Posts Tagged ‘Trusts’
The ABLE Act: Tax-Free Savings for People with Disabilities
Recently passed by Congress and signed into law by President Obama, the Achieving a Better Life Experience (ABLE) Act provides the opportunity for those who became disabled before the age of 26 to set up tax-free savings accounts where they will be able to save $14,000 a year without affecting their eligibility for government benefits.…
Read MoreThe Landmark SCOTUS Decision that Impacts your Inherited IRA
In a landmark decision handed down on June 12, 2014, the United States Supreme Court held that inherited IRAs are not protected from creditors in a bankruptcy claim. In Clark v. Rameker, the Supreme Court unanimously held that retirement funds inherited by a beneficiary after the original plan participant’s death are not considered “retirement funds”…
Read MoreCollege Planning for Special Needs Students
College is an investment in your child’s future and it is no doubt worth it, but with education costs rising, it can certainly be expensive. Planning for your child’s education should be a priority and many benefit from starting early. Starting a “college fund” in a child’s early years can be a smart investment, as…
Read MoreFireside Reading with a Side of Estate Planning
After creating a will, circumstances may emerge that prompt a desire to change various aspects of the document. Divorces, new marriages, additional children, familial disagreements and shifting allegiances to charities can each impact a will. Adding a codicil is a way to amend the document without creating an entirely new document. A codicil is a…
Read MoreDigital Media After Death
What happens if you want to pass on your incredible iTunes music library to a family member, like you would leave a stack of rare records or compact discs? You curated it, you whittled it down to the best, you paid for it, but is it yours to give? According to the Apple contract you…
Read MoreNews Update: Trusts for Pets
Effective April 7, 2011, residents of Massachusetts may now establish pet trusts to care for one or more animals, living during the settlor’s lifetime. This trust now allows individuals to plan for and take care of their pets not only during their lifetime but also after their death. The court does retain the right to…
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