When can the 60 day IRA rollover limit be waived?
- David Greene
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There are procedures (in addition to those in the CARES Act) that can be used to get relief from the 60 day limit to rollover an IRA without taxes if certain criteria are met. They are: (1) An error was…
How can one relinquish his authority under a Power of Attorney?
- David Greene
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First let me point out that even though one is the agent pursuant to a Power of Attorney, she does not have to act pursuant to its authority. However, no one else can have Power of Attorney as long as…
Can a spouse change his spouse’s will after he/she dies?
- David Greene
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First let me remind everyone that each person must have his or her own will. A husband and wife cannot have a joint will. In short, a will cannot be changed or altered by anyone after the maker of the…
Is a Durable Power of Attorney important?
- David Greene
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It is very important! A durable Power of Attorney (POA) is simply legal authorization for someone else to act on one’s behalf. This usually only occurs if the grantor of the POA is incapacitated, but it can be useful in…
What is the difference in a Health Care POA and a Living Will?
- David Greene
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I like to think of the Living Will (also known as a Declaration of a Desire for a Natural Death) as the “umbrella” that sits above the Health Care Power of Attorney. If the terms of the Health Care POA…
Will a Revocable Living Trust protect my assets from creditors?
- David Greene
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Many people are confused and sometimes misled about the differences in a revocable living trust and an irrevocable trust. Many advantages are common to both, such as: (1) both will avoid probate if handled properly, (2) both will allow the…
Headed for divorce? Here are some tax tips.
- David Greene
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There are several things I recommend you do if you think you might find yourself going through a divorce, both for future tax audit sake and to make sure all assets are revealed. First, copy all of your financial records…
What is a Grantor Trust?
- David Greene
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To be a grantor trust, the trust must meet specific rules set out in the Internal Revenue Code. There are several but the one that is used most frequently is that the grantor retains the right to remove assets from…
How can one avoid a will contest?
- David Greene
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It is very hard to be successful in a will or trust contest. However, many disappointed heirs file such contests every year. Here are some planning tips to hopefully avoid that headache and heartache for your heirs. (1) If you…
How can one protect assets held in trust from creditors?
- David Greene
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In my last blog I stated that a revocable trust will not protect against creditors. However, there is a solution: the Irrevocable Trust. In this trust, the maker of the trust generally cannot be the trustee, so a great deal…