Helping Those Who Help Others

Posted by Robert L. Arone According to a 2015 study conducted by the National Alliance for Caregiving and AARP, approximately 43.5 million caregivers provided unpaid care to an adult or child during the prior 12 months. Those who have taken on the role of caregivers for ill or disabled spouses, aging parents, children or other loved ones with special needs are typically selfless and giving individuals who may not stop to consider their own financial and estate planning needs. It is likely that you have clients who are providing this type of care. It is essential to broach this subject with your clients to ensure they have financial and estate plans in place that address both their own needs and those of their care recipients. As their trusted advisor, you can encourage them not only to recognize their own emotional needs and develop the skills needed to deal with the stresses of

How to Help Your Client When a Loved One Dies

Posted by Robert L. Arone As your client’s trusted advisor, you may be the first person the family turns to when a family member or loved one passes away. Although it is important for your client to contact us soon to start the process of estate or trust administration, the shock and grief of losing a loved one are often overwhelming. Sometimes, family members simply need a brief respite before addressing these legal matters. However, there are several practical and legal considerations that the person named as the executor of the estate or trustee of the trust should address in the initial weeks following the death, prior to the administration of the estate or trust. During this stressful and emotional period, your client may forget about certain tasks which may lead to problems if left undone, and there are important legal considerations your client must heed. Here is a list

Planning for Millennials

Posted by Robert L. Arone Millennials (born 1981 to 1996) are well known for their distinctiveness as a group. They have followed paths and set goals that are decidedly different from those chosen by previous generations. They are highly diverse, better educated, more socially conscious, and wait longer to have families than their parents and grandparents. But one thing millennials have in common with other generational groups is the need for estate planning. Unfortunately, a startling 79% of millennials do not have basic estate plans in place. Their needs and goals may vary, but having an estate plan in place is crucial for every adult, including millennials. Whether your clients are young or old, they do not know what the future holds, and together, we can help them put plans in place that not only provide for their own future needs but also those of their loved ones. Will and/or

IRS Finally Issues Cryptocurrency Updates

By: Eric P. Rothenberg, Esq. – [Published Article] For the first time since the IRS issued guidance in 2014 [See IRS Notice 14-21], the IRS has twice spoken on the subject of cryptocurrency despite Congress practically begging for guidance in September 2018 [See letter to the IRS dated September 19, 2018 from the House Ways and Means Committee]. And while the IRS did answer some questions, there are still far too many left out. On October 10, 2019 the IRS released IR-2019-167 which they thought was “additional guidance”. It’s only a one-page release but it does reference new frequently asked questions [FAQ’s]. The FAQ’s on cryptocurrency comprise 43 questions. Nearly all of those FAQ’s are no news at all and merely state the obvious once the IRS declared in 2014 that cryptocurrency was considered by them to be “property” and not currency nor a security [See IRS Notice 14-21]. The

Modern Uses for Life Insurance Trusts

Posted by Robert L. Arone Since the enactment of the Tax Cut and Jobs Act of 2017, the utility of the irrevocable life insurance trust (ILIT) has been in question. The substantial increase in the federal estate tax exemption–$11.4 million for an individual and $22.8 million for a married couple in 2019—greatly reduced the need for estate planning aimed at lessening federal estate tax liability or offsetting estate taxes for many clients. As a result, your clients may be wondering if an ILIT is necessary. An ILIT Can Still Be a Helpful Planning Tool Depending upon the particular goals and circumstances of your clients, an ILIT can still be a useful planning tool. As a financial advisor, you can enhance your relationships with your clients by helping them to reassess their goals for both the present and the future, providing valuable guidance about how the ILIT may be able to

OARLawyers

Helping Those Who Help Others

How to Help Your Client When a Loved One Dies

Planning for Millennials

IRS Finally Issues Cryptocurrency Updates

Modern Uses for Life Insurance Trusts

How Can We Help?

© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

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OARLawyers

Helping Those Who Help Others

How to Help Your Client When a Loved One Dies

Planning for Millennials

IRS Finally Issues Cryptocurrency Updates

Modern Uses for Life Insurance Trusts

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How Can We Help?

© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

Attorney Marketing by Bardorf Legal Marketing

Have A Question?