Transferring Family Assets to Minors

For 2020, an individual can gift up to $15,000 to another person in a year without needing to file a gift tax return.  Gifts in excess of the $15,000 limit are tracked through gift tax return filings and reduce the lifetime gift exclusion.   For this year, the exclusion is $11.58 million per person but could [...]

By |2021-01-22T17:07:51+00:00January 22nd, 2021|Estate Planning, Tax Planning|0 Comments

SECURE Act & Impacts on Estate Planning

The SECURE Act, which was signed into law on December 20, 2019, will greatly affect estate planning for many of our clients. Before the SECURE Act, owners of tax-favored retirement plans (IRAs, 401ks, etc.) were able to leave their retirement assets to a designated beneficiary who could then keep the plan in its tax-deferred status [...]

By |2020-01-27T20:22:24+00:00January 27th, 2020|Estate Planning, IRA|0 Comments

Can I Protect My IRA Account After My Death?

You have worked hard your whole life to build up a substantial IRA nest egg and want to leave your heirs with a legacy. With a traditional “custodial” IRA, once you (the IRA owner) die, your beneficiaries are free to do whatever they want with your money. They can be responsible and withdraw only the [...]

By |2019-10-18T14:28:21+00:00October 18th, 2019|Estate Planning, IRA, Retirement|0 Comments