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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 (...
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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
06
Mar
End of Year News
We are almost at the end of another year, so it's a good time for us to highlight some estate planning strategies for you, caution against some common pitfalls and give a preview of possible things to come. The Estate Tax—The Sky’s The Limit, Or AlmostMost of u...
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Mar
R-E-S-P-E-C-T My Handwritten Will
By Carter B. Webb The legendary Aretha Franklin died August 16, 2018 at her home in Detroit, Michigan. At first, it appeared that she died intestate – meaning that she died without having signed a last will and testament. However, it was recently reported that three holographic...
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06
Mar
Picking the Lock: Modification of an Irrevocable Trust
A common refrain as I explain to my clients the difference between a revocable trust and an irrevocable trust is the comment, “So, what happens once I die, and my trust becomes irrevocable? You're saying everything just locks in? What if it needs to be changed for s...
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