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Legacy Counsellors, P.C.

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State Estate Taxes to Consider When Planning a Retirement Relocation

Chances are you wouldn’t choose to live in a state, where estate taxes take a big bite out of your estate. However, if you haven’t checked this out, do so before relocating. Where you live and die could make a big difference in how much of your estate makes it... Continue reading

Posted yesterday at Legacy Counsellors, P.C.

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Your Family Needs You to Have a Will

There are many nuances in wills that only experienced estate planning attorneys know about. That’s just one reason, why it’s best to have a will prepared by a professional. With the creation of a will and estate planning documents, combined with frank conversations with family members about your intentions, your... Continue reading

Posted 2 days ago at Legacy Counsellors, P.C.

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Start a Roth IRA for a Retirement Bounty When You Need It

It’s easy to dismiss retirement savings when you are young. Retirement seems so far away, and there’s so much you want to do right now. But wiser and older people know how important it is to start retirement savings while you are young. No one ever says “I should have... Continue reading

Posted 3 days ago at Legacy Counsellors, P.C.

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Divorce and Your Estate Plan: Don’t Make Mistakes Here

With or without children, divorce is a complicated transaction, with many moving parts. Things happen during a divorce, which can sometimes take years to complete. One part that is often overlooked is the estate plan, which should be updated as early in the process, as possible. What would happen if... Continue reading

Posted Apr 17, 2019 at Legacy Counsellors, P.C.

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Can an Entire Generation Skip Retirement Planning?

Planning a funeral seems to be more appealing than for the hard truths about aging, which include illness, discomfort and often a loss of dignity. Always going their own way, boomers seem to have decided it’s okay to plan a funeral but not plan for failing health during retirement, reports... Continue reading

Posted Apr 16, 2019 at Legacy Counsellors, P.C.

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What You Need to Know About Powers of Attorney

If you are asked to serve as someone’s power of attorney, you’ll need to understand what they are asking you to undertake. If you are asking someone to be your power of attorney, you should know what it is you are asking them to do. Don’t be surprised if someone... Continue reading

Posted Apr 15, 2019 at Legacy Counsellors, P.C.

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Are Overseas Investments Missing from Your IRAs?

Most people tick off the boxes for their IRAs with mutual funds offered by the plan’s custodian. However, for the adventurous independent investor, your IRA could be used in overseas markets. There’s a world beyond domestic mutual funds, bonds and stocks for IRA investments. It’s not for the faint of... Continue reading

Posted Apr 12, 2019 at Legacy Counsellors, P.C.

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How Does a Life Estate Work?

Placing the family home into a life estate can be a worthwhile move, since it permits an aging parent or other family member to remain in the house, while allowing heirs to have eventual ownership. A family had fond memories of their childhood home. After their mother passed away, the... Continue reading

Posted Apr 11, 2019 at Legacy Counsellors, P.C.

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The Big Social Security Question: When to Take Your Benefits

While it may all even out in the end, when you take your benefits could have a real impact on the quality of your retirement life. Any big decision is easier to make, when you have all the necessary information. That includes deciding when to take Social Security. You can... Continue reading

Posted Apr 10, 2019 at Legacy Counsellors, P.C.

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The Big Social Security Question: When to Take Your Benefits

While it may all even out in the end, when you take your benefits could have a real impact on the quality of your retirement life. Any big decision is easier to make, when you have all the necessary information. That includes deciding when to take Social Security. You can... Continue reading

Posted Apr 10, 2019 at Legacy Counsellors, P.C.

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Estate Planning for Singles

Single people with no children sometimes feel like they might live forever. We know that's not true, but children do seem to serve as markers of the passage of time. The protections offered by an estate plan for singles while they are living, is especially important. Single people need to... Continue reading

Posted Apr 9, 2019 at Legacy Counsellors, P.C.

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Are They Airplanes or Retirement Plans? The Difference Between a 457 and 401(k)

There is a Boeing 457, but that’s not the same as a 457 retirement plan. A 457 retirement plan is also different than a 401(k) plan. Which one you can participate in, depends on where you work. The world of Independent Retirement Accounts, known collectively as IRAs, includes a number... Continue reading

Posted Apr 8, 2019 at Legacy Counsellors, P.C.

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How To Ensure a Substance Abuse Trusts Works

Many families today are turning to using trusts to protect their children who cannot manage their lives or inheritances, due to a substance abuse problem. Naming the right person to serve as a trustee, is a vital part of setting up a trust that will succeed. The best trust in... Continue reading

Posted Apr 4, 2019 at Legacy Counsellors, P.C.

