estate planning

Veterans Benefits: A Tool for Financial Planning

Many people are familiar with the basic benefits available to veterans, but did you know there are programs that could be beneficial tools in building a financial plan? In this article, we will discuss several programs, resources and benefits that are available to qualifying veterans that could become a piece of their financial planning puzzle.

IRA Beneficiaries: Per Stirpes vs. Per Capita

Did you know that your IRA beneficiary supersedes your will? No matter how carefully you’ve crafted your last intentions in your will, an IRA beneficiary that was never updated after your divorce and remarriage can unwittingly bestow your former spouse with your IRA inheritance, while also disinheriting your new spouse and children. That’s why it’s important to update your beneficiaries after major life changes such as marriage, divorce, births, illness, domestic issues and deaths.

Leaving a Legacy Edition

Read our Q4 2021 newsletter on leaving a legacy via strategic estate planning. We provide 10 articles with guidance on if you need an estate plan; types, features and taxation of trusts; how to set up trust funds for (grand)children; how to talk to your children about your estate; small-business transfer strategies; estate planning for the nontraditional family; how property titling can affect your estate plan. We also discuss what to do with your estate plan after getting a divorce or losing a loved one. We also introduce a new strategic alliance we formed with First Covenant Trust to offer our clients a full range of trust solutions.

Taxation of Inherited IRA Assets

If you have recently inherited an IRA, may receive an inherited IRA in your future or are passing along your IRA to beneficiaries, it is important for you to be aware of the taxation of inherited IRA assets. Specifically, IRS requires you to take required minimum distributions (RMDs) from an inherited IRA. Since IRA accounts are typically funded with all — or almost all — pretax funds, every distribution from an IRA is taxed as ordinary income and can have a considerable effect on your tax liability. There have always been rules to require taxpayers to take these distributions and pay tax on them, but these rules have changed significantly in the last couple of years.

Types, Features and Taxation of Trusts

The areas of trust planning and trust creation are vast and limited only by the imagination of the trust-makers, their attorney and the law. Trusts can be written and created to include a wide variety of features and accomplish many goals. So, while there may be a general form to certain commonly used trusts, no two trusts are ever the same. Somewhat like fingerprints, trusts are unique to each individual.

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