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Home / Archives for Ams Help

Ams Help

Estate Planning: It’s Not Just About the Estate Taxes

July 30, 2018 by Ams Help

When we plan our lives and our estates, it’s not all about the estate taxes. Of course, estate taxes should be taken into consideration, but there are many more important factors. That’s why the temporary doubling (until the end of 2025) of the amount which can be passed free of estate tax (to $11.18 million in 2018) does not remove the need for estate planning. Whether the exclusion amount is $5.59 million or $11.18 million is irrelevant to the vast majority of people. Here are some … [Read more...] about Estate Planning: It’s Not Just About the Estate Taxes

Filed Under: General

Planning for the Unexpected

June 11, 2018 by Ams Help

Charlotte Fox was an adventurous woman. She was a serious mountain climber and reached the summit of some of the world’s tallest mountains. She became the first American woman to climb three peaks above 8,000 meters, including the world’s tallest peak. She was a member of a climbing party on Mount Everest in 1996 which encountered disaster on their descent. Several members of the party died. It’s the basis of Jon Krakauer’s “Into Thin Air.” Everyone understands there are risks climbing the … [Read more...] about Planning for the Unexpected

Filed Under: General

Estate Planning is Too Important to Procrastinate

June 6, 2018 by Ams Help

Most of us recognize that estate planning is the loving and responsible thing to do. Yet, only 44% of adult Americans even have so much as a simple Will, according to a Gallup poll. Our world is increasingly complex. It seems our lives are busier than ever. Interestingly, this may not be what leads us to procrastinate. According to Psychology Today, there are three reasons we might procrastinate: Things Get Done. We procrastinate until we are faced with a deadline and the deadline … [Read more...] about Estate Planning is Too Important to Procrastinate

Filed Under: General

6 Important Estate Planning Considerations – Part 5: Retirement Assets

May 29, 2018 by Ams Help

People work much of their lives to accumulate assets, often in tax-favored vehicles such as IRAs, Roth IRAs, 401(k)s, and other retirement plans. It’s often desirable to stretch-out withdrawals from these assets, not just during the “Participant’s” life, but long after their death. (The Participant is the person who contributed to it during their lifetime.) These types of assets may be the bulk of the assets in the estate, other than the home. So, handling these assets properly is … [Read more...] about 6 Important Estate Planning Considerations – Part 5: Retirement Assets

Filed Under: General

6 Important Estate Planning Considerations – Part 4: Beneficiary Designations

May 23, 2018 by Ams Help

Beneficiary designations are a powerful tool in estate planning. They are a simple way to direct that specific assets go where desired. However, they must be used with care and coordinated with the overall estate plan to meet the client’s objectives. Life insurance and retirement accounts, such as IRAs, have beneficiary designations which determine to whom the assets go at death. Bank, brokerage, and other financial accounts may also have such beneficiary designations. Additionally, in many … [Read more...] about 6 Important Estate Planning Considerations – Part 4: Beneficiary Designations

Filed Under: General

6 Important Estate Planning Considerations – Part 3: Your Kids

May 14, 2018 by Ams Help

Often, when people think of “estate planning” they think it’s only about deciding who gets the assets. However, how they get the assets may be even more important. The default under state law, in other words the cookie-cutter estate plan you didn’t know you already had, is to give assets outright to the children (and maybe other blood relatives, depending upon the state) upon the death of the surviving spouse. There are many reasons this one-size-fits-all plan isn’t ideal in the vast majority … [Read more...] about 6 Important Estate Planning Considerations – Part 3: Your Kids

Filed Under: General

6 Important Estate Planning Considerations – Part 2: Long-Term Care

April 30, 2018 by Ams Help

Often, when people think of “estate planning” they think it’s a task only for what happens after death. While an estate plan certainly deals with the distribution of assets at death, it also is about preparing for the complexities of life. The first article in the series showed how an estate plan prepares one for incapacity during life and not just for the distribution of assets at death. This article will focus on how an estate plan should take into consideration the potential for future … [Read more...] about 6 Important Estate Planning Considerations – Part 2: Long-Term Care

Filed Under: General

6 Important Estate Planning Considerations – Part 1: Incapacity

April 16, 2018 by Ams Help

Often, when people think of “estate planning” they think it’s a task only for the old, the rich, or the infirm. But, that simply is not true. Estate planning is something you do when you care, regardless of your age, wealth, or health. One thing to consider in your estate planning is your own possible incapacity. Nobody wants to consider they may become incapacitated. But, many people, including many young and seemingly healthy people, become incapacitated each year. For that reason, it’s … [Read more...] about 6 Important Estate Planning Considerations – Part 1: Incapacity

Filed Under: General

Aging Parents and Estate Planning

March 20, 2018 by Ams Help

The parent-child relationship is pretty well defined. Children generally don’t advise their parents. It’s the other way around. However, this dynamic can shift as parents get older and children become adults. This becomes especially prevalent when considering estate planning and elder law issues. As parents grow older, adult children may start to have certain questions about the way mom and dad have planned ahead for the eventualities of aging. Being aware of what plans have been made opens … [Read more...] about Aging Parents and Estate Planning

Filed Under: General

Basics of Estate Planning: Two Common Mistakes with Trusts

November 9, 2017 by Ams Help

Trusts are incredibly useful tools. But, like other useful tools, they do not fit every circumstance. They must be used appropriately. For example, a hammer is an exceptional tool to use when looking to drive a nail into a wall. But, if you hit the nail with a glancing blow, the nail will bend and you’ll end up with a difficult situation. Here are a couple common errors with the use of trusts, and how they could be avoided. The first mistake with the use of trusts is not using the right type … [Read more...] about Basics of Estate Planning: Two Common Mistakes with Trusts

Filed Under: General

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