With a push by the Democratic party to restore federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58 million per taxpayer. Assets included in a decedent’s estate that exceed the [...]
Last week, Missouri finally approved the notarization and witnessing of estate planning documents by virtual presence. Until the order was passed, we were conducting our signing meetings at the building entrance to avoid traffic in the office suite. For those that signed their documents during this time, a special witness was present in addition to [...]
In the midst of a global pandemic, it goes without saying that an updated estate plan is critical. While we are monitoring the current situation with COVID-19 (Coronavirus) and are mindful of CDC recommendations, The Lynn Law Firm, LLC remains open at this time and committed to assisting our clients with protecting themselves and their [...]
If you have kept up with current events, you know that January 1st marked a significant change to retirement accounts. On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which became effective January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in [...]
An unexpected death, disability, or retirement. An irreconcilable dispute. Divorce. These triggering events may put your successful, stable business into a tailspin. Luckily, a buy-sell agreement can help you and your business be better prepared to handle these events. What is a Buy-Sell Agreement? A buy-sell agreement is a legally binding agreement between co-owners of [...]
A great article from Time - worth the read...click to go to Time.com... WHY YOU NEED TO MAKE A 'WHEN I DIE' FILE BEFORE IT'S TOO LATE
It is all over the media that nearly half of Americans aged 55 and older have no retirement savings in an individual retirement account (IRA) or 401(k) according to the federal Government Accountability Office (GAO). Also, while two out of five households do have a defined benefit plan (traditional pension), a full 29 percent of [...]
If you think you only need to create discretionary lifetime trusts for young, troubled, or financially inexperienced beneficiaries, then think again. In this day and age of frivolous lawsuits and high divorce rates, discretionary lifetime trusts should be considered for all of your beneficiaries, minors and adults alike. What Is a Discretionary Lifetime Trust? A [...]
An elder law attorney is an attorney who focuses not on a specific area of the law, but on the legal needs of elderly people, veterans, and adults with special needs. Elder law is an area of practice that has only been around for about twenty-five years and was born out of necessity. With life [...]
Your right to vote is a fundamental lynchpin of what it means to be a citizen – yet you could lose your right if you become a ward in a guardianship. Having a strong power of attorney is essential to avoid that drastic, but a little-known, consequence. A power of attorney gives a trusted person [...]
