Blog

Your parents or grandparents may have retired with a comfortable pension, but today's retirees are much more likely to have their retirement funded through IRA's or similar tax deferred retirement accounts. For many families, these retirement accounts are their largest assets.  People are often ...

There has been increased interest in wills and trusts since the COVID-19 pandemic began. Families who have put off planning are now realizing the importance of getting it done.  At the same time, some traditional avenues for estate planning are shut down. Live seminars are out, and in-person meet...

Our office remains open by appointment during normal business hours of 8:30 am to 5 pm.  Many of our regular processes are well-suited to serving clients during this challenging time.  We continue to offer free 15-minute estate planning phone consultations and on-demand educational seminars on ...

Simple wills are the most common estate planning document in Alabama, but they aren’t right for everyone. In Mobile County and Baldwin County where we practice, many lawyers offer simple wills as the only option, and those are likely better than whatever you find online. A simple will leaves everything to your spouse, and then to children in equal shares if your spouse dies before you. Sounds simple enough, right? But there are dangers and costs that simple wills don’t protect against.

We’ve distilled four things about probate in Alabama that you might want to know or might be surprised to hear.

In July of 2019, we warned that Congress had its eye on inherited IRAs as a source of increased tax revenue. On December 20, 2019, what we described as “the new Death Tax” became reality when President Trump signed the SECURE Act into law. Keep reading to learn more about how these changes may affect you and your family.

“Simple” is a word that is rarely used to describe the ins and outs of the law, so it's no surprise when people have questions about legal documents. Concerns about powers of attorney are especially common. Sadly, delaying a power of attorney is often the result of misconceptions about these docu...

Losing a spouse is one of life's most stressful events. That is even more true when the deceased spouse managed the couple's financial affairs. Attending to your own health and emotional well-being should take priority. Keep in mind that your health insurance may cover treatment for grief-induced...

Sentimental Value: It's what is so special about that childhood blanket, grandmother's wedding ring, the family Bible, and countless other items you own. It can also play a very divisive role in handling your estate. So how do you make sure the sentimental value isn't tarnished by family fighti...

Retirees often worry about outliving their retirement savings, but what happens when your retirement savings outlive you? Most people don't think about it. Maybe that's why Congress is eyeing these funds as a source of increased tax revenue.  If you don't think the danger is real, consider thi...

If you are considering whether you need a will or a trust, congratulations! By recognizing that you need a legally enforceable plan, you are ahead of about half of your peers. But which approach is best? Will-based planning is usually simpler, less expensive and easier to maintain. Revocable l...

If you are called upon to help one or both parents manage their finances, you want to do the right thing.  Your parents took care of you, and you want to do a good job for them. You also don't want your siblings or other relatives to have concerns about the way you handled things. Here are five t...

1. How far will your retirement savings go? It may seem a little late to think about how much you're saving, but how long your savings last depends both upon how much you have and how much you're spending. Finding out how much you're spending each month is usually the easier step because you a...

We've made it through Mardi Gras. The revelry, the late nights, the parades and events... there's nothing quite like it. Now that Carnival season is officially over, we can all sit back and relax. Right, CPAs and business owners? We jest (pun intended). While a few people may have filed their ta...

Kids may hear the phrase “don't try this at home” and immediately run out the door to try that cool bike trick or blow up some fireworks. But as adults, we know there are lots of things you really shouldn't do on your own.  A few things come to mind like extensive home repair, cutting your own ...

What are your goals for 2019? We aren't talking about those well-meant New Year's Resolutions that soon fizzle out like fireworks in the midnight sky. Do you have a plan to achieve the goals you're prioritizing? Even though our goals and the strategies to reach them will change throughout the ye...

So what exactly is an estate plan? You may be thinking estate plans are only for really wealthy people or wondering if you really need an estate plan. Many people are under the impression that your estate plan only works to give your stuff to your spouse or kids after you die, but if that's ALL...

Somewhere between the turkey, the parties, the presents, and the countdown to the New Year, something is nagging at the back of your mind…and it's not whether you should have another slice of pecan pie. It's not just you. Search data shows that queries about estate planning tend to spike right...

One of the most widely-held fears about nursing homes is that they will take your home if you need care. The good news is that your home can almost always be protected while you or your spouse is still alive. The bad news is that you may not be able to leave the home to your children or other h...

1. A power of attorney (POA) is probably the most important part of a basic estate plan. Planning for incapacity is arguably more important than planning for how property will pass at death. While the loss of a loved one can be devastating, there is no longer a need to make medical decisions or...

Many veterans in our community rely on VA pension benefits to help cover the cost of assisted living and other long-term care expenses. On September 18, 2018, the Department of Veterans Affairs (VA) published a final rule dealing with net worth, asset transfers and income exclusions for VA pens...

We believe that a team approach to long term care planning yields the best result for the client. Ideally, the team should consist of a financial planner, an accountant and an elder law attorney. Our clients often have long-term relationships with their financial planner and accountant, which mak...