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King & Wood, P.A.
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Why Would I Need to Create a Special Needs Trust? “You may want to see if any of these five common reasons for establishing a special needs trust apply to your family.” WTOP’s recent article, “5 reasons to consider a special needs trust,” explains that a special needs trust (also... Continue reading
Posted 1 hour ago at King & Wood, P.A.
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How Do I Qualify for Medicaid? “It is often very difficult to qualify for Medicaid. However, the following steps can help determine if you are eligible and improve your odds of obtaining coverage.” If you’re in need of long-term care and can’t afford to pay for either the actual care... Continue reading
Posted yesterday at King & Wood, P.A.
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How Do I Help My Elderly Parent Manage His Money? “It’s a common issue as investors live longer and hold portfolios amassed over a lifetime.” Experts say that children need to approach financial discussions with their parents with a soft touch. Everyone slows down as they age, and it can... Continue reading
Posted 2 days ago at King & Wood, P.A.
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What are the Four Documents You Need in Retirement? “This paperwork will make difficult decisions easier on yourself and your heirs.” U.S. News & World Report’s recent article, “4 Documents You Need in Retirement” explains that once you retire, or perhaps even before you retire, you should think about documents... Continue reading
Posted 5 days ago at King & Wood, P.A.
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How Do I Spend Wisely in Retirement? “It’s OK to live it up—within reason.” When you retire, you have plenty of free time. However, you should be sure that shopping and spending excessively doesn’t become your new vocation. If by nature you’re a shopper, try focusing your energy on searching... Continue reading
Posted 7 days ago at King & Wood, P.A.
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Do I Have to Report the Value of a 529 Plan on My State Taxes? “Certain kinds of beneficiaries may owe the New Jersey inheritance tax.” Does the value of a 529 plan need to be reported on the New Jersey state inheritance tax filing? That was the question asked... Continue reading
Posted 7 days ago at King & Wood, P.A.
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What’s the Latest on the Fight Over Glen Campbell’s Estate? “A recently appointed administrator in the estate of singer Glen Campbell is disputing more than $1.3 million in claims filed by his widow Kimberly.” Several motions have been filed in Davidson Probate Court in Tennessee, where Blaine H. Smith has... Continue reading
Posted Nov 13, 2018 at King & Wood, P.A.
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How Do I Receive an Inheritance Wisely? “Receiving an inheritance is helpful, but don't let the potential tax bill surprise you.” The way in which spouses and other heirs go ahead and withdraw the funds from inherited IRAs or 401(k)s can have big tax implications, according to U.S. News &... Continue reading
Posted Nov 12, 2018 at King & Wood, P.A.
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What are the Benefits of an Irrevocable Life Insurance Trust (ILIT)? “The reality is that life insurance is treated as an asset in your estate. If the payout pushes your estate past federal or state estate tax exclusion limits, you could be facing a hefty estate tax bill. There is... Continue reading
Posted Nov 9, 2018 at King & Wood, P.A.
If You have a College Degree, You’ll Find It Easier to Work after 65 “Close to one in five Americans who’s 65 or older is still working, the highest percentage in more than half a century. The one who’s still working may be better off.” With more of us waiting... Continue reading
Posted Nov 8, 2018 at King & Wood, P.A.
What’s a QTIP in Estate Planning, and Do I Need One? “If you want children from your first marriage to get an inheritance, here's what you should know.” Second marriages are not uncommon in the US. In many cases, the new spouses have adult children from their first marriages and... Continue reading
Posted Nov 7, 2018 at King & Wood, P.A.
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New VA Rues for LTC Go Into Effect This Month “It’s going to be harder for veterans to qualify for a benefit that’s already little known.” There are some new regulations for the Aid and Attendance program, a service that helps qualifying veterans cover long-term care. Think Advisor’s recent article,... Continue reading
Posted Nov 6, 2018 at King & Wood, P.A.
