The stretch IRA is dead and everyone (including me) is writing about how this is the apocalypse for IRA planning. Well, it isn’t. Let’s all take a deep breath.
Probate can be a long, arduous, and costly process—especially in states that aren’t considered probate-friendly. Enter a workaround that is being used by an increasing number of people: revocable living trusts.
The elimination of the Stretch IRA is a game changer, especially for parents who were considering bequeathing savings in IRAs to their children.
The most common question I get asked in our Mutual Interview is, “What’s the difference between a will and a trust?” The answer is based on the way each gets treated while you’re living and after you die. Whether you choose one or the other depends on your goals for your plan. [Read More]
There are several responsibilities that come along with being a personal representative in Northwest Iowa, and there are personal qualities which may make one person a better choice than others. For example, a good personal representative will have a sense of fairness and will be able to remain impartial when it comes to following the decedent’s instructions. [Read More]
Last week, we talked about the fact that many people see estate planning as an intimidating, even scary, process – only 45% of people have had their will prepared! But we also showed you the zen approach to creating your will with the help of an estate planning expert through planning ahead, organization, communication and clarity. And, surprise, those same principles apply to creating a trust. But, while the principles are the same, the zen of trust planning can be quite different from creating a will. [Read More]
Wills and trusts lawyers in Northwest Iowa see just about every circumstance that can result from a parent’s death. Some siblings handle the will or trust administration gracefully and with dignity while others turn to squabbling and pettiness. When we work with our clients, they are often very concerned about how to treat their children equally when setting up their wills and trusts. [Read More]
The person whom Northwest Iowa trust and estates attorneys have long referred to as the “executor” when managing your estate also has an alternative name. Known as the “personal representative”, this person is appointed by either the person doing the estate planning or by the courts when there was no one named in a will. The personal representative has a very big job of finishing up the decedent’s business, such as taking care of taxes and keeping the bills paid; not to mention the much more commonly recognized job of making sure the decedent’s wishes are followed when it comes to distributing assets. [Read More]
It’s not often that an estate planner is the hero of any story, and estate planning is second only to tax law as the least exciting subject for story telling. But I think maybe that’s what makes “Map of My Kingdom” so impressive. Writer Mary Swander, Actress Cora Vander Broek-Brumlow, and director Matt Foss take an otherwise boring topic and make you love each hero and hate each villain. [Read More]
Receiving an inheritance is both an honor and a responsibility, and Northwest Iowa probate and trust administration lawyers constantly see individuals who are just not ready to take that on appropriately. The temptation to simply spend away an inheritance as “bonus” money can be strong, but there are a whole lot of very practical means by which to manage the funds for your own future. [Read More]
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