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Break The Taboos Around Death and Discuss Your Wishes

Some families don’t talk about money, while others don’t talk about death. Smart families talk about both, because they recognize that there is a business component of their lives that needs to be addressed. Widely regarded as one of the world’s greatest commanders, Napoleon Bonaparte believed that battles were won... Continue reading

Posted Apr 3, 2019 at Legacy Counsellors, P.C.

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New Parents Need an Estate Plan to Protect Young Families

It is better to have a plan in place for the unimaginable, than to leave a family without guidance and protection. Experienced parents smile at memories of how tiny babies, especially first-borns, completely turn households upside down. Welcoming a new baby means that parent’s lives change, and in addition to... Continue reading

Posted Apr 2, 2019 at Legacy Counsellors, P.C.

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Why Everyone Needs a Will

Your net worth has very little to do with why you need a will. Everyone needs a will and an estate plan. The will does more than give you a chance to distribute your property as you see fit. Having a will protects your family and sends a clear message... Continue reading

Posted Apr 1, 2019 at Legacy Counsellors, P.C.

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How Does Portability Work?

Transferring wealth from one generation, while paying the least amount in taxes, is the goal of estate plans where families have significant wealth, as well as regular people. In the past, this required complex tax planning and trust structures. In 2010, the idea of making the federal lifetime estate tax... Continue reading

Posted Mar 28, 2019 at Legacy Counsellors, P.C.

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Is There a Limit to the Number of IRAs I Can Own?

Few people actually plan to have multiple IRAs, but it happens, usually after starting a new job, when it’s easier just to open a new IRA rather than deal with a rollover. Traditional IRA, Roth, SEP, spousal—there’s no legal limit to the number of Individual Retirement Accounts (IRAs) that you... Continue reading

Posted Mar 27, 2019 at Legacy Counsellors, P.C.

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Dad Refuses to Create an Estate Plan, Can Kids Do Anything?

There are some people who simply can’t be persuaded that an estate plan could help their family. If the stubborn person is legally competent, there’s not a lot that can be done. Some parents are just set in their ways, and it often seems like the older they get, the... Continue reading

Posted Mar 26, 2019 at Legacy Counsellors, P.C.

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Senator Sanders Introduces Bill to Change Estate Tax and Top Tax Rate

There’s a lot of talk about changing the estate tax exemption to something approaching previous levels, as well as increasing taxes on the wealthiest Americans. Will any of it happen, or is it campaign rhetoric? Vermont Senator Bernie Sanders, who has recently announced that he’s running for president in 2020,... Continue reading

Posted Mar 21, 2019 at Legacy Counsellors, P.C.

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How Well Does a Revocable Trust Work in Estate Planning?

There are people who still think that trusts and estate planning are only needed by wealthy families to protect their millions and billions. However, that’s not true. Estate planning, wills and trusts are for every family who wants to protect their assets. There are as many different types of trusts,... Continue reading

Posted Mar 20, 2019 at Legacy Counsellors, P.C.

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Karl Lagerfeld’s Beloved Choupette Maintains Her Lavish Lifestyle

As the pampered pet of an international fashion icon, Choupette won’t need to sacrifice style or comfort, now that her owner has passed. You can take care of your pet too, even if they aren’t world famous. The world of fashion mourned when Karl Lagerfeld died, leaving a legacy of... Continue reading

Posted Mar 19, 2019 at Legacy Counsellors, P.C.

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What are Benefits of Using a Trust, Instead of a Person as IRA Beneficiary?

The question is simple. The answer is not. This is an area where you’ll need to rely on a very experienced professional, since the rules for using a trust as an IRA beneficiary are extremely complex. In the right situation, and when handled with great proficiency, there can be advantages... Continue reading

Posted Mar 18, 2019 at Legacy Counsellors, P.C.

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What Role Does Charitable Giving Play in an Estate Plan?

We are a nation of volunteers and donors. Some give their time and expertise to charities, while others feel a responsibility to give back financially. There are different ways to give and there are still tax benefits to be gained from charitable giving. Many wills include a provision giving a... Continue reading

Posted Mar 15, 2019 at Legacy Counsellors, P.C.

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My Spouse Has Died. What Now?

The loss of a spouse is one of the most stressful events of anyone’s life. It’s a time of great vulnerability, yet there are so many decisions to make and things to do. How do you proceed? Probably the best advice anyone can receive after the loss of a spouse,... Continue reading

Posted Mar 14, 2019 at Legacy Counsellors, P.C.

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