For the Love of Your Family

Articles to LIFT Your Family

Savvy Year-End Tax Moves for Retirement Plan Owners

Even though the elections are over, no one knows what Congress will do by the end of the year when it comes to taxes so retirees are advised to look at strategies to cut their tax bills now rather than wait for Congress to act.  Some considerations from Kiplinger’s: Max out on tax-deferred retirement savings […]

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Retirement Planning Guidelines for Every Age

You’re never too young or too old to save for retirement; here are some guidelines by age group: Under 25:  If you graduated from college with debt, you are certainly not alone – the average debt burden is currently $26,500 for 65 percent of college graduates.  Once you are able to get a good job, […]

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How to Protect Elderly Parents From Financial Abuse

According to a recent study by the Investor Protection Trust and Investor Protection Institute, the top three ways that the elderly could be financially exploited are: Theft of funds or property by family members Theft of funds or property by caregivers Financial scams by strangers It is estimated that one in nine seniors has been […]

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When It Comes to Inheritance, Treating Children Equally Not Always the Best Plan

While most parents have the inclination to treat all their children equally when it comes to an inheritance, Personal Family Lawyers® know that this is not always the wise choice.  Here are some scenarios when an unequal distribution may be better: Children of unequal wealth – If you have one child that is a successful […]

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Planning for Estate Taxes in 2013 and Beyond

What will happen to estate taxes in 2013?  Right now, you may as well try to predict what the weather will be on Jan. 1 than count on new laws from a contentious Congress still debating the scenarios. The estate and gift tax exemptions that were set by the 2010 Tax Act are the most […]

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How to Correctly Name Beneficiaries for Your IRAs

You could be unintentionally reducing your family’s wealth potential if you do not properly designate the beneficiaries of your IRAs.  Improper estate planning could mean that your IRA assets could pass to the wrong people or entities, so how you execute your beneficiary designations is critically important. Here are some of the steps that need […]

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What to Do When You Inherit a Retirement Account

As a Personal Family Lawyer®, I am often asked to help people who inherit a retirement account.  The action you need to take with an inherited IRA depends upon your unique situation; the IRS has rules for each and recently announced that they will be cracking down on taxpayers who make mistakes with inherited IRAs.  […]

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What a Will Won’t Do

There are a number of essential things a last will and testament can do for you, such as distribute family heirlooms and name a guardian for minor children, but there are some equally important things a will won’t do: Diminish estate taxes – a will won’t help you decrease your estate taxes, but a Personal […]

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Avoid these 10 Common Estate Planning Mistakes

As a Personal Family Lawyer®, I see many of the same estate planning mistakes made time and again by people who either fail to plan properly or who use “do-it-yourself” estate planning websites or forms in an effort to save money. Without professional guidance, this can cause more problems for your heirs and end up […]

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