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Why Does Stormy Daniels Have a Nuncupative Will? “Daniels’s recording is an oral will, also known in the law as a nuncupative will.” Stormy Daniels recently released her memoir, Full Disclosure. The book delivers Daniels’s vivid narrative of her 2006 Lake Tahoe meeting with President Trump and the drama that... Continue reading
Posted Nov 5, 2018 at King & Wood, P.A.
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“Some assets require special estate planning strategies and a lot of thought. One such asset is what I sometimes call heirloom real estate, or family real estate.” Heirloom real estate is a property that’s been in the family for some time and that one may want to keep in the... Continue reading
Posted Nov 2, 2018 at King & Wood, P.A.
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“The Godfather of Soul married a woman who was married to another man, who in turn was married to three other women. It's up to a federal court to decide who gets millions in song royalties in a case with major implications for artists and families.” When James Brown, the... Continue reading
Posted Nov 1, 2018 at King & Wood, P.A.
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“Most people likely know there are some basic documents they need for their estate plan. Those include a will, living wills or medical directives, durable powers of attorney for health care or property and side letters.” USA Today’s recent article, “Preparing a will: What you need to know about estate... Continue reading
Posted Oct 31, 2018 at King & Wood, P.A.
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“A living trust is a great way to protect and distribute your estate assets, in private and without court intervention.” A living trust can be an effective way to handle your estate because you can provide clear direction on how your assets should be disbursed (and to whom) after your... Continue reading
Posted Oct 30, 2018 at King & Wood, P.A.
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“Investing in your child’s education is one of the most important things you can do for your child. A 529 plan enables you to start saving early—the earlier the better—so you can allow the money you invest to make more money for you and your child.” The new tax law... Continue reading
Posted Oct 29, 2018 at King & Wood, P.A.
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“Many of us have read the titillating and tragic story of Sumner Redstone, the former executive chairman of Viacom, and the litigious financial power struggle that has embroiled his family.” HBO says that the Sumner Redstone saga was a key influence on its series Succession. That show involves money, a... Continue reading
Posted Oct 26, 2018 at King & Wood, P.A.
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“One of the greatest “gifts” someone can forward to their loved ones is an estate plan and detailed insurance record keeping.” A necessary component of estate planning is organizing your records. This is because when you die, your family will have to locate vital information and companies to take actions... Continue reading
Posted Oct 25, 2018 at King & Wood, P.A.
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“Of all the risks couples face in retirement, the death of a spouse is a certainty.” According to a Merrill Lynch and Age Wave study on widowhood, people aren’t really planning for this certainty. USA Today’s recent article, “Before the death of a spouse, here's how to prepare a financial... Continue reading
Posted Oct 24, 2018 at King & Wood, P.A.
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“Mac Miller, a 26-year-old American rapper and music producer who died Sept. 7 in California, had a will, and its contents are similar to those of musical phenom Michael Jackson.” The fact that the rapper Mac Miller even had a will may surprise some, since he was only 26 when... Continue reading
Posted Oct 23, 2018 at King & Wood, P.A.
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“While estate planning is important, most people ignore it and, therefore, there is not much that they know about it either. Revocable and irrevocable trust deeds are an important element in estate planning.” Estate planning isn’t only challenging, it’s essential. Your assets have a great potential to be treated without... Continue reading
Posted Oct 22, 2018 at King & Wood, P.A.
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“People often put off creating a will or estate plan because they want to avoid making difficult decisions or having stressful conversations with loved ones. The idea of death, money, and splitting possessions can create conflict. However, it doesn't have to be that way.” With a few exceptions, most people... Continue reading
Posted Oct 19, 2018 at King & Wood, P.A.
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“It’s one of the biggest challenges faced by wealthy families: How to avoid the “silver spoon” syndrome with their children.” The same advantages that family wealth can provide to children, can also become a major impediment to maturation and productivity. To raise children that are able to understand that they... Continue reading
Posted Oct 18, 2018 at King & Wood, P.A.