It’s Saturday, and we are ready with our summary post for the past week. Remember, we encourage comments and/or suggestions for topics to cover in our area of expertise. Have a great day!
(Monday, May 13, 2013) Spring Cleaning Applies to Estate Plans Too
Consider the people who fill out forms designating who inherits assets like an insurance policy and then never go back and revise the forms when, for instance, they divorce and remarry. And then, there are the parents who have not determined who will serve as guardians for their children.
(Tuesday, May 14, 2013) If Death Occurs, What Becomes of the RMD on an Inherited IRA?
If the IRA owner died before their RBD, there is no year of death RMD that you need to take. However, if the IRA owner died after their RBD, there may be an RMD that you as their beneficiary have to take that year.
(Wednesday, May 15, 2013) Can You Transfer IRA Funds to Charity?Tax-free transfers are limited to those over age 70½ mainly to contain the drain on the federal budget.
(Thursday, May 16, 2013) Accurate Gift Tax Returns Can Literally Stop the Clock (on the IRS)
In 1972, President Richard Nixon cruised to re-election. “The Waltons” premiered on CBS. And Sumner Redstone, who wasn’t yet a global media mogul, (allegedly) made a taxable gift to his children and failed to file a return.
(Friday, May 17, 2013) Can One Attorney Meet Both Your Estate Planning Needs?
If a conflict of interest arises in fact between the spouses, their estate planning attorney should withdraw and advise the spouses to retain separate counsel. Having represented both of the spouses, the attorney may not thereafter represent one of them against the other, even if they consent.
Manage Your Wealth Today to Protect Your Legacy Tomorrow
Building wealth is only half the job. Protecting wealth for your loved ones and yourself is equally important. Through estate planning and corporate, real estate and elder law, Ball & Stuart, PLLC will help you protect everything you love--family, friends and favorite charities.
Wayne B. Ball is a Little Rock estate planning and probate attorney serving families and businesses in Arkansas for more than 25 years.
To comply with the U.S. Treasury regulations, we must inform you that (i) any U.S. federal tax advice contained in this blog was not intended or written to be used, and cannot be used, by any person for the purpose of avoiding U.S. federal tax penalties that may be imposed on such person and (ii) each taxpayer should seek advice from their tax adviser based on the taxpayer’s particular circumstances.
For educational purposes only, compliments of Ball & Stuart PLLC. Not intended as legal advice. For information on how to properly plan your estate, the services of a competent professional should be sought.