in My Life Insurance Policy?
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“In tough economic times, people are sometimes left scrambling for cash to meet everyday expenses and lifestyle demands. Your life insurance policy is a possible source of funds – but should you tap into it?” There are some drawbacks to using life insurance to meet immediate cash needs, especially if... Continue reading
Posted 3 days ago at King & Wood, P.A.
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Are You Prepared for Retirement?
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“This is one big thing that boomers should be planning for when they get older—but most aren’t.” MarketWatch’s recent article, “Baby boomers are more prepared for death than they are for their own lives” explains that more than eight in 10 middle-income boomers have made at least one formal preparation... Continue reading
Posted 4 days ago at King & Wood, P.A.
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How Do I Make the Right Estate Planning Moves When I Divorce?
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“Getting divorced is a complicated process, even for couples without any minor children. This is because it requires dividing up a partnership, so each individual can go his or her own way. While there are many details to iron out in terms of dividing assets, one thing that often gets... Continue reading
Posted 5 days ago at King & Wood, P.A.
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How Can I Diversify My IRA?
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“The available investment options for Individual Retirement Account (IRA) funds may be more and more diversified than you realize.” Traditional financial institutions that act as custodians for IRA accounts limit investment options to what they have to sell you—stocks, bonds and mutual funds. However, the IRS is more liberal. Forbes’... Continue reading
Posted Apr 11, 2019 at King & Wood, P.A.
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What’s the Difference Between 457 and 401(k) Plans?
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“401(k) plans and 457 plans operate similarly, with the main difference being who is allowed to participate in each one.” 401(k) plans and 457 plans are two types of IRS-sanctioned, tax-advantaged employee retirement savings plans. With these plans, participants can deposit pre-tax money, which is then allowed to compound without... Continue reading
Posted Apr 11, 2019 at King & Wood, P.A.
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What is a Life Estate?
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“What, exactly, is a life estate? Does it have any value?” The question of a life estate may arise, when adult children are discussing the possibility of moving a parent into an assisted-living facility and selling the family home. The Spokesman-Review’s recent article asks: “Does a life estate have cash... Continue reading
Posted Apr 9, 2019 at King & Wood, P.A.
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When Should I Claim Social Security?
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“Know the five factors you should consider, when weighing whether it's time to tap your benefits.” It’s kind of hard to know exactly when you should file—even if you only consider age (which you shouldn’t). You can take your benefits as early as 62. However, the earlier you claim, the... Continue reading
Posted Apr 8, 2019 at King & Wood, P.A.
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K&W Fiduciary Litigation News
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Last week, our firm was pleased to welcome distinguished Louisiana trial lawyer James H. Gibson back to our office for continued work on a Tallahassee case involving multi-state trusts and estates litigation. Jim and his law partner Charles M. Kreamer, of Gibson Law Partners, LLC, in Lafayette, Louisiana, are co-counsel... Continue reading
Posted Apr 8, 2019 at King & Wood, P.A.
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If You’re Single with No Kids and Approaching Retirement, You Still Need an Estate Plan
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“Are you single with no kids and approaching retirement? If so, you probably have not given much thought to estate planning.” You may have been busy building your career, socking away money and enjoying your time off with weekends away and exotic vacations. Forbes’ recent article, “5 Estate Planning Strategies... Continue reading
Posted Apr 7, 2019 at King & Wood, P.A.
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Why Would a Guy Like Me Need a Will?
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“People are often under the misconception that a will is only necessary, if a person has a lot of assets, is wealthy, or has a complicated financial planning program in place. The truth is that everyone needs a will. The value of a person’s belongings has very little to do... Continue reading
Posted Apr 4, 2019 at King & Wood, P.A.
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How Can I Protect My Child’s Inheritance, If They Have a Substance Abuse Problem?
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“You've done all you could to draw up the perfect trust to protect your child and help them on the path to recovery. Now you need the right person (or team) to help make it happen.” Kiplinger’s recent article, “Selecting the Right Trustee and Protector for a Substance Abuse Trust,”... Continue reading
Posted Apr 3, 2019 at King & Wood, P.A.
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Why Am I Being Charged More for Medicare?
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“Medicare beneficiaries can see their premiums go up if their income rises, although for some that increase will be only temporary.” Many seniors have their Medicare premiums paid automatically from their Social Security benefits. However, now some are getting a separate monthly Medicare premium bill, in addition to the amount... Continue reading
Posted Apr 2, 2019 at King & Wood, P.A.
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As a New Parent, Have You Updated (or Created) Your Estate Plan?
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“For new parents, the need for legacy planning is especially obvious.” You just had a baby. Now you’re sleep-deprived, overwhelmed, and frazzled. Having a child dramatically changes one’s legacy plan and makes having a plan all the more necessary, says ThinkAdvisor’s recent article, “5 Legacy Planning Basics for New Parents.”... Continue reading
Posted Apr 1, 2019 at King & Wood, P.A.
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Have You Prepared Your Family for Your Death?
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“Unfortunately, in too many cases, families treat money and the issues surrounding wealth as taboo subjects. This may be the case even more so, when it involves the (inevitable!) prospect of death.” Napoleon Bonaparte said that most battles are won or lost in the preparation stage, long before the first... Continue reading
Posted Apr 1, 2019 at King & Wood, P.A.
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What Should My Fiancé and I Discuss About Finances Before We Say “I Do”?
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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 King & Wood, P.A.
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What Do I Need to Know About Portability?
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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 King & Wood, P.A.
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How Can We Save Our Inheritance from Taxes, if Dad Won’t Create an Estate Plan?
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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 King & Wood, P.A.
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How Many Total IRAs Can I Own?
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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 King & Wood, P.A.
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Why Did a Georgia Woman Try to Trick a Judge Concerning Her Son’s Special Needs Trust?
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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 25, 2019 at King & Wood, P.A.
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Should I Designate a Trust Instead of an Individual as a Beneficiary of my IRA?
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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 21, 2019 at King & Wood, P.A.
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What Are The Details on Bernie Sanders Estate Tax Bill?
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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 21, 2019 at King & Wood, P.A.
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How Did Designer Karl Lagerfeld Arrange for His Cat in His Estate Plan?
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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 20, 2019 at King & Wood, P.A.
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Why Is a Revocable Trust So Valuable in Estate Planning?
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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 19, 2019 at King & Wood, P.A.
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