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Estate Planning Archives

What you need to know about contesting a will

Losing a loved one is hard enough, but it is worse when you believe someone took advantage of your loved one. Too often, older people fall victim to manipulative individuals that may coerce them into making decisions they would not normally make. Sometimes these decisions include revising their wills. Or maybe your loved one was suffering from an illness that prevented him or her from making sound decisions, like revising a will.

The Little-Known Tax on Roth 401(k) Distributions

16703-401k.jpgEmployee retirement savings plans come in two main varieties: the traditional 401(k) and the Roth 401(k). The benefit of a Roth 401(k) over a traditional 401(k) after retirement is that distributions from a Roth 401(k) are tax-free, but there is a little-known situation where distributions can be taxed.

You should avoid these 3 common estate planning mistakes

Let's face it -- no one likes to think about death. Especially your own. However, you should start preparing now for that inevitable day, and estate planning is the smartest action you can take for your family's future. When you start your plan, make sure to steer clear of these familiar missteps.

Finding the Best Retirement Calculators

Thumbnail image for 16682-Retirement Calculator.jpgFiguring out how much to save for retirement and when you can safely stop working can be difficult. A growing number of online retirement calculators, many of them free, are available to help. Although these calculators may yield vastly different results, they can still be useful tools.

Is it time to remove a trustee?

The main purpose of a trust is to provide resources for loved ones. This can be done during life and after death, though it's mostly associated with after death. A trust is an entity where a person manages their resources and shares them with next of kin, family and friends. There are all kinds of trusts, and many share real estate or family heirlooms, while others provide income to loved ones who need the assistance.

Estate Planning and Retirement Considerations for Late-in-Life Parents

16542-old parent young child.jpgDriven in part by changing cultural mores and surrogate motherhood, older parents are becoming more and more common. Comedian and author Steve Martin had his first child at age 67. Singer Billy Joel just welcomed his third daughter. Janet Jackson had a child at age 50. If you are a later-in-life parent, you should take into account several special estate planning and retirement considerations.

How Will the New Tax Law Affect You?

16482-U.S. Capitol.jpgThe Tax Cuts and Jobs Act was signed into law on December 22, 2017 and represents the most significant reform of the U.S. tax code in over 30 years. Before we get into the details, you should be aware that almost everything listed below expires after 2025, and the tax structure reverts to its current form in 2026 unless Congress acts between now and then. However, the corporate tax rate cut from 35 percent to 21 percent does not expire.

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