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The start of a new year, any new year, is a logical time to take stock, reflect and look ahead. The fact that we are the midst of a deadly, frightening pandemic this time around makes self-reflection all the more important.
The Secure Act drove federal taxes and tax law deeper into the lives of those other than spouses who inherit the wealth you leave behind. It made estate planning more crucial than ever.
There’s nothing like a once-in-a-lifetime global pandemic to focus one’s thinking. This year has been one for the the books.
Most people know they are worth more dead than alive. But many — including those who survive them — don’t know how much more.
And during times like this, when a pandemic is still running wild, your estate, which you may not have known you had, probably needs a little work because the old rules no longer apply.
No matter how the pandemic has impacted your life, changes in your own situation may have happened that mean you should adjust your estate accordingly.
During times like this, when a pandemic is still running wild, it’s a good question. The old rules and odds don’t apply.
Suppose your charming but kind of flaky son or granddaughter inherited a large sum of money, maybe as much as six figures, as soon as this month?
Over the past five months, there have been some major changes to the tax code that could impact the amount you pay and how effectively you use the money in your Thrift Savings Plan, if at all.
In addition to upending virtually all aspects of our personal lives — health, safety, socialization — the coronavirus and reaction to it have forced millions of people to rethink plans for the future.
Along with the coronavirus, a sense of mortality is in the air these days. That means tax attorney and estate planner Tom O’Rourke’s voicemail is full, as clients, sometimes in a panic, check in with him, in case they check out.
Nobody likes to think about dying. But it happens and if you don’t do some advance planning it can cause even more longer lasting pain and grief.
Tom O’Rourke, an estate/tax attorney in the Washington D.C. area, says many people have estates but don’t realize it.
Washington, D.C. area tax and estate attorney Tom O’Rourke has tips for finding out the state of your estate, and planning for the future.