“How Am I Doing?” is a great way to evaluate how you are progressing in different areas of your life. It was a favorite question inviting evaluation from former NYC Mayor Ed Koch. “How am I doing in my Estate Plan?”, is a great way to consider is your Estate Plan up to date with... [Read More]
Category: Estate Taxes
Steve Teaches CE Class – IRA’s In Estate Planning
Steve will teach a Continuing Education Class – “Retirement Plans in Estate Planning” on Wednesday, September 18, at 8am at The Biltmore Building to Financial & Insurance Professionals & Accountants. The Class is approved for one hour of Continuing Education Credit from the NC Department of Insurance. Steve will keep the class moving, relevant &... [Read More]
Diana Nyad Uses Prior Challenges to Reach Goal
64 year old Diana Nyad used her prior challenge of being stung in the face by jellyfish to use a special swim mask to protect her during her historic swim from Cuba to the U.S. She hadn’t “Tried & Failed”, she had “Tried & Learned” from her previous challenge of trying the open water swim.... [Read More]
Yosemite Wildfires: Are We Safe?
Whether the Danger is natural like a Fire, or manmade like a Lawsuit, we want to make sure we, and those we love and what we own, are protected when danger strikes. With the wildfires racing through Yosemite National Park we think about what if those fires were burning up our home? Or what if... [Read More]
Kidnapper Leaves Victim Family as Sole Beneficiary
Kidnapper James DiMaggio left the grandmother of the kidnapped teenager as his sole beneficiary on his life insurance. This was another strange twist in the murders and kidnapping DiMaggio committed on his best friend’s family. Regardless of your Will or Trust, who you name as the beneficiary on your Life Insurance, IRA or Company Retirement... [Read More]
North Carolina Repeals The State’s Estate Tax
The North Carolina Legislature repealed the State’s Estate Tax in July 2013 making the repeal retroactive to deaths on January 1, 2013 or later. The North Carolina State Tax was tied to the Federal Estate Tax. In other words if you did not hit or trigger the Federal Estate Tax you did not trigger any... [Read More]
My Recent Automobile Collision Reminds Me of the “Fragility of Life”
Last Friday morning while I was heading on my way to a meeting for a Charitable Board a man ran a stop sign and rammed into the right back side of my car. He was accelerating when his car rammed into me. He told me that he never saw me, that he was lost, that... [Read More]
The recent FORBES advises that 30% of the wealthiest people inherited their money. Therefore, their family did good Estate Planning
If good Estate Planning is not done an inheritance is lost to Taxes, Probate Costs, Squander, Lost in Divorce, or Lost in Lawsuits. You may not be FORBES wealthy, but do you want to waste everything you’ve ever earned? If you do not do good Estate Planning to transfer your “Life’s Work™” (everything you’ve earned) to... [Read More]
Senate Votes to Kill Stretch IRA
51 Democratic Senators voted to end the Stretch IRA by making an inherited IRA end within 5 years of inheriting an IRA. Currently one can “stretch out” an IRA they inherit over their lifetime. That way the one who inherits the IRA continues to get the same tax deferred growth during their lifetime as the... [Read More]
James Gandolfini’s Poor Estate Planning
Unfortunately, James Gandolfini, the movie actor famous for a number of roles, including in the series The Soprano’s, has left a multi-million dollar estate, estimated at a worth of approximately 70 million dollars and used only a simple Will. There was no Estate Tax Planning and with the Will all of his assets will be... [Read More]