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.
For the first time since 2001, Congress has provided some degree of certainty about the federal estate and gift tax.
As we wrote in the Autumn 2012 news-letter, we strive to keep things simple for our clients. Some complications can be avoided and some cannot. Just knowing that these conditions exist can help your estate planning go more smoothly.
“Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains.” – Steve Jobs
Foley & Foley is celebrating its silver anniversary in 2012. “When you have been in business for 25 years in Alaska, you start to feel like an institution,” said Richard H. Foley, one of the firm’s founders.
The holidays are just around the corner, and many of us are starting to think about ways to give back to our community or favorite charities. There may be a way you can give back while taking advantage of tax and investment requirements.