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With the concerns surrounding COVID-19, there are several key documents an estate plan should include to protect you and your family if you should suddenly become very ill or pass away.
The SECURE Act, which is effective January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: It increases the required beginning date (RBD) for required minimum distributions (RMDs) from your individual retirement accounts from 70 ½ to 72 years of age, and it eliminates the age restriction for contributions to qualified retirement accounts. However, perhaps the most significant change will affect the beneficiaries of your retirement accounts: The SECURE Act requires most designated beneficiaries to withdraw the entire balance of an inherited retirement account within ten years of the account owner’s death.
The SECURE Act could have a serious impact on the future of your estate plans. One major provision of the SECURE Act is the elimination of the lifetime “stretch” for beneficiaries, with a few exceptions. Instead of requiring a non-spouse beneficiary to withdraw the required minimum distribution (RMD) over his or her life expectancy, the SECURE Act looks to shorten this time frame to either 5 or 10 years.
There has been a revision to a Section 72-7-502 of the Montana Code Annotated. This section is part of the Montana Uniform Powers of Appointment Act. The revision makes it clear that a property subject to a general or non-general power of appointment, created by a person other than the powerholder, is exempt from a claim by a creditor of the powerholder.
When most people think of estate planning, they think of assets that include money, real estate, and personal property. But, included in someone’s estate could be invaluable personal property, such as family heirlooms or keepsakes. This type of property should not be overlooked in your estate plan just because it may not have a high dollar value because it still has sentimental value that cannot be quantified.
In its simplest terms, a trust is a legal arrangement in which a trustee holds and manages assets for the benefit of one or more beneficiaries.
While the end of the year is not quite here yet (but rapidly approaching), now is an opportune time to take a moment and start your year-end tax planning for 2018. This is particularly necessary this tax year because of the changes to the tax law that became effective in 2018. As a result of the significant changes in the law, your taxes may look different this year, so you should allow for some extra time in the preparation. Getting started early is even more essential if you are a business owner, have moved to another state, or plan to make charitable contributions before the year ends.
If you recently received an inheritance, or are expecting to receive one in the near future, it has likely triggered mixed emotions in you. You have lost a loved one and also experienced monetary gain. Studies show that a third of Americans who received an inheritance completely spent it within two years of receipt. Below are five practical steps for you to follow to maximize and protect your inheritance.
If you have overheard any discussion about estate planning, you have likely heard the words “guardian” or “trustee” tossed around in the conversation. When it comes to estate planning, who will be ultimately in charge of your minor child is an important decision that...
2017 is now fading into the rearview mirror. As we all look ahead to 2018, let’s consider a few things to watch regarding estate planning, especially with the reticently-passed Tax Cuts and Jobs Act.
Bryan Law Firm, PC
11 East Main St., Suites B & D
Bozeman, MT 59715
Telephone: (406) 586-8565