by Michael Baker | Oct 9, 2020 | Beneficiary Designations, Estate Planning, Trusts
The SECURE Act (Setting Every Community Up for Retirement Enhancement) was signed into law by President Trump and went into effect on January 1, 2020. The legislation included some significant changes including distribution rules for inherited retirements plans....
by Michael Baker | Aug 27, 2020 | Estate Gifting, Estate Planning
In 2017, the Tax Cuts and Jobs Act doubled the exemption limit for the federal estate or gift tax to $11.4 million per person. That exemption limit is slated to increase with inflation every year until 2026, when it will revert back to the previous levels. However,...
by Michael Baker | Aug 12, 2020 | Estate Planning
The spread of the COVID-19 pandemic has resulted in many people giving greater thought to estate planning. But even when we are not living in a global pandemic situation, it is important to have your affairs in order, no matter how old or healthy you are. If you have...
by Michael Baker | Aug 5, 2020 | Estate Planning, Living Trust, Trusts, Writing a Will
Wills and trusts are two types of estate planning tools that are used to transfer assets to heirs upon the death of the creator. How the asset transfer occurs, and the level of protections available to those assets, are different between wills and a trust. Here is a...
by Michael Baker | Jul 28, 2020 | Beneficiary Designations, Estate Planning
Designating one or more beneficiaries for your retirement and investment accounts, insurance policies, and bank accounts is an important part of your estate plan. Beneficiary designations are not done with your attorney. It is your responsibility to specify the...
