Obama's Proposals on IRAs
Courtesy of Natalie Choate, here are some of the President's proposals that may impact IRA and retirement accounts after 2015: The Obama administration's 2015 budget proposals include some suggested changes to the IRA rules. The proposal would eliminate the "stretch" payout to non-spouse beneficiaries, which imposes a 5-year post-death payout... »
Unmarried Persons and Joint Assets
My partner just passed away, and I'm concerned about our joint assets and about the assets he left to me in the will. What should I do? It's hard during such a trying and difficult time to think about having to fight to maintain your lifestyle and get "back to... »
Unmarried and Intestate
My partner died without a will and his blood relatives are contesting my right to inherit from his estate. What should I do? Unfortunately, when a person dies without a will, the State writes one for them. This is called intestacy. The intestate scheme in New York provides for a "spouse"... »
Life Insurance Tax Pitfalls for Unmarried Couples
What are some of the issues that same-sex couples must consider when it comes to life insurance? Unmarried couples have additional concerns to consider when evaluating life insurance policies: income replacement, tax liabilities, and above all, the titling of policies, which can result in tax liabilities for the inheritor. However,... »
Joint Accounts and IRAs for Non-Married Persons
What is Joint Tenants with Rights of Survivorship (JTWROS) and how can it help us in our joint ownership? JWTROS is a specific type of joint ownership that ensures the surviving partner will be named sole owner of remaining funds upon the death of the first partner. Due to several... »
First Thoughts about Second Marriages
I recently remarried. It is a second marriage for both of us and we each have adult children from our prior marriages. How can my husband and I provide for each other but protect our children's inheritance? This is a common question faced by both second-time spouses and their children.... »
FAQ: Rules About Inherited IRAs
Q.  I am 38 years old.  My grandmother named me as the beneficiary on her traditional IRA, which has $400,000 in it.  Can I roll this account over into my own IRA and defer withdrawals until I'm 60?   A.  Despite the U.S. Supreme Court ruling regarding creditor protection of... »
Life Insurance Trusts
What is a Life Insurance Trust? What does it do? In short, an irrevocable life insurance trust (ILIT): protects the life insurance payment from being countable in your gross estate, protects the proceeds from creditors and predators of your beneficiaries, and gives you more control over how the proceeds of your life insurance... »
What to Expect When Meeting with an Estate Planner
If you have made the decision to meet with an estate planner, congratulations. You will thank yourself in the future. Now, before your meeting, there are some questions you should be prepared to answer. These are some of the major points you will want to consider regarding your estate. Guardians and... »
Scary Statistics: Many Americans Die Without a Will
A 2007 survey found that the majority of American adults remain without wills. More than 55% of all adult Americans do not have a will. 32% of African American adults have wills 26% of Hispanic American adults have wills 52% of Caucasian American adults have wills Living Wills and Health Care Proxies have risen... »
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