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What Your Heirs Should Know About IRAs

Heirs routinely lose a large percentage of inherited IRAs to unnecessary taxes. The rules are simple, but they aren't obvious and most heirs don't know about them or to ask about them. If you don't want a large portion or your hard-earned...

Published 11-12-2009 1:28 PM by Bob Carlson

Filed under: Estate Planning, IRA Benefits, Traditional IRA, estates, Estate tax, Carlson, Bob Carlson, iras, ira distributions, estate taxes, small business

Having the Last Word

Most estate plans are missing a key ingredient. Many estate planners don’t recommend it, and it isn't even mentioned in many estate planning discussions. One reason might be that, despite its importance, the document is not legally binding on...

Published 11-05-2009 4:49 PM by Bob Carlson

Filed under: Estate Planning, estates, Carlson, Bob Carlson, trusts

The Multi-State Estate Plan

Readers with homes or other property in more than one state need to give special attention to their estate plans. Each state has different rules and requirements, and your estate might have to run probate proceedings in each state. There is more work...

Published 10-22-2009 8:30 PM by Bob Carlson

Filed under: Estate Planning, estates, Carlson, Bob Carlson, wills, homes, estate taxes

Why Estate Planning Details are Important

In this post we discuss two key issues that don’t draw much attention but are keys to the success or failure of your wealth transfer plans. They probably are not what you’d expect. Meeting a plan’s goals often does not hinge on the “headline...

Published 10-16-2009 10:24 AM by Bob Carlson

Filed under: Estate Planning, estates, Estate tax, gifts, Carlson, Bob Carlson, wills, estate taxes, grandkids, grandchildren

Who Will Benefit from Your IRA?

One of the most important decisions about an IRA is naming the beneficiary or beneficiaries. There are many candidates for the biggest mistake made by IRA owners, and a leading contender is the failure to name a beneficiary or naming the wrong beneficiary...

Published 09-24-2009 8:17 PM by Bob Carlson

Filed under: Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, wills, iras, ira distributions, estate taxes, grandkids, grandchildren, retirement plan

Avoiding Estate Planning Mistakes

The success or failure of an estate plan often depends on small details. Amid all the big picture issues (taxes, trusts, gifts, business interests), these matters may seem too small to deserve much time. Don’t have that attitude. It could cost you...

Published 09-17-2009 3:40 PM by Bob Carlson

Filed under: Estate Planning, estates, Estate tax, Carlson, Bob Carlson, wills, iras, trusts, estate taxes, retirement plan, retirement, retirement plans

The Four Goals of Legacy Planning

Perhaps one of the worst effects of high estate taxes is the way tax planning diverts attention from other important estate planning issues. For many years, I have stressed that estate planning is about much more than taxes, but most people believe estate...

Published 08-13-2009 8:29 PM by Bob Carlson

Filed under: Estate Planning, estates, Estate tax, gifts, Carlson, Bob Carlson, wills, income taxes, trusts, estate taxes, grandkids, grandchildren, creditor protection, small business, family limited partnerships

Better Strategies for Estate Planning Gifts

Gift giving is the surest way to help loved ones of all ages, establish a legacy, and reduce estate taxes when the estate is large enough. Yet, many people are hesitant to make significant gifts to loved ones, because of the potential pitfalls. Those...

Published 07-10-2009 11:07 AM by Bob Carlson

Filed under: Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, trusts, estate taxes, grandkids, annual exclusion, grandchildren, creditor protection, asset protection

Avoiding Rags to Riches to Rags

The pattern for family wealth seems fixed. Different times and different cultures display the same pattern. The first generation builds wealth, and the second generation shepherds or preserves it. The third and succeeding generations spend until it is...

Published 06-11-2009 3:57 PM by Bob Carlson

Filed under: Estate Planning, estates, Estate tax, Carlson, Bob Carlson, estate taxes, grandkids, grandchildren, small business

The Trickiest Part of Estate Planning

ways to efficiently distribute the residuary estate while reducing the probability of a will fight or family dispute. The appropriate method for your estate depends on family dynamics and your understanding of them. Here are some strategies to consider...

Published 06-05-2009 1:32 PM by Bob Carlson

Filed under: Estate Planning, estates, Estate tax, gifts, Carlson, Bob Carlson, wills, estate taxes, grandkids, grandchildren

Your IRA and Your Heirs

The unfortunate fate of many IRAs shows why everyone needs an estate plan, even when the value of the estate is far below the taxable level. Few people are aware of what could happen to their IRAs when the next generation inherits them. Most people, and...

Published 05-29-2009 4:22 PM by Bob Carlson

Filed under: Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, wills, income taxes, iras, trusts, ira distributions, estate taxes, retirement plan, retirement, retirement plans

The ABCs and XYZs of Trusts

Trusts are fairly simple. Lawyers and estate planners make them seem more complicated than they are. That’s too bad, because to ensure they have effective estate plans nonlawyers need to understand the different types of trusts and how they work...

Published 05-06-2009 11:17 AM by Bob Carlson

Filed under: Estate Planning, estates, Estate tax, Carlson, Bob Carlson, wills, income taxes, trusts, estate taxes

Safe Ways to Give Wealth

Gift giving is the surest way to reduce estate taxes, help loved ones of all ages, and establish a legacy. Yet, many people are hesitant to make significant gifts to loved ones, because of some potential pitfalls. Those pitfalls, however, can be avoided...

Published 04-24-2009 8:49 AM by Bob Carlson

Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, wills, trusts, estate taxes, grandkids, annual exclusion, grandchildren

IRA Inheritance Disasters: A Case Study

One point I try to emphasize regularly in my newsletter and web site is the importance of the beneficiary designation form for IRAs, pensions, annuities, and a few other assets. Yes, a will or living trust are very important to your estate plan. They...

Published 04-10-2009 4:55 PM by Bob Carlson

Filed under: Bob Carson, Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, wills, iras, estate taxes, retirement plan, retirement plans, insurance

How to Revise Your Spending Plan

The swift declines in most asset classes in late 2008 and into 2009 damaged many portfolios. For those who are retired or near retirement, one necessary step after such an event is to re-evaluate retirement spending. Specifically you have to check the...

Published 03-27-2009 11:24 AM by Bob Carlson

Filed under: Bob Carson, IRA Benefits, estates, Carlson, Bob Carlson, iras, ira distributions, retirement plan, retirement, financial crisis, retirement plans, insurance, annuities, stocks, stock market, investments, portfolios, income investing

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