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Calculating Required Minimum Distribution

Gift-Tax Exemptions are Treated Differently by IRS and Medicaid

Posted on: October 13, 2021 | By: David Parker, Esq.
Most people have heard that each individual is allowed to gift $15,000 per year to another person without paying a gift tax. However, exactly what the gift tax is, and the consequences of going beyond $15,000, are less clear.
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New RMD rules

What Is the Best Thing to Do with an Inherited IRA ?

Posted on: October 12, 2021 | By: David Parker, Esq.
Inheriting an IRA from a parent has a unique set of rules you need to know, which will help you make the most of the money you inherit and avoid a tax-time surprise.
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Estate Planning and Digital Assets

What are Digital Assets in an Estate?

Posted on: October 11, 2021 | By: David Parker, Esq.
Today, so many aspects of our lives are managed virtually. We keep currency, photos, music, documents, bills, medical records, artwork and even our social lives online or ‘in the cloud.’
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Firearms and estate planning

How to Make a Few Bucks after Retirement

Posted on: October 8, 2021 | By: David Parker, Esq.
Making ends meet during retirement can be a challenge. However, there are many ways to reduce your expenses without sacrificing your quality of life.
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What doesn't Medicare cover.

What are the Key Documents in Estate Planning?

Posted on: October 7, 2021 | By: David Parker, Esq.
It can be easy to overlook, but an estate plan is essential for nearly everyone, whether you have a lot of money or just a little. An estate plan tells your heirs and the courts how to divide up your assets. However, it also helps protect your loved ones from unnecessary hassle and expense – as well as potentially months, even years, tied up in the court system settling your estate.
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Co-op and transferring to the kids

Death of Entertainer’s Brother, John R. Nelson may have Impact on Estate

Posted on: October 6, 2021 | By: David Parker, Esq.
John R. Nelson was Prince’s half-brother and oldest brother. He was born in 1944.
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What is a POD account ?

Mega IRA s Could Be a Source for New Public Policies

Posted on: October 5, 2021 | By: David Parker, Esq.
Congressional Democrats are weighing a new type of required distribution from individual retirement accounts, based on the account value instead of age, according to a discussion list of policy ideas obtained by CNBC.
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Controlling Heirs from Beyond

Can You Make Heirs Behave from the Grave?

Posted on: October 4, 2021 | By: David Parker, Esq.
There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death’.
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Avoiding Guardianship

Should I Keep My Life Insurance Policy?

Posted on: October 1, 2021 | By: David Parker, Esq.
For many, there are potential benefits to continuing a life insurance policy or purchasing certain types in retirement, when it comes to taxes, estate planning and long-term care. Here are some ways to use a life insurance policy that you may not know about.
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5 biggest mistakes for beneficiaries

What’s a Pot Trust ?

Posted on: September 30, 2021 | By: David Parker, Esq.
A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you. This type of trust allows you to create a single pool of assets to be used for the benefit of multiple children.
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