Estate Planning

The phrase “life estate” often comes up in discussions of estate and Medicaid planning, but what exactly does it mean?

A durable power of attorney is an extremely important estate planning tool, even more important than a will in many cases. This crucial document allows a person you appoint — your “attorney-in-fact” or “agent” — to act in place of you — the “principal” — for financial purposes when and if you ever become incapacitated due to dementia or some other reason.

Passing down a Roth IRA can seem like a good idea, but it doesn’t always make the most sense. Before converting a traditional IRA into a Roth IRA to benefit your heirs, you should consider the tax consequences.

Seniors with pricier homes now have an increased ability to get a jumbo reverse mortgage in order to raise cash for retirement. As the housing market has improved, jumbo reverse mortgages are becoming more popular even though they carry some risk.

Saying that there has been “undue influence” is often used as a reason to contest a will or estate plan, but what does it mean?

The famed recording artist Prince died leaving an unknown fortune and possibly no will or estate plan to dictate what to do with that fortune. Prince’s sister, Tyka Nelson, told the probate court in the Minnesota county where Prince lived that her brother did not have a will, which means his estate could be in court for years and exhaust millions of dollars in court fees and unnecessary taxes.

If you or a loved one has been diagnosed with Alzheimer’s disease, it is important to start planning immediately. There are several essential documents to help you once you become incapacitated, but if you don’t already have them in place, you need act quickly after a diagnosis.

How you structure the required minimum distributions can have a profound effect on your own retirement and on what you leave your heirs.

A once-popular estate planning tool may now cost families more in taxes than it saves. Changes in the estate tax have made the “bypass trust” a less appealing option for many families.