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Mar
Priming the Pump
Many married people are not aware that the State wrote a premarital agreement for them before they got married. They also were unaware that they had the right to write their own agreement before getting married instead! When married couples become aware of this, they often contac...
View MoreCategory: Trusts
25
Mar
Temporary Emergency Video Notarization
by Carter Webb and James FlemingTo prevent the spread of the COVID-19 Coronavirus, on March 10, 2020, Governor Roy Cooper signed Executive Order 116 (the “State of Emergency”) declaring a State of Emergency, which is to be effective until rescinded. The State of Emerg...
View MoreCategory: Advisors
06
Mar
For Deceased Individuals, the IRS Wants its Stimulus Payments Back
I was meeting with a client recently who wanted her Will and other documents signed. Her father had passed away a few months ago and during the signing, she told me that she had just received a check from the IRS for $1200 made payable to her father. She asked me what she should...
View MoreCategory: Trust Administration
06
Mar
Coronavirus and Your IRA
On March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law. Among the most impactful tax changes found in the $2 trillion stimulus bill are the provisions affecting retirement accounts. Retirees do not need to take Required Minimum Distributions (...
View MoreCategories: Estate Planning Ira Distribution Planning
06
Mar
When the Unimaginable Happens, Are You Prepared?
As the public health situation continues to evolve around coronavirus (COVID-19), we draw our attention to our own wellbeing and that of our loved ones. Given the current health concerns, the volatility of the financial markets, and social distancing, the once-unimaginable scena...
View MoreCategory: Estate Planning
06
Mar
COVID-19 Response
Effective Monday, March 23, 2020Dear Clients:This is to update you with Strauss Attorneys' action plan in light of the escalating spread of the novel Coronavirus. This situation is new & unique to all of us - our core values have guided us to the following decisi...
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06
Mar
The Importance of Income Tax Planning
Income Tax planning is an integral part of Estate Planning. This blog examines what happens to the income tax basis of an asset when it is gifted or bequeathed. There are different rules for the basis of an asset that is gifted to you that one you are given by the death of someo...
View MoreCategory: Estate Planning
06
Mar
Inherited IRAs Face a Paradigm Shift in 2020 and Beyond.
The new SECURE Act changes estate planning regarding inherited retirement accounts starting in 2020. SECURE is in an acronym that stands for “Setting Every Community Up for Retirement Enhancement. ” The new SECURE act was signed into law on December 20, 2019, and is now in effect...
View MoreCategories: Ira Distribution Planning Trust Administration
06
Mar
Last-minute Charitable Ideas and Impending Major IRA/401(k) Legislation
BREAKING NEWS—IMPORTANT IRA LEGISLATIONA new bill called the Setting Every Community Up for Retirement Enhancement Act, otherwise known as the SECURE Act has passed the Congress and was signed by President Trump on December 20, 2019. The SECURE Act goes into effect January...
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Mar
Why can’t lawyers just use simple English in estate planning?
Estate planning documents are often difficult to read because lawyers have their own vocabulary. Ever come across the words “per stirpes”? It is a Latin phrase that has been used by lawyers for more than a century. It means by the bloodline and refers to a manner of distribution...
View MoreCategories: Estate Planning Trusts
