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Graber & Johnson Law Group LLC
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“The worldwide worry over coronavirus creates a glimmer of good news for at least one segment of the U.S. population: the top 0.1 percent.” A down market gives super-wealthy people the ability to use sophisticated strategies to help pass along billions of dollars to heirs, tax free, reports Accounting Today... Continue reading
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“You’ve probably received one: A recorded call warns of a problem with your Social Security number. To fix it and avoid legal action, you’re told, you must call back immediately—and pay up.” You’d think everyone would know to ignore these calls. However, these criminals are so convincing, says The New... Continue reading
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“A power of attorney, similar to a last will and testament, is a powerful document that must be created before it becomes necessary.” All too often, people wait until it’s too late to execute a power of attorney. It’s uncomfortable to think about giving someone full access to our finances,... Continue reading
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“Giving appreciated stock shares, donating your RMDs and using charitable remainder trusts are just a few of the options you may not be aware of to help charities and your heirs at the same time.” Americans are a country of generous people. We give to organizations that we feel connected... Continue reading
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“The stretch IRA is dead and everyone (including me) is writing about how this is the apocalypse for IRA planning. Well, it isn’t. Let’s all take a deep breath.” Yes, the SECURE Act has eliminated the use of the stretch IRA, which is the ability to pass an IRA down... Continue reading
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“There were only approximately 1,900 taxable estates in the U.S. in 2018, which is less than 0.1 percent of people who died that year.” The federal estate tax has been a small but steady source of federal revenue for nearly 100 years. The tax was first imposed on wealthy families... Continue reading
Posted Mar 27, 2020 at Graber & Johnson Law Group LLC Blog
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“The most common misconception estate planning attorneys hear, is that someone doesn’t need an estate plan because their client isn’t elderly or on death’s door.” Estate planning is something anyone who is 18 years old or older needs to think about, advises the article “Estate planning for every stage of... Continue reading
Posted Mar 27, 2020 at Graber & Johnson Law Group LLC Blog
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“During the estate planning process, these beneficiary designations are reviewed to ensure that the beneficiaries are correct, and that the distribution of these assets conforms with the client’s intended estate plan.” Naming a beneficiary on a non-retirement account can result in an unintended consequence—it can even topple an entire estate... Continue reading
Posted Mar 27, 2020 at Graber & Johnson Law Group LLC Blog
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“Assuming you have income in retirement, you will be subject to at least some income taxes in your golden years.” Once you are retired, the only tax you won’t have to pay will be—can you guess? Yes, payroll taxes. However, there are plenty of other taxes to be paid, advises... Continue reading
Posted Mar 27, 2020 at Graber & Johnson Law Group LLC Blog
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“With all the media buzz about guardians stealing money from those whom they are meant to protect and overall financial abuse issues involving seniors, it’s a good moment to revisit how surrogate decision-making works.” Protecting yourself or a loved one can take many different forms, since aging takes a toll... Continue reading
Posted Mar 27, 2020 at Graber & Johnson Law Group LLC Blog
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“Probate can be a long, arduous, and costly process—especially in states that aren’t considered probate-friendly. Enter a workaround that is being used by an increasing number of people: revocable living trusts.” A will lets you determine how your property will be distributed when you die, and a revocable living trust... Continue reading
Posted Mar 20, 2020 at Graber & Johnson Law Group LLC Blog
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“Failing to ensure that your asset titling and beneficiary designations are coordinated with your estate plan, can lead to unintended costs, taxes and outcomes.” One of the most common mistakes people make about their estate planning is neglecting to coordinate all of the moving parts, reports the Dayton Business Journal’s... Continue reading
Posted Mar 19, 2020 at Graber & Johnson Law Group LLC Blog
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“ABLE accounts can be powerful financial tools for those living with a disability. Here's how they work.” It took nearly a decade of lobbying, but in 2014, Congress passed the Achieving a Better Life Experience Act. The law, referred to as ABLE, lets people with disabilities open a tax-advantaged account,... Continue reading
