Nowadays, a person cannot put together even a simple estate plan without hiring an experienced estate planning lawyer. The reason is that estate planning laws are different in each state. The laws are very complicated and can be convoluted. In South Dakota our trust laws change almost every year.
Sometimes, even missed signature or a wrong
U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors
On June 12, 2014, the U.S. Supreme Court—in a unanimous decision—ruled that Individual Retirement Accounts (IRAs) inherited by anyone other than a spouse are not retirement assets and as a result will not be protected from the beneficiary’s creditors in bankruptcy.
The rationale behind this is
What if Treating Your Children Fairly Means Unequal Inheritances?
When planning their estate, most parents try to treat their children equally in an effort to be fair. However, sometimes being fair or doing what’s right by your children may not mean equal or the same inheritances.
The Key Takeaways
The short answer to this question is “Everyone, age 18 and older needs an estate plan.” It doesn’t matter if you are old or young, if you have built up substantial wealth or if you are just starting out—you need a written plan to keep you in control, not the State of South Dakota, and
The Three-Year Review and the Three-Year Plan
Take a moment to review the circumstances of your life from three years ago. Think about what you knew and what you did not know about managing your wealth. What were the top five important lessons you learned? In what ways have your views about money and wealth changed?