Non-Spouse Beneficiaries of Inherited IRAs & The 50% Penalty: Timing is Everything!

The IRS recently published IRS Information Letter 2016-0071. This Information Letter discusses rules that apply to anyone who has inherited an IRA account or other tax-deferred retirement savings account (which we will collectively refer to as “IRA accounts” for convenience in this post), and who is not the surviving spouse of the original IRA account [...]

2016-12-22T06:23:35-05:00December 8th, 2016|Articles, News, Newsletters, Roth IRAs, Tax Planning|

Revocable Living Trusts: What You Need to Know

On September 14, 2016, Richard Morgan was part of a panel discussion at the monthly meeting of the Estate Planning & Probate Section of the Atlanta Bar Association. The general topic of the discussion was Revocable Living Trusts (RLTs) versus Wills. The panelists tried to help attendees consider the actual advantages and disadvantages of using [...]

The Not-So-Obvious Reasons that Estate, Trust, Conservatorship, and Guardianship Related Disputes Are Going to Explode in Number in the Future

Common sense tells us that, as the number of older people in our country increases, the need for estate planning, trust planning, conservatorships, and guardianships will increase. Common sense also tells us that a increase in these matters will tend to result in an increase in the number of disputes related to estates, trusts, conservatorships, [...]

2016-12-22T06:23:36-05:00September 27th, 2016|Articles, Dispute Resolution, News, Newsletters|

Georgia 529 Plans Get Even Better For Married Couples

Beginning with the 2016 tax year (i.e., for Georgia income tax returns filed in 2017), the 529 Plan contribution income tax deduction for married couples filing jointly has doubled from a maximum of $2,000 per beneficiary account to a maximum of $4,000 per beneficiary account. When considering Georgia's flat 6% income tax rate, this will [...]

2016-12-22T06:23:37-05:00August 25th, 2016|Articles, Estate Planning, News, Newsletters, Tax Planning|

Back to the Basics: First Party vs. Third Party Asset Protection

At our firm, most of our clients are hard-working and successful. Having worked hard to accumulate the assets that they have, these clients are often concerned about protecting those assets, so that they benefit themselves and their loved ones while being protected from predatory outsiders or creditors. “Asset protection,” in this context, generally means using [...]

2016-12-22T06:23:37-05:00July 19th, 2016|Articles, Asset Protection, News, Newsletters|

Back to the Basics: How Do Assets Pass at the Death of the Owner?

Have you heard of a situation where a deceased person’s former spouse ended up receiving his life insurance or retirement savings, instead of the person’s new spouse or children? Have you heard of a situation where the deceased person wanted to have assets held in trust for her minor children after her death, under her [...]

How to Fund Your Revocable Living Trust (RLTs Part 3 / Updated February 2019)

This newsletter is the final installment of our three part series on Revocable Living Trusts (“RLT”s). The first newsletter in this series was “Should I Use a Will or a Revocable Living Trust? Separating Facts From Fiction,” and the second newsletter in this series was “Do You Need To Fully Fund Your Revocable Living Trust [...]

The Top Five Secret (and Abhorrent) Tricks to Winning a Guardianship and Conservatorship

The Georgia Code for Guardianship and Conservatorship became effective in July 2005. Since that date, attorneys who practice in this area have learned many tricks of the trade. I've studied the guardianship code, and I've even taught classes about the basics of guardianships and conservatorships. Yet, the best techniques to guarantee your client's success have [...]

Having Those Hard Conversations During the Holidays

The holidays are a time when families gather together in celebration. Traditions are carried out and new ones are made. Stories are shared, memories created and relationships strengthened. However, these occasions may also reveal that time has passed and things have changed - and not for the better. The health, financial situation, and overall well-being [...]

2016-12-22T06:23:40-05:00December 21st, 2015|Articles, Elder Law, Estate Planning, Guardian, News, Newsletters|