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King & Wood, P.A.
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How Does a Spousal Lifetime Access Trust Work?
“Different people have different needs, and for most people, starting with basic legal documents, such as a will and power of attorney, are a great place to start and can make a big difference.” Making plans for the events of the future not only saves your family time and money... Continue reading
Posted 4 days ago at King & Wood, P.A.
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How is Estate Planning Used to Distribute Property?
“It is commonly understood that upon death, our property will pass to someone else. However, the details of exactly how property passes often seem a bit more mysterious.” One of the tasks of estate planning is to distribute property, through a variety of ways. A recent article from The News-Enterprise,... Continue reading
Posted 5 days ago at King & Wood, P.A.
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Inheritances When Unequal Is Actually Fair
“There are times when it makes sense to leave more to one child than another.” One of the cornerstones of estate planning for most families is to leave equal shares of inheritances to ensure fair treatment among siblings. However, equal shares aren’t always fair, especially when circumstances are complicated. In... Continue reading
Posted 5 days ago at King & Wood, P.A.
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How Estate Planning Protects Unmarried Couples
“It is very important for unmarried couples to execute estate planning documents to make their wishes clear concerning the rights and responsibilities of their significant other.” Many couples make the choice not to wed, even after being together for decades, for personal or financial reasons. For example, some clients don’t... Continue reading
Posted 5 days ago at King & Wood, P.A.
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How Estate Planning Protects Unmarried Couples
“It is very important for unmarried couples to execute estate planning documents to make their wishes clear concerning the rights and responsibilities of their significant other.” Many couples make the choice not to wed, even after being together for decades, for personal or financial reasons. For example, some clients don’t... Continue reading
Posted 6 days ago at King & Wood, P.A.
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How a Durable Power of Attorney Prevents Complex Guardianship Issues
“If you’re seeking guardianship or conservatorship for a relative who is unable to take care of their own personal or financial needs, get ready for the long haul.” Guardianship or conservatorship documents are not easy to obtain and can take months to finalize, warns the article “Possible Guardianship Or Conservatorship... Continue reading
Posted 6 days ago at King & Wood, P.A.
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Why Everyone Needs a Will and an Estate Plan
“Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for a person's future incapacity or death.” Some still hold onto the old-school idea of estate planning being needed only by people living on an estate,... Continue reading
Posted May 26, 2023 at King & Wood, P.A.
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Do Heirs Have to Pay Debts from an Estate?
“First, debts in a person’s estate are payable from the decedent’s assets in the course of administering their probate estate or administering their living trust estate.” Part of estate planning is considering how future repayment of debts, both owed to the person and debts they are responsible for, will impact... Continue reading
Posted May 25, 2023 at King & Wood, P.A.
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Tax Scams Involving Charitable Remainder Annuity Trusts
“Part of the agency’s latest annual ‘Dirty Dozen’ scams, these potentially ‘abusive arrangements’ involve charitable remainder annuity trusts and monetized installment sales.” The IRS has issued a warning about promoters aiming specifically at wealthy taxpayers, advises a recent article, “IRS Warns Of Tax Scams That Target Wealthy,” from Financial Advisor.... Continue reading
Posted May 24, 2023 at King & Wood, P.A.
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Is It Possible to Split an IRA?
“Like most assets, you can inherit an individual retirement account (IRA) after the owner’s death. For spouses, inheriting an IRA is a relatively straightforward process.” If you and a sibling have inherited an IRA, there are several options, says a recent article from yahoo! finance, appropriately titled “My Sibling and... Continue reading
Posted May 23, 2023 at King & Wood, P.A.
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What to Do When a Spouse Dies
“Unfortunately, during the grieving process surviving spouses also need to navigate the complex financial issues that arise after the death of their partner.” The death of a spouse is one of life’s most stressful events and is an overwhelming experience. Having to deal with life’s legal and financial aspects while... Continue reading
Posted May 22, 2023 at King & Wood, P.A.
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Use Estate Planning to Prepare for Cognitive Decline
“Data from sources like the U.S. Census Bureau shows in no uncertain terms that the U.S. population has grown older over the prior two decades.” Since 2000, the national median age in the U.S. has increased by 3.4 years, with the largest single year gain of 0.3 years in 2021,... Continue reading
Posted May 19, 2023 at King & Wood, P.A.
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Should You Convert to a Roth IRA?
