Category Archives: Estate Planning
The Risks of Co-ownership of Property
Many individuals believe that co-owing property with relatives is a cheaper alternative to drafting a will or trust. While this may be true, this strategy has some inherent risks. While owning property with family may let you pass on the asset without going through probate, there are several risks – including taxes, creditor exposure,… Read More »
What You Need to Know About the SECURE Act of 2020
In 2019, Congress passed a bipartisan appropriations bill. As part of this massive spending bill, there is a piece of legislation known as the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act represent the first significant change in retirement legislation since the Pension Protection Act in 2006. On December… Read More »
5 Important Things Your Medical Power of Attorney Agent Needs to Know
Even if you are currently the picture of good health, you may suddenly become too ill to make healthcare decisions for yourself or become unconscious after an accident, needing someone to stand in your shoes to make those decisions for you. A medical power of attorney is a crucial part of your estate plan… Read More »
Impact of a Non-Citizen Spouse on Estate Planning
According to the Pew Research Center, in 2017, there were 44.4 million foreign-born people living in the United States, 55% of whom were non-citizens. As a result, there are many occasions when a non-citizen may be the beneficiary of the estate of a U.S. citizen, for example, if the non-citizen immigrant married a U.S…. Read More »
5 Key Considerations in Estate Planning for LGBTQ Couples
Everyone needs estate planning. Regardless of your age, race, gender, or sexual orientation, properly protecting your future and your loved ones requires a plan. There are a few specific considerations to keep in mind when it comes to estate planning for LGBTQ couples. Each couple is unique, and it is our goal at McDonald… Read More »
Missed a Required Minimum Distribution? Here Is How to Fix It
The retirement years are supposed to be carefree—but what if you neglected to take the required minimum distribution (RMD) from one or more of your retirement accounts or took a distribution that was lower than required? This could be a costly mistake resulting in a tax penalty of 50% of the amount of the… Read More »
Adoption and Estate Planning: How to Take Care of Your New Family Member
November is National Adoption Month, which is aimed at raising awareness about adoption and the children who need permanent, loving homes. Thousands of children are adopted each year, bringing much joy to their adoptive families. If you are in the process of adopting or have recently adopted a child, it is a great time… Read More »
Why You Need an Estate Plan
In 2008, Congress recognized the need for the public to understand why you need an estate plan by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2019 survey carried out by Caring.com, 57% of adults in the United States have not… Read More »
9 Ways to Prevent Identity Theft of a Deceased Loved One
Identity theft is the last thing a grieving family should have to worry about after the loss of a loved one. Unfortunately, identity thieves have increasingly targeted the identities of deceased people, using their names and other identifying information to get credit cards, apply for loans, collect refunds based on fraudulent tax returns, and… Read More »
What To Do When a Loved One Dies
When a family member or other loved one dies, grief and shock can sometimes be overwhelming. The last thing most people want to think about is making phone calls or funeral arrangements. Some things do not need to be done immediately, but there are some steps that should be taken soon after the loss… Read More »
