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King & Wood, P.A.
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“Social Security was never intended to fund the full cost of your retirement, though some seniors rely upon it for nearly all their income.” More than a third of Americans rely on Social Security for all or part of their monthly income. When created, Social Security was intended to serve... Continue reading
Posted 8 hours ago at King & Wood, P.A.
“Research shows that fewer than one-third of U.S. residents have advanced-care directives or detailed medical instructions in case they can’t communicate their own wishes.” Any family facing the end-of-life of a loved one deserves to know what their loved ones want, as observed in an article from The New York... Continue reading
Posted 9 hours ago at King & Wood, P.A.
“Above all, you should choose someone you trust, keeping in mind that acting as a trustee or executor can be a complex, thankless and sometimes long-term job.” Creating an estate plan includes assigning a person (or persons) to three different roles: one to oversee financial affairs if you are incapacitated—Power... Continue reading
Posted 9 hours ago at King & Wood, P.A.
“For most business owners, the business is the most valuable item on their balance sheet.” Estate planning for business owners offers numerous opportunities for lifetime transfers to move value and future appreciation out of the taxable estate. An article from The National Law Review, “Estate Planning for the Business Owner,... Continue reading
Posted 7 days ago at King & Wood, P.A.
“The process averages six to nine months to complete. However, it may take up to two years or more for some complex estates, tying up the assets that your family may need immediately.” While some jurisdictions have revised probate laws to help settle smaller estates faster, others are not so... Continue reading
Posted May 16, 2024 at King & Wood, P.A.
“Many people like the idea of giving some portion of their estate to charity. However, charitable gifts are often overlooked or put on the back burner during the estate planning process.” When preparing an estate plan, it’s easy to neglect charitable giving, especially if your main focus is to get... Continue reading
Posted May 16, 2024 at King & Wood, P.A.
“Withdrawals from traditional inherited retirement accounts are treated as income by the IRS, so the timing of these distributions matters for tax strategy.” The latest from the IRS is good news for people who have inherited retirement accounts since 2020, according to The Wall Street Journal article “Heirs Get More... Continue reading
Posted May 15, 2024 at King & Wood, P.A.
“Conventional wisdom casts trusts, wills and estate plans as the exclusive domain of the ultra-rich. Supporting this notion, data reveals that two-thirds of Americans lack an estate plan, a figure that climbs higher to 80% among Gen-Zs.” However, recent anecdotal trends show a new, positive shift among millennials or Gen-Z... Continue reading
Posted May 15, 2024 at King & Wood, P.A.
“The public is now likely to get a closer look at Simpson’s finances, and the families are likely to have a better shot at collecting—if there is anything to collect.” A wrongful death lawsuit in 1997 found O.J. Simpson liable for the deaths of ex-wife Nicole Brown-Simpson and her friend... Continue reading
Posted May 13, 2024 at King & Wood, P.A.
“Many an estate plan has gone awry due to a misunderstanding of how retirement plan benefits work or a failure to consider retirement plan beneficiary designations as part of an overall estate plan.” If you have recently completed your estate plan, Kudos! But if you haven’t updated an estate plan,... Continue reading
Posted May 13, 2024 at King & Wood, P.A.
“Revocable trusts are much more common than irrevocable trusts because they provide many important estate planning benefits.” There are many basic tools of estate planning, which become more effective when they are coordinated and complement each other. For asset protection and tax planning, aligning strategies is critical for success, says... Continue reading
Posted May 13, 2024 at King & Wood, P.A.
“Incapacity can happen to anyone at any time, but your risk generally increases as you grow older. Consider what would happen if, for example, you were unable to make decisions or conduct your own affairs.” People think estate planning is only about a will, but it’s much more. Estate planning... Continue reading
Posted May 13, 2024 at King & Wood, P.A.
