Our blog includes posts about a wide range of estate planning topics, including trust-based estate plans, estate planning when you have a disabled adult child, planning as part of a blended family, and planning for charitable giving. To learn more, contact our office to discuss how we can help you create an estate plan that best fits your needs.
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IRA Charitable Donations: An Alternative to Taxable Required DistributionsYou can make cash donations to IRS-approved charities out of your IRA using so-called "qualified charitable distributions" (QCDs). This strategy may be advantageous for high-net-worth individuals who have reached age 70 1/2. It expired at the end of 2014, but QCDs were made permanent for 2015 and beyond under the...
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In the News: John Outlines Six Steps to Ensure Peace of Mind for Those Approaching DeathIn his Kiplinger article "Six Estate Planning Tips for Those Approaching Death," John Goralka outlines six actions an individual should take to ensure peace of mind for themselves and their family facing impending death or serious illness. Having an attorney in fact that you can trust while you are still...
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In the News: John Explains Estate Planning for an Aging PopulationAre You Financially Prepared for Retirement? In Penton’s Wealth Management’s July e-newsletter, John Goralka discusses the obstacles that come with a long lifespan in his article “Estate Planning for an Aging Population.” As Americans are living longer, it’s essential to financially prepare for retirement. Individuals who fail to plan accordingly...
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In The News: John Explains 3 Key Takeaways from Prince's Estate-Planning MistakesPrince may have sung that "Money Don't Matter 2 Night," but it's clear that the $300 million estate he left behind matters quite a bit. Since Prince didn't plan his estate, his family and loved ones are stuck with the headache of probate proceedings. Between the current federal estate tax...
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In the News: Identifying the Key Values to Include in a LegacyEstate plans don’t have to be limited to money and assets—they can also include core values and beliefs that individuals wish to pass on to their heirs. In order to leave a “value legacy” that promotes a family’s values, the first step is to identify exactly what these values are....
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In the News: John Explains How B Trusts Can Be a Ticking Time BombWhy B Trusts Can Be a Ticking Time Bomb Bypass trusts, also known as B trusts, are often used as a strategy to avoid estate tax. But because of recent changes in income tax and estate tax rates, families with B trusts should review their situation to ensure they’re not...
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In the News: John Explains How Retirement Inheritance Trusts Can Be a More Tax-Efficient Way to Pass on Retirement FundsPutting the Trust in Trusts Planning for retirement is one of the most common and daunting personal finance concerns for families. Parents want to ensure that their children are taken care of, but inherited IRAs can represent a significant tax burden. IRA minimum distributions can be "stretched out" over the...
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In the News: The “Value Legacy” You Plan on Leaving to Your HeirsTo preserve and convey one’s value legacy, estate planning goes beyond money and even asset protection. For an estate to be truly effective and do more than just simply move money and assets from one generation to the next, it must accomplish three basic goals. In order to leave heirs...
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John Goralka Discusses California's Right-to-Die Law in The 'American Journal of Managed Care'On October 5, 2015, California Governor Jerry Brown signed the bill for the End of Life Option Act, which authorizes an adult who meets certain qualifications, and who has been determined by his or her attending physician to be suffering from a terminal disease, to make a request for a...
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In the News: How to Protect Inherited Retirement AssetsJohn Goralka Talks with ThinkAdvisor on Protecting Inherited Retirement Assets When planning for retirement, an individual may face the dilemma of deciding what to do if they have leftover retirement assets when they die. Many designate a beneficiary, like a child or a grandchild, to inherit the retirement account. During...
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The Benefits of a Q-Tip TrustIs a Q-Tip Trust Right For Your Situation? Depending on your situation, you may wish to include the odd-sounding "Q-tip trust" in your estate plan. The name derives from a special estate tax break for "qualified terminable interest property." An Extra Source of Protection for Your Children Q-Tip trusts are...
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Co-Trustees or Co-Personal Reps: A Good Idea? Or Recipe for Disaster?When drafting a trust or a will, you need to decide who'll be the trustee, or personal representative handling your estate when you die. Individuals who serve in these roles are fiduciaries with a duty to properly administer your estate. When selecting a trustee or personal representative, many people gravitate...