IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again
Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year. Read on to learn more … [Read more...] about Let’s Talk about Trusts…and Taxation
While no one is happy when someone that they care about passes away, the property of the deceased must be distributed in some manner. If a person thought enough of you to leave you an inheritance, it is probably going to be welcome, because it is a very positive final gesture. Though it is a rare occurrence, people do sometimes have reasons to refuse inheritances. Is this possible from a legal perspective? Before we answer the question, we will look at some of the reasons why an … [Read more...] about Do You Have to Accept an Inheritance?
Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients. Read on to learn more. … [Read more...] about What Estate of Marion Levine Means for Life Insurance
An elder law lawyer can help you to take steps to protect your future. One of the most important of those steps involves providing instructions regarding medical care that you wish to receive and medical care that you wish to decline. Having control over your own bodily autonomy is vital, but you need to act in advance because a day may come that you cannot communicate your preferences about the care you are interested in undergoing. The Law Office of Michael Robinson, P.C. will assist you … [Read more...] about How Can You Avoid Unwanted Medical Care?