foleypearson

As we turn the page on another year, it is a good time to review your estate plan and consider making financial gifts to your children and grandchildren.

We all like to be in charge because it gives us a sense of control. This is particularly true when it comes to managing our finances and personal health. None of us really think about giving up control or—worse—losing control.

A few years ago, the US News and World Report estimated that Americans held over $8.5 trillion in their IRAs and 401K plans. Most plan participants expect to use the money for their retirement needs, but a substantial portion of this money will actually pass to the named beneficiaries of account holders. Here are six … IRA Rules: Key Points About IRA Inheritance & Distribution

The most consistent theme that we hear from people about estate planning is that they want things to be simple for loved ones. The prevailing wisdom is that if the proper legal documents are in place, the surviving family members will have an easier time winding up affairs. While it is important to have up-to-date … De-Cluttering Your Life: Improve the Ease of Estate Administration

If you’ve ever been to an emergency room, you know the importance of being able to answer a multitude of questions quickly and accurately. Your life, or that of a loved one, may depend on the ability to provide the right information to those caring for you.

Over the last few years there have been a number of changes about how the IRS treats inherited IRAs and the necessary provisions if you name a trust as the IRA beneficiary. On June 12th of this year, the United States Supreme Court unanimously ruled in the Clark case that inherited IRAs are not afforded … Inherited IRAs: Naming Your Beneficiary

When Congress passed the American Taxpayer Relief Act (ATRA 2013), there were two permanent changes made in the estate tax law that have significantly impacted the way that many families plan their estates.

Earlier this year, Phillip Seymour Hoffman made headlines when he unexpectedly passed away from drug-related issues. His death also generated some raised eyebrows in financial circles because his estate plan turned out to be very costly for his heirs, both financially and emotionally.

Perhaps the biggest risk to a well-organized estate plan is the ignorance that arises from poor communication and the lack of a basic understanding of how estates are administered.

If you are at least 70½ years old and want to support a favorite charity, using your IRA as a source of liquidity can be attractive.