Biden Administration May Spell Changes to Estate Tax and Stepped-Up Basis Rule [2/27/2021]

President Biden’s administration will usher in, two possibilities are that it will propose lowering the estate tax exemption and eliminating the stepped-up basis on death. The first would affect only multi-millionaires, but the second could have an impact on more modest …

Why Financial Planners Need to Understand Modern “Irrevocable” Trusts

By Bakalar & Asociates, PA Many financial planners have been ill advised regarding the modern benefits of Irrevocable Trusts.  Traditional Irrevocable Trusts pose several historical problems which include: 1.         Requirement for a new EIN number from the IRS for income …

A Final Retirement Account Distribution Must Still Be Made After Death

By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) …

If You Haven’t Been Regularly Reviewing Your Estate Plan, Start When You Hit 60

By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. It is a very good idea to create advance directives in order to plan for the possibility that you may one day be unable to make your own medical decisions. …

Drafting a Power of Attorney that Lessens the Chances of Abuse

By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. A power of attorney is one of the most important estate planning documents you can create, but it is also one that can be misused.  While it isn’t possible to …