In 2006, the Pension Protection Act was the last significant change in retirement legislation until the Setting Every Community Up for Retirement Enhancement Act (SECURE) of 2019. The impact of the SECURE Act on some retirees, near-retirees, and their future…
We are living longer now than previous generations, which will prolong our retirement years. Since expenses, taxes, and inflation don’t go away simply because we retire, we need to make sure we have enough money to live comfortably while meeting…
In most cases, discussing the end of one's life is uncomfortable. Avoiding the subject is easier. Since we don’t want to talk about it, many of us don’t make plans for what we want to happen before or after we…
You can ensure your loved ones are taken care of after your death by creating an estate plan that distributes assets according to your wishes. It requires organization and strategy and begins with five key legal documents that can address…
You may choose from two types of trusts when planning your estate: revocable or irrevocable. Each trust type has its own benefits and drawbacks. However, both trusts are legal arrangements to manage and distribute your property during your lifetime or…
Planning for succession and estate planning for farm and ranch real estate as well as related livestock, equipment, and other personal property has unique challenges. There is a common misconception that federal estate taxes threaten farm or ranch property, preventing…
Legally validating a will, naming or validating a personal representative (executor), and transferring assets to intended beneficiaries is a process called probate. It also requires paying the decedent’s outstanding debts and federal and state taxes. Each state has different laws…
It's common for people to associate estate planning with wills and trusts and passing assets on to children. However, there is another part of estate planning that doesn’t get as much attention. It concerns advance health care planning. Have you…
In spite of the fact that probate can be complicated, long, and expensive, proper estate planning can mitigate unwanted risks by anticipating what might happen and preventing problems before they arise. Sound estate planning can make the probate process run…
As we deal with a loved one's death and receive an inheritance, we experience mixed feelings. The loss of a loved one is sad but the influx of funds can bring joy or relief. It can be hard to think…