In regard to estate planning and IRA’s, this is a game-changer as non-spousal beneficiaries will need to spend down the inherited amount within 10 years instead of over their respective lifetimes. If you have IRA’s that flow into a retirement benefits trust or a retirement benefits trust contained within a revocable or testamentary trust, these...Read More

Commit to Planning now and receive the best planning at the best prices of the year! https://agency-legacy.s3.amazonaws.com/sites/adsd_dev/email-temp/wvtv/Watson_Law/op_id_15125/index.htmlRead More

The 99.8% Act proposes a progressive rate structure starting at 45 percent for estates between $3.5 million and $10 million. Although the likelihood of this bill becoming law is uncertain, it appears that the expansion of the estate tax will be a target for 2020 Democratic presidential candidates. Learn how you can take advantage now...Read More

A few first-hand stories about some of the negative consequences caused by a lack of planning (negative consequences that don’t necessarily revolve around money). As the article succinctly states, “there’s no drama in the universe like death drama.” Resolve to remedy this today! https://www.washingtonpost.com/business/economy/you-will-die-dont-exit-leaving-a-hot-mess-behind/2019/10/04/75b23128-e620-11e9-b403-f738899982d2_story.htmlRead More

So, the auction begins today with sixty percent of the proceeds going to Bourdain’s estranged wife, Ottavia Busia, and his daughter Ariane, the rest to a new scholarship at the Culinary Institute of America. Although Bourdain did some planning, one wonders if this is the result he would have wished for. Structured better, his estate...Read More

Examples of what and how Spousal Lifetime Access Trusts (SLATs) and Domestic Asset Protection Trusts (DAPTs) can be used to maximize the estate exemptions before likely tax reforms in 2020 (if the democrats win and get majority control of Congress). Talk to the Law Office of David Watson, LLC to learn more. https://www.forbes.com/sites/martinshenkman/2019/10/04/estate-planning-before-2020-election-maybe-only-one-spouse-should-make-gifts/#1cd63a765600Read More

Great practical tips from litigated experiences. Best to leave adjustment provisions (provisions that try to balance inheritances due to outstanding inter-family loans, etc.) out of a Trust or Will, and update it at frequent intervals instead. Moreover, ask your attorney about their practical experiences, i.e. best practices to avoid estate plan failing disputes. https://www.americanbar.org/groups/senior_lawyers/publications/experience/2019/july-august/tips-avoiding-conflict-arising-your-estate-plan/Read More

Answer: When not titled correctly. Currently, I am working with a cleint that would like a property solely titled in her and her sister’s names as her 5 other siblings who are on the deed are now deceased. Simple enough…however, the deed is titled as “tenants in common”. This means that a deceased parties’ interest...Read More

Basis step-up is a powerful tax-saving tool. Often, it is why it is preferable to bequeath a home/stocks instead of gifting it. Although this article is making the case against basis step-up, it is important to understand why it is so advantageous and why you should plan with it as part of your estate planning...Read More

Wisconsin, like The Revised Uniform Fiduciary Access to Digital Asset Act, establishes of a “three-tier priority system of user direction for disclosure of digital property as follows: 1) an online tool; 2) any other governing instrument (estate planning documents); and 3) the above directions override a contrary provision in a terms-of-service agreement that does not...Read More