Dispelling the Top Three Estate Planning Myths
Every complex subject has its own myths and misconceptions. Estate planning is no exception. Here are three things that you should understand in order to help you create and maintain a plan that will work for you the way you want it to when you need it to. Estate Planning Myth #1 – You Don’t
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The Simple Truth About Protecting Assets Through Planning
A lot of people look at asset protection planning and think there must be a catch or that there is something sinister, illegal or underhanded involved. We all believe that there is a moral obligation to pay our debts and live up to our promises. Many people suspect that asset protection planning is somehow immoral
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Who Knows Where Your Original Will is Stored?
Original wills are misplaced all the time. There is a way to get around that. You can simply file it with the Clerk of Courts, in your county of residence in South Dakota. They will store it for you and presumably they will not lose it. In Baltimore, Maryland, rather than simply leaving the filing
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What about the mail of a deceased loved one?
Four Steps to Stop Mail Addressed to a Deceased Person When you are appointed as a personal representative, formally known as the executor, of a deceased person’s probate estate or if you become a trustee of a deceased person’s trust, you will need to deal with the deceased person’s mail. The first thing to do
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Five Things You Need to Know About the Brand New ABLE Act!
President Obama signed an act called Achieving a Better Life Experience Act on December 19, 2014. This is now called the ABLE Act. This new law will allow certain individuals with disabilities to create tax-free savings accounts. These savings accounts will be available for certain folks who are qualified for Medicaid to use to cover
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Planning a Wedding? Plan your Estate.
Are you or your children thinking about getting married? Think about your estate planning basics too. It’s February here in South Dakota and many of you or your children are probably thinking about weddings. For all the bad jokes planning a wedding can be a lot of fun, dreaming about the cakes the reception the
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3 Money Saving Tips to Reduce Your Estate Planning Fees
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
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Protect Your Children From a Retirement Plan Disaster
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
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Fair vs. Equal?
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 Treating children the same does not
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Who Needs an Estate Plan?
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
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