Okay, put down the remote and give me 5 minutes. We need to talk about Estate Planning with your home and possibly other real property. Would you like the Court to take away your home; would you prefer to die in a lonely nursing facility and not in your home; would you care that a…
This subject led me to write a book in the late 90s called Avoiding Tax Traps In Your IRA which was endorsed by Kiplinger’s Retirement Reports. In my research for the book, I discovered a minefield of tax traps which caused individuals to lose substantial money to taxes and penalties. I will use this blog…
Would you like everyone you have ever mentioned in your Trust to receive a copy of that document? What about ex-friends, remote family members, or even ex-lovers. What about charities, house help, gardeners, etc? But wait a minute Jack, what if I removed them in a subsequent Amendment, you reply? Yeah, that’s right, you did,…
Remember when you arranged that IRA with the financial institution and received a “bunch of papers”? Yeah, one of those “bunch of papers” was a Beneficiary Designation form- now remember? Okay, I’m going to ask you 3 questions which can have devastating results depending on your answers. Who did you, for sure, designate as the…