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Readers with homes or other property in more than one state need to give special attention to their estate plans. Each state has different rules and requirements, and your estate might have to run probate proceedings in each state. There is more work involved for either you or your executor or both....
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In this post we discuss two key issues that don’t draw much attention but are keys to the success or failure of your wealth transfer plans. They probably are not what you’d expect. Meeting a plan’s goals often does not hinge on the “headline issues” of trusts, family limited...
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One of the most important decisions about an IRA is naming the beneficiary or beneficiaries. There are many candidates for the biggest mistake made by IRA owners, and a leading contender is the failure to name a beneficiary or naming the wrong beneficiary. If no beneficiary is named, the estate is the...
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Retirement Watch
by
Bob Carlson
on
09-24-2009
Filed under:
Filed under: Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, wills, iras, ira distributions, estate taxes, grandkids, grandchildren, retirement plan
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The success or failure of an estate plan often depends on small details. Amid all the big picture issues (taxes, trusts, gifts, business interests), these matters may seem too small to deserve much time. Don’t have that attitude. It could cost you and your heirs. Don’t make these very common...
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Retirement Watch
by
Bob Carlson
on
09-17-2009
Filed under:
Filed under: Estate Planning, estates, Estate tax, Carlson, Bob Carlson, wills, iras, trusts, estate taxes, retirement plan, retirement, retirement plans
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Perhaps one of the worst effects of high estate taxes is the way tax planning diverts attention from other important estate planning issues. For many years, I have stressed that estate planning is about much more than taxes, but most people believe estate planning and estate tax planning were the same...
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Retirement Watch
by
Bob Carlson
on
08-13-2009
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Filed under: Estate Planning, estates, Estate tax, gifts, Carlson, Bob Carlson, wills, income taxes, trusts, estate taxes, grandkids, grandchildren, creditor protection, small business, family limited partnerships
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ways to efficiently distribute the residuary estate while reducing the probability of a will fight or family dispute. The appropriate method for your estate depends on family dynamics and your understanding of them. Here are some strategies to consider. You have to decide which works best for your family...
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The unfortunate fate of many IRAs shows why everyone needs an estate plan, even when the value of the estate is far below the taxable level. Few people are aware of what could happen to their IRAs when the next generation inherits them. Most people, and discussions of IRAs, focus on building the balance...
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Retirement Watch
by
Bob Carlson
on
05-29-2009
Filed under:
Filed under: Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, wills, income taxes, iras, trusts, ira distributions, estate taxes, retirement plan, retirement, retirement plans
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Trusts are fairly simple. Lawyers and estate planners make them seem more complicated than they are. That’s too bad, because to ensure they have effective estate plans nonlawyers need to understand the different types of trusts and how they work. Trusts used to be for only the very wealthy or for...
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Gift giving is the surest way to reduce estate taxes, help loved ones of all ages, and establish a legacy. Yet, many people are hesitant to make significant gifts to loved ones, because of some potential pitfalls. Those pitfalls, however, can be avoided with some shrewd and creative giving strategies...
Posted to
Retirement Watch
by
Bob Carlson
on
04-24-2009
Filed under:
Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, wills, trusts, estate taxes, grandkids, annual exclusion, grandchildren
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One point I try to emphasize regularly in my newsletter and web site is the importance of the beneficiary designation form for IRAs, pensions, annuities, and a few other assets. Yes, a will or living trust are very important to your estate plan. They do not, however, control the disposition of all your...
Posted to
Retirement Watch
by
Bob Carlson
on
04-10-2009
Filed under:
Filed under: Bob Carson, Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, wills, iras, estate taxes, retirement plan, retirement plans, insurance
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Last week we discussed how today’s economic distress creates estate planning opportunities. Because of today’s reduced asset values, estate owners can shift assets out of their estates tax at much lower tax cost than they could have a year or two ago. We went over basic strategies for taking...
Posted to
Retirement Watch
by
Bob Carlson
on
02-20-2009
Filed under:
Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, wills, income taxes, trusts, homes, estate taxes, grandkids, annual exclusion, grandchildren, financial crisis, investments, portfolios
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Many estate plans ultimately fail. The problems are not with the plans. The owners spent a fair amount of time and money preparing and executing the plans. They are sound plans that, if properly executed, would meet the goals. The problems with many estate plans tend to occur in the final stage. One...
Posted to
Retirement Watch
by
Bob Carlson
on
01-23-2009
Filed under:
Filed under: Bob Carson, Estate Planning, IRA Benefits, estates, Estate tax, gifts, Carlson, Bob Carlson, wills, iras, trusts, ira distributions, estate taxes, grandkids, grandchildren, retirement plan, retirement, retirement plans, selling a business
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Trusts are part of more and more estate plans. Often trusts are used to hold and manage assets for younger generations. Sometimes the beneficiaries are too young or inexperienced to manage the assets. Other times the older generation is afraid the younger generation might not resist temptations to spend...
Posted to
Retirement Watch
by
Bob Carlson
on
01-16-2009
Filed under:
Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, wills, trusts, estate taxes, grandkids, grandchildren, creditor protection, asset protection, investments
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Estate planning and tax reduction will be returning to the front burner for many people. Congress was unable to pass a permanent estate tax reduction in recent years, but a permanent law is likely in 2009 or 2010.Changes in Washington made permanent repeal of the estate tax unlikely, but something similar...
Posted to
Retirement Watch
by
Bob Carlson
on
12-19-2008
Filed under:
Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, wills, trusts, estate taxes, grandkids, grandchildren
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Come January, Democrats will be in charge all over Washington. They campaigned on a theme of change, and we should expect major changes. The questions are which changes and how will they affect your retirement finances? I will focus on the changes I think are most likely to occur. When evaluating the...
Posted to
Retirement Watch
by
Bob Carlson
on
11-07-2008
Filed under:
Filed under: Bob Carson, Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, taxable gifts, gifts, Carlson, Bob Carlson, wills, income taxes, iras, ira distributions, estate taxes, retirement plan, retirement, financial crisis, retirement plans, stock, stocks, stock market, investments, portfolios, market timing, market indicators