“If you have a Roth IRA, you may be planning to use it as part of your retirement income.” Roth IRAs are very popular alternatives to traditional IRAs, which have more restrictions than a Roth. Like any other IRA, the Roth allows investments to grow tax free, explains the article... Continue reading
Posted May 18, 2023 at King & Wood, P.A.
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Estate Planning for Blended Families
“There are many different configurations of blended families. However, they are generally made up of married couples who have children from previous marriages or relationships.” Blended families are now nearly as common as traditional families. However, they still face unique estate planning decisions, says a recent article, “Considerations For Financial... Continue reading
Posted May 17, 2023 at King & Wood, P.A.
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Should You have a Pet Trust Created?
“Specialized pet trust law has developed because of the huge popularity of pets in this country, and the strong desire of pet owners to provide for their pets, even after the owner's death.” The infamous Leona Helmsley was the subject of as many headlines after her death as when she... Continue reading
Posted May 16, 2023 at King & Wood, P.A.
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Singles Need Estate Planning to Protect During Lifetime
“You’re single, and you don’t have an estate plan or even a will. Perhaps you think you don’t need either because you’re not wealthy and don’t have children.” Estate planning is even more critical for singles than married couples—and it has nothing to do with whom you’ll leave assets to... Continue reading
Posted May 15, 2023 at King & Wood, P.A.
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Protecting Assets with a Trust vs. Limited Liability Company
“To protect assets effectively, you have to store them in the right legal entity. However, that can depend on whether you’re looking to protect business assets, avoid estate taxes, or protect personal assets from legal liability while running a business.” While trusts and Limited Liability Companies (LLCs) are very different... Continue reading
Posted May 12, 2023 at King & Wood, P.A.
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Protect Cryptocurrency in Your Estate Plan
“Cryptocurrency has become a new wrinkle in the development of an estate plan.” The very nature of cryptocurrency as a secure digital asset is the result of the complete absence of any identifiable information associated with an individual crypto account. These types of assets are also not easily identifiable to... Continue reading
Posted May 11, 2023 at King & Wood, P.A.
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What Is the Purpose of an Executor?
“Being named as an executor in a loved one’s Last Will and Testament is a big responsibility. It is important to understand what you are agreeing to before you step into the role as executor.” It is flattering to be named the executor for a loved one. It demonstrates an... Continue reading
Posted May 10, 2023 at King & Wood, P.A.
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Protect Your Elderly Parents from Scammers
“Scam artists often target older adults, partly because they have amassed greater wealth.” Thinking on a very practical level, if you were a thief and had to choose a target, it would likely be someone who has wealth and is vulnerable—the picture of an elderly person, especially one who is... Continue reading
Posted May 9, 2023 at King & Wood, P.A.
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Estate Planning Requires Clear Direct Language, or Does It?
“Contrary to what you might expect, using precatory language such as ‘I wish’ or ‘I hope’ can play an important part in three estate planning objectives.” For the most part, there’s no room in an estate plan for vague language, says a recent article, “I Wish I May, I Wish... Continue reading
Posted May 9, 2023 at King & Wood, P.A.
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Do Joint Accounts With Rights of Survivorship Work?
“Joint accounts may seem like an effective way to prepare if parents need help with finances as they get older, but unexpected problems could crop up.” A common request from seniors is to add their children to their bank accounts, in case something unexpected should occur. Their goal is admirable—to... Continue reading
Posted May 5, 2023 at King & Wood, P.A.
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How a Special Needs Trust Protects Loved Ones
“While it may not seem necessary when a special needs child is young, setting up a trust to ensure their financial stability is better to be done sooner rather than later.” A special needs trust, also called a Supplemental Needs Trust, is created for a person who is disabled and... Continue reading
Posted May 4, 2023 at King & Wood, P.A.
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What You Need to Know About Estate Taxes
“Knowing the tax rules can help you pass on more of your money to your loved ones while minimizing taxes.” Most Americans don’t have to worry about federal estate and gift taxes. However, if you’re even moderately wealthy and want to transfer wealth to your children and grandchildren, you’ll want... Continue reading
Posted May 3, 2023 at King & Wood, P.A.
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Older Singles Can Plan to Protect Themselves
“Aging solo is about those individuals who are widowed or not married, live alone and have no family or none they can count on. They are going through the last years of their lives on their own. It can be just fine until one’s health declines and the usual activities... Continue reading
Posted May 2, 2023 at King & Wood, P.A.
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