On April 16, 2024, the Internal Revenue Services (IRS) released Notice 2024-35, granting relief (again!) for failure to make requirement minimum distributions (RMDs) from an inherited IRA (or from other inherited retirement accounts). This means that if you have inherited an IRA from someone who passed away in 2020 or later, then you are not required […]
In recent years, more of our clients have been asking us to incorporate lifetime trusts into their estate plan for their beneficiaries. The purpose of this article is to provide some of the benefits and downsides of lifetime trusts to enable you to make an informed and educated decision about utilizing a lifetime trust as
Utilizing a Lifetime Trust as Part of Your Estate Plan Read More »
Summertime is (almost) here! Are you traveling this summer? We would love for you to share your travel plans and recount your vacation stories with us! Whether you’re going out of town, out of state, or out of the country, there are always a lot of things to do before you leave. Here are a
Summer vacations are a cherished time for families to come together, unwind, and create lasting memories. It’s also an opportune moment to have important conversations, such as discussing estate planning. While the topic may not be as exciting as planning activities or exploring new destinations, it’s a crucial discussion that can provide peace of mind
Summer Vacations are a Perfect Time to Talk to Your Family About Estate Planning Read More »
Coordinating your Last Will and Testament (or Revocable Trust) with your beneficiary designations is an important aspect of estate planning. If you have an IRA, 401k, 403b, or other retirement account, chances are that you’ve completed a standard beneficiary form. Simply put, it designates who should receive the account upon your death. Most of these
Coordinating your Last Will and Testament (or Revocable Trust) with your account ownership titling and your beneficiary designations is an important aspect of estate planning. A joint account or beneficiary designation typically overrides the terms prescribed under your Will, so it’s crucial to ensure they are consistent with your overall estate plan. For example, if
The Intersection of Your Will/Trust, Joint Accounts, and Beneficiary Designations Read More »
by John Montoya Your estate plan helps protect your loved ones – mentally, emotionally, and financially – and we can help you with all of the steps necessary to put a plan in place. Estate planning is not just the set of documents your attorney prepares, nor is it your investment allocations and financial plan,
by Matt Schwartz During an election year, it is natural to relate your profession to the Presidential election. At Schwartz Montoya Legal, we are considering for our clients what they should do between now and the end of 2025 when the expanded estate and gift tax exemption under the Tax Cuts and Jobs Act of
Lifetime Exemption – Is now the time to Make gifts? Read More »
A Primer on Fiduciary Income Tax. This is one of the most common questions we receive and particularly so as we approach the heart of tax season. The answer is the classic lawyer response, “it depends.” After someone passes away, property is inherited in different ways and how the property is transferred (the ownership chain)
by Matt Schwartz On January 13, 2013, my father-in-law passed away. He had been battling poor health for several years but it was still hard for all of us (particularly Beth) and he was the first grandparent that Rebecca and Anna lost. When we went out to California to attend the funeral and sit shiva
