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King & Wood, P.A.
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“If the durable power of attorney can't be transferred, what needs to be done to establish a new durable power of attorney for my aunt despite her mental incapacity?” The situation facing one family is all too common. An aunt is now incapacitated with severe Alzheimer’s disease. Her brother has... Continue reading
Posted yesterday at King & Wood, P.A.
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“Many timeshare contracts include a perpetuity clause, which means the contract and all its fees and obligations are yours for life. It may not end there.” Ask anyone who ever purchased a timeshare and changed their mind about it. Getting rid of a timeshare can be problematic. However, imagine if... Continue reading
Posted 2 days ago at King & Wood, P.A.
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“Now that there is a Democratic majority in the Senate and the House of Representatives, estate and gift tax law changes are expected to occur in 2021 or 2022.” Changes in the White House and the Senate have many people wondering how federal estate and gift tax laws may change... Continue reading
Posted 3 days ago at King & Wood, P.A.
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“Gifting stock to family members may lack the pizzazz of leaving a luxury car adorned with a bow in the driveway, but it’s a gift that can add value to their lives long after most other gifts have been forgotten.” There are a number of ways to gift stock to... Continue reading
Posted 6 days ago at King & Wood, P.A.
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“After the divorce, Mike logged onto the employer’s benefits system and tried, but failed, to delete Wendy as the beneficiary of his life insurance.” This estate battle shows how small details can become huge headaches. Four courts and several years after this estate battle began, a family won a case... Continue reading
Posted 7 days ago at King & Wood, P.A.
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“The couple needs to create an appropriate estate plan. If they truly want inheritance rights, they need to execute testamentary documents, such as wills.” For unmarried couples, having an estate plan might be even more important than for married couples, especially if there are children in the family. The unmarried... Continue reading
Posted Feb 16, 2021 at King & Wood, P.A.
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“The death of a loved one is always a difficult time. The last thing most people want when they're grieving is to have to deal with the IRS and state tax officials.” Unfortunately, unless the person you love has an estate plan and has spoken with you about it, the... Continue reading
Posted Feb 15, 2021 at King & Wood, P.A.
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“Avoiding probate usually is the main appeal for living trusts. Trusts also can provide a gentler transition, if the grantor becomes incapacitated.” Any trust created while the person, known as the “grantor,” is living, is known as a “living trust.” However, the term is also used interchangeably with “revocable trusts,”... Continue reading
Posted Feb 14, 2021 at King & Wood, P.A.
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“No one wants a nursing home but the longer we live, the higher the chance we may need a nursing home at the end of life.” Nursing home care is expensive, costing between $12,000 to $20,000 per month, so most seniors should do all they can to prepare for this... Continue reading
Posted Feb 11, 2021 at King & Wood, P.A.
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“Everyone, regardless of financial status or age, can benefit from having an estate plan—assuming you have assets to leave and people to leave them to.” Estate planning is not just about making a will, nor is it just for people who live in mansions. Estate planning is best described in... Continue reading
Posted Feb 10, 2021 at King & Wood, P.A.
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“As states address budget woes due to the pandemic, one place they may turn to for revenue as they have in past economic crises is death taxes.” The District of Columbia already moved to reduce its exemption from $5.67 million in 2020 to $4 million for individuals who die on... Continue reading
Posted Feb 9, 2021 at King & Wood, P.A.
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“Gray divorce issues include weaving through the complications of splitting pensions, 401(k)s and more before the process is complete.” Divorce is different for older couples. They must focus on retirement accounts instead of college savings plans, explains a recent article from Kiplinger titled “Considering Divorce? Beware of Retirement Account Breakups.”... Continue reading
Posted Feb 8, 2021 at King & Wood, P.A.
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“If you don’t also fund it, unexpected things can happen and some of those things may not reflect the intent to the grantor.” Thinking you have divided assets equally between children by creating a trust that names all as equal heirs, while placing only one child’s name on other assets... Continue reading
Posted Feb 7, 2021 at King & Wood, P.A.
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“As if losing a loved one weren’t hard enough, you might also have to add ‘death tax’ on the property that you receive from the estate—depending on where you live—in addition to all the other costs of death.” Let’s start with defining “inheritance tax.” The answer depends on the laws... Continue reading
Posted Feb 4, 2021 at King & Wood, P.A.
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“What happens to all your digital accounts, services and property after you die? The official name for all these is a Digital Estate Plan. With the lines increasingly blurred between our on-and off-line lives, it's more important than ever to have a plan for your digital holdings.” Just as you... Continue reading
Posted Feb 3, 2021 at King & Wood, P.A.
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“Given the expectation the Biden administration will roll back some of Trump’s favorable policies of the past four years, tax consultants and accountants are already hard at work. But for HNW women, dealing with election fallout is minor, compared to the bigger fish they have been frying in the tax... Continue reading
Posted Feb 2, 2021 at King & Wood, P.A.
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“Obviously, the first step is to work with your doctor to slow the progression. However, there are legal steps you need to take as quickly as possible.” A diagnosis of Alzheimer’s or any serious progressive disease takes some time to absorb. However, during the days and weeks after the diagnosis,... Continue reading
Posted Feb 1, 2021 at King & Wood, P.A.
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“The IRS determined that Prince's estate is worth $163.2 million, well above the $82.3 million valuation submitted by Comerica Bank & Trust, the estate's administrator.” The Internal Revenue Service has said the executors of Prince’s estate made a serious mistake in their calculations, reducing its value by about $80 million,... Continue reading
Posted Jan 31, 2021 at King & Wood, P.A.
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“Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that planning is to have any likelihood of succeeding.” If you reviewed or created your estate plan in 2020, you are ahead of most Americans, but you’re not done yet. If you... Continue reading
Posted Jan 28, 2021 at King & Wood, P.A.
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“The trust is a very useful and flexible tool for estate planning, yet it is probably the most underused estate management technique. A trust is an artificial entity, something like a corporation, created by a document or instrument.” There are four elements to a trust, as described in this recent... Continue reading
Posted Jan 27, 2021 at King & Wood, P.A.
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“If you haven't reviewed your beneficiary designations recently, you may be setting your heirs and estate up for some unpleasant surprises.” It’s a simple question: do you know who your retirement account beneficiaries are? These tax-deferred accounts are complex, with significant tax implications for heirs that become more challenging if... Continue reading
Posted Jan 26, 2021 at King & Wood, P.A.
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“Drafting a last will and testament can help to ensure that your assets are distributed according to your wishes after you pass away. You can also use your will to name a legal guardian for minor children or choose an executor for your estate.” The executor of a last will... Continue reading
Posted Jan 25, 2021 at King & Wood, P.A.
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“State-by-state differences in matters around taxes, inheritance, marital property and more make a thorough review imperative.” In the excitement of a move from one state to another, people often forget that their estate plan may no longer be valid. That is because each state has its own laws about estate... Continue reading
Posted Jan 24, 2021 at King & Wood, P.A.
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“Everything each spouse earns during their marriage is community property. Fortunately, a gift or inheritance is separate property. However, that’s only half the battle.” Families with concerns about the durability of a child’s marriage are right to be concerned about protecting their children’s assets. For one family, where a mother... Continue reading
Posted Jan 21, 2021 at King & Wood, P.A.
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“Choosing when to file for benefits is a critical decision that will affect your monthly retirement income for the rest of your life.” When it comes to planning for retirement finances, one of the most important decisions concerns when to claim Social Security benefits. There’s no one-size-fits-all answer to the... Continue reading
Posted Jan 20, 2021 at King & Wood, P.A.