About Richard Morgan

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So far Richard Morgan has created 40 blog entries.

Should I Use a Will or a Revocable Living Trust? Separating Facts From Fiction

You (or someone you know) may have heard that a Revocable Living Trust (often referred to simply as a “Living Trust”) is necessary for everyone.  Revocable Living Trusts are often said to provide income tax or estate tax benefits, to ensure that one’s assets won’t be tied up in prolonged and expensive court  probate proceedings [...]

Fiduciary Selection — A Critical Part of Any Well-Prepared Estate Plan

One of the most critical decisions you will make in developing your estate plan involves making appropriate selections for the various fiduciary roles under your legal documents.  In the estate planning context, a “fiduciary” is someone who will serve in a role of authority with regard to you, your assets, or your minor children, such [...]

2016-04-01T15:57:37-04:00April 22nd, 2010|Articles, News|

Planning – Especially Important for Business Owners

Many business owners spend the bulk of their time working to build their businesses. Sadly, too many business owners also fail to spend much, if any, time planning for their own futures or the futures of their businesses. Proper and careful planning can help ensure that a business runs smoothly, produces maximum value for its [...]

Government Is Cracking Down On Claims of “Independent Contractor” Status

Many individuals work for others under the assumption that they qualify as "independent contractors," rather than employees. Since many of the rules which apply with regard to employees do not apply to independent contractors (such as federal and state income tax withholding rules, unemployment tax rules, Social Security and FICA tax rules, and worker's compensation [...]

2016-12-22T06:24:08-04:00February 24th, 2010|Articles, News|

Gifts to Irrevocable Trusts Which Are Intended to Be Fully Exempt from the Generation-Skipping Transfer Tax May Best Be Avoided in 2010

As of January 1, 2010, the federal estate, gift, and generation-skipping transfer ("GST") tax laws changed significantly. One aspect of these changes has the potential to create havoc for people who have previously created irrevocable trusts which were intended to be exempt from GST tax ("GST trusts"). Advisors who have clients who are making gifts [...]

2016-12-22T06:24:08-04:00February 5th, 2010|Articles, Gift Tax Planning, News|

Converting a Regular IRA to a Roth IRA

Converting your investments in traditional IRAs to a Roth IRA during 2010 can be an important planning opportunity for many clients. This conversion allows you to move from a tax deferred environment into a tax free environment. While this opportunity is normally open to those with income below a certain cap amount, beginning in 2010 [...]

As of January 1, 2010, the Federal Estate and GST Taxes Were Repealed – What Does This Mean For Your Estate Planning?

As you may be aware, as of January 1, 2010, the federal estate and generation-skipping transfer (“GST”) taxes were repealed for one year, under a law originally put into effect in 2001. While the federal gift tax was retained, it now has a flat, 35% rate, which is significantly lower than the rates which applied [...]

2016-12-22T06:24:09-04:00January 25th, 2010|Articles, News|

Ethical Wills – What you really want to communicate to your loved ones

Wills, trusts, powers of attorney, and advance directives for health care are all legal documents which deal with your assets and your health.  These are important estate planning documents, and you should work with an experienced and competent estate planning attorney to create them.  However, there is another type of important estate planning document which [...]