What year should you take your first IRA Required Minimum Distribution (“RMD”)? Is the answer always the year you turn 70 ½? It may not be so simple. Generally, for IRAs, the beginning date of your first RMD is April 1…
Does this sound familiar? You have a great idea for a business. You take a huge risk, work 365 days a year with no promise of financial compensation. You sacrifice time with your loved ones to make sure your business…
Do-it-yourself Estate Planning According to a recent study, a large amount of people in need of legal assistance use the Internet instead of consulting with an attorney. But why? The internet provides a faster, easier and lets not forget FREE…
Funds in inherited IRAs are not protected from bankruptcy. Thanks to the U.S. Supreme Court decision in Clark v. Rameker, a key ambiguity in bankruptcy law has been resolved. Unfortunately for those who face bankruptcy proceedings and were hoping to…
Put yourself in the shoes of Sting’s children; your dad is worth $306 million and is one of the most successful musicians in history. You would think you’re set for life, right? According to an interview with Daily Mail the…
It seems like every day there is a new app to make your life easier and less stressful. In fact, if you have a good idea the odds are someone over in Silicon Valley has already turned it into an…
The question, “When should I update my estate plan?” is often asked when creating an estate plan. The answer usually depends on what is going on in your life, but it can also depend on updates in the law and…
If you are thinking about giving a gift of significant value to a loved one during your lifetime then you should take a minute to consider how it will impact your estate plan before you do. You may be creating…
Most people are under the unfortunate misconception that if someone needs nursing home care and has assets that it is too late to save anything. This is generally WRONG! As many are aware, Medicaid has a five year look back…
A comprehensive estate plan should at least include the following documents: durable power of attorney, health care directives and a Last Will and Testament (a Will). Health Care Directives, often referred to as a Health Care Proxy and a Living Will,…