Category: Estate Planning


When Should You Start Taking Your Social Security Benefits?

When Should You Start Taking Your Social Security Benefits? Most advisors recommend waiting as long as possible to begin collecting Social Security benefits. Of course, every situation is unique. The best time to take Social Security benefits is not the same for everyone. You must consider your particular financial needs, health, post-retirement plans, and more

  • Clifford M. Cohen,
  •   Retirement Planning
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Don’t Let the Fear of Gift Taxes Stifle Your Generous Spirit

Don’t Let the Fear of Gift Taxes Stifle Your Generous Spirit Have you ever considered gifting a loved one cash or property but held back because you were worried about federal gift taxes? Here’s why you shouldn’t let that stop you next time. True, the IRS can impose a gift tax on the transfer of

  • Clifford M. Cohen,
  •   Estate Planning
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Protect Your IRA for Future Generations

Protect Your IRA for Future Generations Chances are, your IRA represents one of your most valuable assets. It is relatively safe from a wide range of threats while you are alive. However, this changes when you pass your IRA on to heirs. While your spouse will continue to enjoy certain protections, IRAs passed on to

Funding a Revocable Living Trust and Choosing a Qualified Trustee

Funding a Revocable Living Trust and Choosing a Qualified Trustee “Funding” a Revocable Living Trust is the process by which assets are transferred to the trust. It involves taking assets titled in the grantor’s name (or joint names if the grantor is married) and retitling them to the name of the trust. Funding can also

  • Clifford M. Cohen,
  •   Trusts, Wills
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Six Common Mistakes People Make When Probating an Estate

Six Common Mistakes People Make When Probating an Estate If you’ve been named as an executor or personal representative and are tasked with settling an estate through probate, you’ll want to avoid these common mistakes. Handling Assets Incorrectly One of the first things an executor or personal representative must do is secure all of the

  • Clifford M. Cohen,
  •   Estate Planning
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Lessons in Estate Planning from Aretha Franklin

Lessons in Estate Planning from Aretha Franklin Aretha Franklin passed away in August 2018 with an estate estimated at $80 million. At the time, it was believed she died intestate, meaning she had no will. When a person passes away intestate, assets are distributed according to state law. Ms. Franklin was a resident of Michigan,

  • Clifford M. Cohen,
  •   Estate Planning
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Estate Planning for High-Risk Professionals

Estate Planning for High-Risk Professionals Certain professionals, such as physicians, financial advisors, attorneys, and business owners, face formidable occupational exposure to lawsuits. Given how hard you have worked and how much you have sacrificed to get where you are today, you cannot afford to put yourself and your family at risk by failing to plan

  • Clifford M. Cohen,
  •   Estate Planning
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Why Everyone Needs an Estate Plan

Why Everyone Needs an Estate Plan Some people believe that estate planning is only for the wealthiest of families, but nothing could be further from the truth. Everyone can benefit from an estate plan, one crafted and implemented by an attorney who focuses on this area of the law. Asset Distribution When a person passes

Lessons in Estate Planning: Four Types of Wills

Lessons in Estate Planning: Four Types of Wills Wills are among the most important tools in the estate planner’s toolbox. You have probably heard about them, but did you know that Wills can take several forms? Here are four commonly used Wills. Simple Wills When most people think about Wills, this is the one they

  • Clifford M. Cohen,
  •   Estate Planning
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Estate Planning for Blended Families

Estate Planning for Blended Families Every family should have an estate plan of their own, one created by an attorney who focuses on this area of the law. For blended families—families with children from a previous marriage—estate planning is even more critical. Why? For one reason, the interests of a current spouse and any mutual

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  •   Estate Planning
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