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you turned 70½ in 2015, you were required to take your first required minimum distribution from your IRA The IRA required minimum distribution you take on April 1st is based on the balance in your traditional IRAs as of December 31, 2014, and the second RMD of the year is based on the balance in your IRAs as taxable amount for the current year by making a tax-free transfer to charity of up to $100,000 from your IRA Speak with your IRA administrator and the charity for more information about how to make the transfer

I know you trust your child completely, but there is always a possibility that your child may change

For those who die without a will or trust, their state laws determine to whom estate assets pass. First, know that some families are shattered by jealousy, animosity and a lack of trust when a parent A big reason family wealth erodes is a lack of communication, understanding and trust among family members and encouraging sound investing; talking about methods of transfer—including direct gifts, the use of trusts Wealth Transfer Plan” #AssetProtection #EstatePlanningLawyer #WealthTransferPlan #Inheritance #Wills #Trusts

Because of this, some folks chose to create revocable trusts and pour over their testamentary assets into their trusts. 101.5 (May 27, 2016) “What probate means for your estate” #Intestacy #Executor #ProbateCourt #Wills #Trusts

IRAs and see-through trust status. Usually, trusts aren’t eligible to leverage stretch-IRA provisions. To receive preferential tax treatment for an IRA beneficiary trust, if the trust qualifies for see-through Requirements for a see-through IRA beneficiary trust. some added protection.

a trusted friend or family member to help them oversee their financial life and make decisions on their to set up an irrevocable living trust to hold them. Properties held in a properly-crafted trust do not count as assets when you are applying for Medicaid Irrevocable trusts also allow you to pass on properties outside of the probate system, and without paying certain taxes, further protecting your assets.

Death of a trustee, executor or a guardian: If one of the individuals you designated dies or changes estate-planning step” #AssetProtection #Guardianship #EstatePlanningLawyer #WillChanges #Inheritance #Wills #Trusts

Marriage offers many legal and financial protections, so if you’re planning to live together without getting married, you should take these extra steps to protect you and your partner. Marriage also typically gives you some basic protections for a shared estate. net worth which would make you liable for federal estate tax, you should ask your attorney about a trust EstatePlanningLawyer #NoNup #DurablePowerofAttorney #WillCohabitation #PowerofAttorney #Wills #TaxPlanning #Trusts

Roth IRAs Many people associate Roth IRAs with retirement planning, but this tool can also come in handy Uniform Trust for Minors Account (UTMA) Want to gift your college student tuition money? A uniform trust for minors account, or UTMA, may be a good option. an estate planning attorney at Your Legacy Legal Care can help you understand your options, how to protect those savings, and make the best decisions to protect your loved ones.

She reportedly requested that Bremer Trust, a corporate trust company, be named administrator of her 26, 2016) “Prince ‘made no will’ for his $300m estate before death” #AssetProtection #Guardianship #TrustsandEstates #Probate #ProbateCourt #Inheritance #Wills #Trusts #estateplanning

Litigation,” usually beneficiaries wait until after a person has passed away to challenge a will or trust in Competency Litigation” #AssetProtection #Incapacity #ProbateCourt #Inheritance #Dementia #Wills #Trusts

of certain IRAs, but negotiations have stalled in 2022. Bear in mind that in an IRA transfer or conversion to a Roth IRA, you will be required to pay taxes on any money in your traditional IRA that has not been taxed already. contributed to the traditional IRA and when you opted to convert it to a Roth IRA. Call us today at (281) 218-0880 or schedule online here to get the wheels in motion to best protect your