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Garland Law Offices, P.A.
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“Setting up joint accounts between parents and children may seem like an effective way to prepare in case of emergency or if people need help with finances as they get older, but it can cause some big tax and estate problems. Here's a dual strategy to consider instead.” It's not... Continue reading
Posted 14 hours ago at Garland Law Offices, P.A.
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“What you need to know about registration of certain investments.” A transfer on death (TOD) designation lets the beneficiaries of an account receive assets at the time of the person's death, without going through probate. This also lets the account holder or security owner specify the percentage of assets each... Continue reading
Posted yesterday at Garland Law Offices, P.A.
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“Disability insurance can help protect your salary, if you are sidelined from work because of a health issue. Many individuals tend to skim over the details of this coverage during open enrollment, leaving them and their loved ones vulnerable.” One in four adults will become disabled before reaching retirement age,... Continue reading
Posted 2 days ago at Garland Law Offices, P.A.
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“According to a report from UBS Global Wealth Management, 56% of married women leave control of major financial planning and investing decisions to their spouses.” Divorce can be a very difficult time and a big change for most people. However, women, in particular, often realize that they’re impacted most by... Continue reading
Posted 5 days ago at Garland Law Offices, P.A.
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“’Tis the season for giving, and one of the best ways to feel good while making a difference in the world is to donate to charities.” The way that you donate can significantly impact your tax bill—especially with the tax reform legislation passed last year. The Los Altos Town Crier’s... Continue reading
Posted 6 days ago at Garland Law Offices, P.A.
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“After someone dies, there's a lot to do in order to with finances and making sure that no one steals the dead person's identity.” When a senior passes away, there are frequently questions about the type of benefits from Social Security that are available to her husband (especially when the... Continue reading
Posted 7 days ago at Garland Law Offices, P.A.
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“When it comes to implementing an estate plan, the word irrevocable is commonly part of the conversation. While it may sound scary to do anything irrevocable, in estate planning there are several instances where it may make sense.” The Patriot Ledger’s recent article, “Sometimes irrevocable is good,” explains that the... Continue reading
Posted Dec 4, 2018 at Garland Law Offices, P.A.
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“One of Prince's many nicknames was The Purple One. It was reportedly his favorite color, and after the success of Purple Rain, its use defined his image and his legacy.” Prince’s Estate is set to claim ownership over the use of "the color purple" in films and live and recorded... Continue reading
Posted Dec 3, 2018 at Garland Law Offices, P.A.
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“After someone dies, there's a lot to do in order to with finances and making sure that no one steals the dead person's identity.” When a senior passes away, there are frequently questions about the type of benefits from Social Security that are available to her husband (especially when the... Continue reading
Posted Nov 30, 2018 at Garland Law Offices, P.A.
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“Splitting up money is easy. Splitting up an antique car or a vacation home isn't. Unless you plan ahead by answering these three questions, your family could be in for some strife.” With baby boomers now starting one of the largest transfers of wealth in U.S. history, many people are... Continue reading
Posted Nov 30, 2018 at Garland Law Offices, P.A.
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“Whether you got them as a birthday gift from Grandma or bought them through a payroll deduction on your first job, you may own U.S. Savings Bonds that have stopped earning interest.” The common variety of bonds that were first issued in 1980 are the Series EE Bonds. These bonds... Continue reading
Posted Nov 29, 2018 at Garland Law Offices, P.A.
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“When it comes to estate planning and making preparations for the end of your life, you may benefit a great deal from creating an advance directive.” An advance directive, also called an advance health care directive or a living will, is a legal document that states what health care decisions... Continue reading
Posted Nov 28, 2018 at Garland Law Offices, P.A.
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“Make note of two important dates after inheriting an IRA: Dec. 31, when required minimum distributions must be taken by, and Sept. 30 of the year after death.” U.S. News & World Report’s recent article, “What Day of the Dead Can Teach Us About Inherited IRAs,” says that understanding all... Continue reading
Posted Nov 27, 2018 at Garland Law Offices, P.A.
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“Dementia is an umbrella term used to describe diseases associated with memory loss, like Alzheimer's disease. There are several things that are commonly known to lead to it, such as high blood pressure or a traumatic brain injury. However, as fairly recent research has found, there are also some pretty... Continue reading
Posted Nov 26, 2018 at Garland Law Offices, P.A.
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“Buying a beach house can bring an excellent return on investment (ROI), a reliable income stream and access to a delightful vacation spot.” There are many beach house investors, who purchase homes they will rent out during peak tourism times. A Florida beach house owner might open her home to... Continue reading
Posted Nov 23, 2018 at Garland Law Offices, P.A.
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“Be careful what papers you sign, if you bring a sick spouse for medical care.” When a person passes away, his or her spouse may be responsible for some of the decedent’s outstanding medical bills. Generally, there are some items that a spouse might be required to pay, and others... Continue reading
Posted Nov 22, 2018 at Garland Law Offices, P.A.
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“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 called a supplemental needs trust) is created to hold and... Continue reading
Posted Nov 21, 2018 at Garland Law Offices, P.A.
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“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 you need or any insurance or... Continue reading
Posted Nov 20, 2018 at Garland Law Offices, P.A.
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“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 be catastrophic for seniors who choose overly risky holdings, forget... Continue reading
Posted Nov 19, 2018 at Garland Law Offices, P.A.
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“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 you’ll need in your senior years. The following four... Continue reading
Posted Nov 16, 2018 at Garland Law Offices, P.A.
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“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 in nj.com’s recent article, “Does a 529 plan become part of someone's estate? Is inheritance... Continue reading
Posted Nov 15, 2018 at Garland Law Offices, P.A.
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“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 for deals, especially senior discounts. MarketWatch’s recent... Continue reading
Posted Nov 14, 2018 at Garland Law Offices, P.A.
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“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 challenged five separate claims filed by Kimberly Campbell, singer Glen... Continue reading
Posted Nov 13, 2018 at Garland Law Offices, P.A.
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“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 & World Report’s recent article, “Tax-Savvy Ways to... Continue reading
Posted Nov 12, 2018 at Garland Law Offices, P.A.
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“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 something you can do, though.” Many people just assume that all... Continue reading
Posted Nov 9, 2018 at Garland Law Offices, P.A.