News & Resources

Trustee Misbehaving? It Can Have Dire Consequences – Part 1

The role of Trustee comes with very serious responsibilities. Not only has the person who created the trust, the Grantor, relied on that person to fulfill the Grantor’s intentions after his or her death, the beneficiaries rely on Trustees to perform the Trustee role in their best interests. In some cases, the Trustee may be the only means for a beneficiary to pay everyday living expenses, medical costs, and the like. For those people, a […]

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Beware of Potential Scams During Tax Season

It’s that time of year again. Of course, our thoughts are turning to preparing our income tax returns – and imagining all the different ways we can “invest” our tax refund! Perhaps a down payment on a new car, something new for your home, maybe that vacation you’ve been dreaming about, or even getting your estate planning done. One thing is for certain – you’re not the only one who’s thinking of ways to spend […]

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Help! My Parent Has Died, and I Don’t Know Where to Begin

It is not unusual for our office to receive calls from a recent decedent’s family members who have little knowledge of their loved one’s assets and debts. They are often at a loss as to where to begin to find that information. To facilitate their search, we recommend going through the following checklist: 1. Safe Deposit Box If you have access to the box, review and inventory it for asset information and documentation, such as […]

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Required Minimum Distributions Part 2 – How Qualified Charitable Distributions Can Minimize the Tax Impact of RMDs

As discussed in part 1, the IRS requires you to begin withdrawing a minimum amount annually from traditional IRAs (and from most 401ks) once you reach age 70 ½. These minimum withdrawal amounts are called Required Minimum Distributions (RMDs). If you are one of the 3.4 million Americans who turn 70 in 2018 and own one or more of these accounts, you know that RMDs are in your near future. When RMDs are distributed from […]

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Is Probate Always Needed When a Loved One Dies?

When thinking about the transfer of assets after their death, many people often make one of two erroneous assumptions regarding probate (a court proceeding transferring assets to beneficiaries and/or heirs-at-law): They are married, so everything they own will go directly to their spouse upon their death; or They have a Will (last will and testament), so their assets go to the parties named in the Will without having to go through probate. Both of these […]

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Turning 70½ in 2018? What You Need to Know about RMDs

Are you one of the millions of Americans with an IRA or 401k who have recently turned 70 or will reach that age in 2018? There are a few rules you need to know to avoid heavy penalties by the IRS for failure to take the proper required minimum distribution, commonly known as the “RMD”. When to Take the RMD If you turn 70 between July 1, 2017, and June 30, 2018, you should take […]

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