If you have a loved one with disabilities, you may be familiar with “ABLE” accounts, authorized by Congress in 2014 under the Achieving a Better Life Experience Act. ABLE accounts are tax-advantaged savings accounts–similar to 529 education savings plans–whose funds can be used to pay for certain qualifying expenses of disabled individuals. As a result READ MORE
Posts Categorized: Estate Planning
6 Questions to Consider When Selecting Beneficiaries For Your Life Insurance Policy—Part 2
In the first part of this series, I discussed the first three of six questions you should ask yourself when selecting a life insurance beneficiary. Here I cover the final half. Selecting a beneficiary for your life insurance policy sounds pretty straightforward; however, given all of the options available and the potential for unforeseen problems, it can READ MORE
Why You Might Actually Owe Taxes in 2018
Like many taxpayers, if you’ve already filed your federal income taxes for 2018, you may be surprised to discover you’re not getting a refund this time. If so, this was almost certainly due to the sweeping tax overhaul made by the 2017 Tax Cut and Jobs Act (TCJA). Since personal tax rates were lowered by READ MORE
Four Easy to Avoid Mistakes People Make at Tax Time
It’s that time of year again: tax season. No one enjoys doing their taxes, and that is likely why many of us leave this tedious task to the last…possible…moment. As Tax Day approaches, millions of Americans are likely scrambling to track down all of their important documents to meet the April 15 deadline. But as READ MORE
4 Estate Planning Must-Haves for Unmarried Couples—Part 2
In the first part of this series, I discussed the estate planning tools all unmarried couples should have in place. Here, we’ll look at the final two must-have planning tools. Most people tend to view estate planning as something only married couples need to worry about. However, estate planning can be even more critical for those in committed relationships READ MORE
4 Estate Planning Must-Haves for Unmarried Couples—Part 1
It is thought that Estate planning is only needed once you get married; however, the reality is every adult, regardless of age, income level, or marital status, needs to have some fundamental planning strategies in place if you want to keep the people you love out of court and out of conflict. In fact, estate READ MORE
Three Keys to Protecting Yourself from a Rogue Executor/Trustee
Unfortunately, sometimes a death in the family can bring out the worst in people. Indeed, family resentments sometimes simmer during a time of grieving – particularly when money and assets from the deceased’s estate are involved. If you are a beneficiary under a loved one’s estate plan, you may be under the assumption that those READ MORE
Wills vs. Trusts: A Quick & Simple Reference Guide
Confused about the differences between Wills and Trusts? If so, you’re not alone. While it’s always wise to contact professionals focused on this area, like Cheever Law, APC, it’s also important to understand the basics. Here’s a quick and simple reference guide: What Revocable Living Trusts Can Do – That Wills Can’t Avoid a conservatorship and guardianship. A Revocable Living Trust READ MORE
The Silent Threat to Your Estate Plan
It is common knowledge that everyone needs to have an estate plan in place. Commonly, the focus is on assets, taxes, and any changes to legislation that may affect the security of your loved ones in the event of your incapacity or death. What many often forget, however, is that changes in family dynamics and READ MORE
4 Ways Estate Planning Can Improve Relationships with Loved Ones
Given life’s fleeting nature, using time with your family and friends to talk about estate planning is vital for ensuring you and your loved ones will be provided and cared for no matter what happens. READ MORE
Three Tips for Talking About Your Estate Plan During the Holidays
Christmas is right around the corner, bringing the joyous season of gathering with family and loved ones into full-swing. It is the time to slow down, get caught up with loved ones, and enjoy the family and experience quality time around the dinner table. It is also a great idea to take this opportunity to review your estate plan and talk about the topic with your loved ones. READ MORE
Think Your Homeowners Insurance Offers Protection From Natural Disasters Think Again
As part of customized estate planning, the first step in protecting your assets is having adequate insurance coverage. READ MORE
Don’t Forget to Include Your Digital Assets In Your Estate Plan—Part 2
Today, estate planning encompasses not just tangible property like finances and real estate, but also digital assets like cryptocurrency, blogs, and social media. With so much of our lives now lived online, it’s vital you put the proper estate planning provisions in place to ensure your digital assets are effectively protected and passed on in the event of your incapacity or death. READ MORE
Don’t Forget to Include Your Digital Assets In Your Estate Plan—Part 1
With our lives increasingly being lived online, our digital assets can be quite extensive and extremely valuable. Given this, it’s more important than ever that your estate plan includes detailed provisions to protect and pass on such property in the event of your incapacity or death. READ MORE
When Something is NOT Better Than Nothing—Part 2
Last week, I shared the first part of this series discussing the hidden dangers of do-it-yourself estate planning. In part two, I cover one of the greatest risks posed by DIY documents.
You might think you can save time and money by using do-it-yourself estate planning documents you find online. You’re probably anxious to check estate planning off your life’s to-do list, and these forms offer a seemingly quick and inexpensive way to handle this important task. READ MORE