Kuhn and Kuhn Law Firm

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

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

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

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

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

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

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

From the dawn of time, humans have been concerned with privacy. In the biblical story of Adam and Eve, the couple sought the privacy provided by fig leaves as they left the Garden of Eden. When species Homo sapiens emerged, privacy was essential to protect against predators. In today’s world, privacy is more important than ever to protect ourselves from the seemingly ever-increasing number and types of predators. Privacy may be enhanced with something as simple as the primary estate planning … [Read more...] about Basics of Estate Planning: Privacy and Estate Planning