The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. At this point, the virus has infected over a million people, including those on every continent except Antarctica, and hundreds of thousands in the United States alone. The spread of the coronavirus has wreaked havoc on financial markets … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
Economic Fallout from Coronavirus May Provide Opportunities
The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. At this point, the virus has infected hundreds of thousands of people, including those on every continent except Antarctica. The spread of the coronavirus has wreaked havoc on financial markets around the world. While nobody would seek out … [Read more...] about Economic Fallout from Coronavirus May Provide Opportunities
Coronavirus and Nursing Homes
The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. At this point, the virus has infected over a quarter million people on every continent except Antarctica. Nursing homes and long-term care facilities are especially hard hit. The biggest early cluster of COVID-19 in the United States was … [Read more...] about Coronavirus and Nursing Homes
St. Patrick’s Day and Coronavirus
Another St. Patrick’s Day is upon us. St. Patrick’s Day celebrates the feast of St. Patrick, the patron saint of Ireland. This is a religious and cultural celebration which celebrates all Irish heritage and all things Irish. Traditionally, people go to parades or crowd into bars and pubs to celebrate Irish heritage, even if they only have a wee bit (or none). However, this year St. Patrick’s Day celebrations around the globe are being postponed or cancelled due to the coronavirus outbreak. … [Read more...] about St. Patrick’s Day and Coronavirus
Preparing for Coronavirus
There’s a new virus that’s emerging, novel “coronavirus,” also called “COVID-19.” It first appeared in Wuhan, China in late 2019 and reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. At this point, the virus has infected near 100,000 people in 81 countries. There are hundreds of cases in the United States. Here’s the latest from the Centers for Disease Control (CDC). However, there is no reason to panic. … [Read more...] about Preparing for Coronavirus
Best Places to Retire: State Estate Tax
There are many factors which enter into your decision of where to live or retire. You may want to move to be closer to your grandchildren. You may want to be in the climate you prefer. One of the factors to include in your decision is taxation. As long as you live in the United States, you will be subject to federal estate taxation. In fact, even if you live overseas, if you are a U.S. Citizen or green card holder, you’ll be subject to federal estate taxes. But, if you die in 2020, you wouldn’t … [Read more...] about Best Places to Retire: State Estate Tax
Best Places to Retire: State Taxation
There are many factors which enter into your decision of where to live or retire. You may want to move to be closer to your grandchildren. You may want to be in the climate you prefer. One of the factors to include in your decision is taxation. As long as you live in the United States, you will be subject to federal income taxation. In fact, even if you live overseas, if you are a U.S. Citizen or green cardholder, you’ll be subject to federal taxes. But that doesn’t mean you cannot lower your … [Read more...] about Best Places to Retire: State Taxation
Planning for the Sandwich Generation
People are living longer and are having children later in life. Due to this combination of demographic factors, many more people are in the “Sandwich Generation.” Someone in the Sandwich Generation has elderly parents while they still have minor children. All too often, they are torn between their caregiving responsibilities for their children and for their parents. Here is an article regarding the Sandwich Generation which may be of interest. If you’re part of the Sandwich Generation, how do … [Read more...] about Planning for the Sandwich Generation
Joint Tenancy Pros and Cons
Joint tenancy is a form of legal ownership where the property passes automatically at the death of one of the owners to the remaining joint tenants. Typically, there are two joint tenants, though there could be three or more joint tenants. While this form of ownership may be convenient, especially for couples, it can be disastrous when it is used with others. Let’s look at a quick example. Betty and Bob were married and had two children, Jack and Mary. Betty and Bob had a home and farm in … [Read more...] about Joint Tenancy Pros and Cons
Whom Do You Want to Get Your Assets?
It’s important to consider whom you’d want to get your assets when you die. Most of us have an idea of whom we’d choose. But, it’s also important to consider who should get those assets if your preferred recipient isn’t around. Life is full of odd twists and turns. Unfortunately, sometimes people don’t die in the order you’d expect. (The deaths of Kobe Bryant and his daughter Gianna in a helicopter accident demonstrated this.) Let’s look at an example of the importance of naming contingent … [Read more...] about Whom Do You Want to Get Your Assets?
Beneficiary Designations and Other Non-Probate Transfers
Beneficiary designations and other non-probate transfers are an often-overlooked part of estate planning. They are overlooked by clients and sometimes even by professionals. When planning what would happen to your assets at death, most of us think, “oh, that’s simple, I need to do a Will to take care of that!” But, that’s just part of the process. You almost certainly have assets that are controlled by beneficiary designations or other non-probate transfers. Let’s look at an example. Mary … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
Estate Planning Conference Discusses SECURE Act and More
The Heckerling conference in Estate Planning is the country’s largest professional gathering in Estate Planning. The conference examines many areas of interest to Estate Planning and Elder Law professionals. It pays particular attention to items of current interest. As the SECURE Act passed in late-December 2019, it was discussed in many sessions. The SECURE Act accelerates Required Minimum Distributions for most beneficiaries of retirement plan and IRA assets. Under the Act, most … [Read more...] about Estate Planning Conference Discusses SECURE Act and More
