The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019, and went into effect on January 1, 2020. It is the most impactful legislation affecting retirement accounts in at least a decade. If your estate plan distributes your retirement assets to your beneficiaries in trust, please contact us for a review of your plan to determine if updates are required to avoid the “conduit trust disaster,” explained below. The SECURE Act poses significant problems for clients who wish to protect retirement…Read More
Do you know what kind of estate plan your parents have, if any? And conversely, do your kids know what your wishes are in the event of your death or incapacity? Beginning a conversation with your elderly parents or with your children about planning to prepare for eventual incapacity and death can be a very difficult thing to do. The holidays can be a great time to begin the conversation and discuss wishes, desires, and completing a solid estate plan together. You may find out that your parents have a…Read More
If you have a child or another loved one who is physically, mentally, or developmentally disabled, he or she may be entitled to government benefits such as SSI or Medicaid. Most benefits are available only to those with limited financial assets and income. As a result, leaving an inheritance to a disabled loved one may cause the loved one to no longer qualify for government benefits. Is there a way to allow such a family member to receive an inheritance and also continue to receive government benefits? The answer is,…Read More
From time to time, it’s good to review why having a complete, up-to-date estate plan is so important. In addition to confirming our own actions, it can provide us with valuable information to pass along to friends and family who, for whatever reasons, have yet to act. So, here are five common estate planning mistakes to avoid. 1. Not having an estate plan. Every state has laws for distributing the property of someone who dies without an estate plan—but not very many people would be pleased with the results. State laws…Read More
A gun trust is a special type of trust that is designed to hold all of your firearms and firearms-related accessories. Gun trusts make it much easier for your loved ones to handle your firearms should you become incapacitated or die, they boost your ability to share and transfer NFA firearms, and they help ensure all state and federal laws are followed. Gun trusts have become the planning tool for gun owners whose collections include NFA firearms. One of the primary reasons is the ability to share possession of the…Read More
What would happen if your grandfather passed away, leaving behind his collection of firearms? What if his collection included a German rifle he brought back from World War II … an MG 42, still fully automatic and in its original condition, taken by him off of a German soldier and brought back as a souvenir? Is it legal? Can you accept it when your family says it should go to you? Sometimes, gun owners die without preparing any kind of estate planning documents. Other times, gun owners may prepare nothing…Read More
When a gun owner dies and has not prepared a gun trust to direct how the firearms should be handled, it is imperative that the person handling the estate (Idaho probate or Oregon probate) understands the many rules that apply to the transfer and possession of firearms. Breaking these rules, even accidentally, is often a felony. A well-drafted Idaho gun trust will assist the trustee with the following issues by giving much more direction that a personal representative (executor or executrix) will receive in a probate proceeding. Keep in mind…Read More
There’s only one thing better than buying a new gun: Making your own custom firearm at home. Stick to Alex Kincaid’s “Three Rules for Staying Out of Prison” below, and you stand a good chance of not violating one of the many gun-control laws that can affect well-intentioned, law-abiding Americans. What Are The Three Rules? Be Selfish: Build firearms for your personal use Know what you’re buying Know what you’re making 1. Build for Your Personal Use The ATF has published an opinion that “Firearms may be lawfully made by…Read More
For too long, Americans have been taught to rely on the government for their needs: Social security will pay your retirement. The Affordable Care Act will take care of your medical expenses. Medicaid will pay for your nursing home. The court will handle your affairs if you are incapacitated or when you die. Astute estate planning attorneys know that the government-controlled court system is not the answer to their client’s legal problems any more than social security is the answer for living expenses during retirement. When we explain the difference…Read More
