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Using a Roth IRA as an Estate Planning Tool

Lavelle & Finn


A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation.  Unlike a traditional IRA, contributions to a Roth IRA are taxed, which means that the distributions are tax-free. Also, unlike a traditional IRA, you are also not […]

Can My Family Inherit My Season Tickets?

Lavelle & Finn


Sports fans with season tickets may want their families to enjoy the tickets after they are gone, but passing on these tickets may not be simple.   Getting season tickets to your favorite sport is not always an easy task. Season tickets for some teams can cost a lot of money and require time on a […]

Why Small Business Owners Need an Estate Plan

Lavelle & Finn


Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you are gone.   While an estate plan is important for everyone, it is especially important for small business owners. […]

5 Rights That Trust Beneficiaries Have

Lavelle & Finn


As a trust beneficiary, you may feel that you are at the mercy of the trustee, but depending on the type of trust, beneficiaries may have rights to ensure the trust is properly managed. A trust is a legal arrangement through which one person, called a “settlor” or “grantor,” gives assets to another person (or an […]

What Is Undue Influence?

Lavelle & Finn


Saying that there has been “undue influence” is often used as a reason to contest a will or estate plan, but what does it mean? Undue influence occurs when someone exerts pressure on an individual, causing that individual to act contrary to his or her wishes and to the benefit of the influencer or the […]

If You Don’t Want an IRA Distribution, You Can Donate It to Charity

Lavelle & Finn


Not everyone wants to take the required minimum distributions from their retirement accounts right away. If you don’t want your distribution, one option is to donate it to charity and get a tax deduction.  You are required to begin taking distributions from your tax-deferred IRA when you reach age 72 (70 ½ if you turned […]

How Long Does an Executor’s Job Take?

Lavelle & Finn


Being the executor of an estate can be a time-consuming job, depending on the size and complexity of the estate. While a simple estate can take a few months and not require a huge time commitment, if there are problems, the job can drag on for years.  An executor is the person responsible for managing […]

When to Avoid Naming a Trust as Beneficiary of Your Retirement Plan

Lavelle & Finn


Naming a trust as a beneficiary of your retirement plan can be a good idea in some circumstances, but it can be dangerous if you are worried about creditors coming after your estate.  There are a lot of good reasons to name a trust as beneficiary of a retirement plan, whether it is a 401(k), […]

When a Non-Grantor Trust Might Be Useful

Lavelle & Finn


One of the many factors to consider when setting up a trust is whether to make it a grantor trust or a non-grantor trust. While a grantor trust is more common, a non-grantor trust can be useful in certain circumstances.  A grantor trust is any trust in which the person setting up the trust (the […]

What Will Happen When the Gift and Estate Tax Exemption Gets Cut in Half?

Lavelle & Finn


Although the vast majority of Americans have estates that fall under the estate and gift tax exemption, the exemption is set to be cut in half in 2026. Proper planning may be necessary to make sure you are taking full advantage of the current exemption and aren’t negatively affected when it decreases.  The federal estate […]