Can My Heirs Be Handcuffed with an Annuity?

Lifetime income annuities, like Single Premium Immediate Annuities (SPIAs) and Deferred Income Annuities (DIAs), are irrevocable contracts with no liquidity. You will get all of your money back if structured properly at the time of application, but it will be in payment form.

How Do I Do the Most with My Inheritance?

April 8, 2020
Bill O’Leary, Esq.
Asset Protection, Business Planning, Elder Law, Estate Planning

You may have a friend, or two, who has blown a large inheritance. Some of you may have also seen a news story about a lottery winner who went bankrupt (or worse) just a few years after receiving a life-altering sum of money. If you don’t want this to be you, keep reading as we share five tips to make the most of an inheritance or windfall.

Are You One of the Many Headed toward Financial Disaster?

April 7, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Law, Estate Planning

Managing your finances likely isn't the most exciting task on your to-do list, but it's crucial if you want to reach all your financial goals and set yourself up for long-term success.

Is Life Insurance a Good Idea for My Estate Plan?

Most American adults own life insurance, yet the buying process can be perplexing and pose traps for the unwary — and cause financial problems years down the road.

Are You Relying on Social Security Alone for Retirement?

About 40% of older Americans may be relying exclusively on Social Security for income, according to recent research.

What are the Penalty-Free IRA Withdrawals?

March 12, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Law, Estate Planning

The contributions you make to your individual retirement account (IRA) are intended to supplement your income during your retirement years. However, as much as you'd like to let your IRAs remain untouched until retirement, unforeseen expenses may force you to withdraw some of those assets early.

Am I Better Off Investing Earlier in My IRA?

March 6, 2020
Bill O’Leary, Esq.
Asset Protection, Business Planning, Estate Planning

If you’re under age 50, you can contribute up to $6,000 across one or more IRAs for tax year 2020. If you’re age 50 or older, the limit is slightly higher ($7,000).

What Exactly Is the Estate Tax?

March 3, 2020
Bill O’Leary, Esq.
Estate Planning, Probate and Estate/Trust Administration

The estate tax in the United States is a tax on your right to transfer property to other individuals upon your death, according to the IRS. In other words, when you die, the U.S. government might be entitled to a portion of your assets before the remainder can be passed to your heirs. Not all inherited assets are subject to the estate tax. In fact, the U.S. estate tax only affects the wealthiest households.

How Does a Bull Market Affect My Estate Plan?

2019 was a wild year in the market, but in the end the Dow ended up 23 percent year over year. The S&P 500 went up 29 percent over the year, and the Nasdaq climbed 36 percent. In fact, the market is up about 60 percent since Donald Trump was elected President of the United States. Those are some pretty impressive gains.

What’s the Best Thing to Do with an Inherited Investment?

Receiving an inheritance can be a double-edged sword. On the one hand, it's overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new opportunities for you and your family.