Posted Mar 18, 2020 at Graber & Johnson Law Group LLC Blog
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“Research shows that moving 401(k)s to after-tax contributions would boost tax returns in the short term, but leave retirees worse off.” Overhauling the retirement savings system is the subject of considerable talk in Washington these days, with the focus on how to give an immediate boost to government tax revenues.... Continue reading
Posted Mar 17, 2020 at Graber & Johnson Law Group LLC Blog
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“For obvious reasons, including control, privacy, asset protection, etc., many clients are interested in putting assets into a trust. For many retirees, their IRA is among their biggest assets. It’s only natural to want to put the IRA into a trust.” An IRA may not be placed into a trust... Continue reading
Posted Mar 16, 2020 at Graber & Johnson Law Group LLC Blog
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“Planning for changes to the estate tax and the valuation discount for small businesses can be challenging. Here’s how to take advantage of them now.” Trying to anticipate changes in the tax codes is like trying to time the stock market—a nearly impossible task. Most tax pundits guessed right, when... Continue reading
Posted Mar 13, 2020 at Graber & Johnson Law Group LLC Blog
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“Under the new law, not only must all of the tax on IRAs and plans benefits be paid much earlier than it was before, but the rate will likely be much higher too, since that income will be bundled into the recipients’ peak earning years.” The demise of the stretch... Continue reading
Posted Mar 12, 2020 at Graber & Johnson Law Group LLC Blog
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“One Justice from the Florida Supreme Court commented that the expensive litigation far outweighed any savings resulting from the pre-printed form.” Here’s a real world example of why what seems like a good idea backfires, as reported in The National Law Review’s article “Unintended Consequences of a Do-It-Yourself Estate Plan.”... Continue reading
Posted Mar 12, 2020 at Graber & Johnson Law Group LLC Blog
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“A strong long-term care plan spells out where you would like to live, how you plan to get around, and who will oversee your financial and health decisions when you’re incapacitated.” Starting to plan for elder care should happen when you are in your 50s or 60s. By the time... Continue reading
Posted Mar 12, 2020 at Graber & Johnson Law Group LLC Blog
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“A suspicious email, a strange phone call from an unknown number, an overzealous financial adviser, a close family member: what’s the connection between all these people and things? It's financial elder abuse.” Financial elder abuse is defined as the “fraudulent or otherwise illegal, unauthorized or improper act or process of... Continue reading
Posted Mar 9, 2020 at Graber & Johnson Law Group LLC Blog
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“Rising divorce rates among Americans over the age of 50 are causing more conflict in estate planning, new data shows.” Add “gray divorce” to the factors leading to strife in estate planning. Minimizing discord among beneficiaries is one of the top three reasons people decide to have estate plans created,... Continue reading
Posted Mar 6, 2020 at Graber & Johnson Law Group LLC Blog
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“The typical explanation given for retaining original wills at the lawyer’s office is that clients might lose them, or executors may be unable to find them at the appropriate time.” An estate planning attorney has 500 wills with no owners. Most came into his office through several law firm acquisitions.... Continue reading
Posted Mar 5, 2020 at Graber & Johnson Law Group LLC Blog
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“Have you resolved to get your estate planning done at last or perhaps updated? Good for you. Here’s what you’ll need to do, and, just as importantly, what you don’t need to do.” The death of basketball legend Kobe Bryant, his daughter and seven others reminded us that we never... Continue reading
Posted Mar 4, 2020 at Graber & Johnson Law Group LLC Blog
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“Nobody likes to think about dying. However, it happens whether we prepare for it or not. If you don’t do some advance planning, it can cause even more longer lasting pain and grief, not to mention money and strained relations for your loved ones.” Many people don’t think of themselves... Continue reading
Posted Mar 3, 2020 at Graber & Johnson Law Group LLC Blog
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“Regardless of whether the law makes sense to us, we are all required to abide by it.” There are many misconceptions about the law in general and about estate planning in particular. There are also many opportunities to use the law to protect those we love, when it comes to... Continue reading
Posted Mar 3, 2020 at Graber & Johnson Law Group LLC Blog