“Getting married in middle age or beyond, is not only a significant personal milestone, it’s also one of the biggest financial decisions of your life.” Today’s wedding couple is as likely to be 30 or 50 years old as they are to be in their twenties. This trend underscores the... Continue reading
Posted May 9, 2024 at King & Wood, P.A.
“Death and money aren’t fun subjects to bring up over dinner. However, families who make time for that awkward chat now can spare deep regrets and potentially millions in lost dollars.” Having an estate plan prepared by an experienced estate planning attorney is nowhere near as challenging as having conversations... Continue reading
Posted May 6, 2024 at King & Wood, P.A.
“US Supreme Court justices appeared skeptical of an estate’s bid to challenge its $1 million tax deficiency on the grounds that the IRS overvalued the decedent’s redeemed stock.” The U.S. Supreme Court could soon rule on a case that would significantly impact succession plans for closely held businesses and put... Continue reading
Posted May 6, 2024 at King & Wood, P.A.
“People who die without a will can leave a thicket of probate problems for loved ones.” A new survey reveals fewer Americans are having wills prepared despite the dramatic increase in people having wills and trusts created when the pandemic was at its peak. Maybe it was because Americans were... Continue reading
Posted May 6, 2024 at King & Wood, P.A.
“A quarter of the U.S. population—61 million people—has a disability that makes independent living difficult or not possible, according to the Centers for Disease Control.” Families that include individuals with special needs require planning to secure their loved ones' security in the future, both in legal and financial terms. There’s... Continue reading
Posted May 6, 2024 at King & Wood, P.A.
“If you’re planning to give your children a financial head start, or support a charitable cause that you’re passionate about, you will need to keep the annual exclusion for gift taxes in mind.” There are limits to the amount of assets a person can give to another person or entity... Continue reading
Posted May 6, 2024 at King & Wood, P.A.
“In 2022, the 59-year-old was placed under temporary financial guardianship after her bank, Wells Fargo, claimed in a New York court that she was an ‘incapacitated person’ and the ‘victim of undue influence and financial exploitation,’ according to The Hollywood Reporter.” Former talk show host Wendy Williams is the subject... Continue reading
Posted May 3, 2024 at King & Wood, P.A.
“For years, practitioners have freely used irrevocable trust decantings as a means to make various changes to irrevocable trusts without concern of giving rise to gift tax consequences.” The term “irrevocable trust” is not quite what it seems, says a recent article from The National Law Review, “Is CCA 202352018... Continue reading
Posted May 3, 2024 at King & Wood, P.A.
“The will contract should address what will happen if there is a future dispute over gifts, interpretation of the agreement, changes proposed to an estate planning document and other possible issues.” A will contract is an agreement made with another person, often a spouse, and is more likely used in... Continue reading
Posted May 3, 2024 at King & Wood, P.A.
“The terms ‘revocable trust’ and ‘living trust’ are commonly heard in an estate-planning context. You may hear people say, ‘My house is in trust for my children,’ or something along those lines.” A revocable or living trust is a document created by you while you are living, creating a separate... Continue reading
Posted May 3, 2024 at King & Wood, P.A.
“Women live longer than men and generally make less money. This affects how they should prepare for retirement.” One woman’s story is a warning to everyone. Four months after Caroline S. married for the second time, she received a notice from the IRS about back taxes her new husband owed—$1,600... Continue reading
Posted May 3, 2024 at King & Wood, P.A.
“In 2024, the federal estate tax ranges from 18% to 40%, depending on how much the value of the estate exceeds the current exemption limit of $13.61 million.” Known as the “death tax,” an estate tax is applied to assets inherited by others when you die. In addition to the... Continue reading
Posted Mar 21, 2024 at King & Wood, P.A.
“There are some cases in which people find that they might, under the law, have only a lifetime lease on an asset they created.” Few people are planning adequately for the ownership transition of digital assets, which range from social media profiles, digital artwork and online-only businesses to cryptocurrency. When... Continue reading
Posted Mar 21, 2024 at King & Wood, P.A.