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In the News – Let’s Rethink the Meaning of Estate Plans

Published 1/14/2019

Recently, Wall Street Journal columnist Glenn Ruffenach put together an article on several common questions that retirees and soon-to-be retirees have. He starts by answering an important question to consider in estate planning. When you or your loved ones are getting close to retirement, establishing a comprehensive estate plan will be essential to making your assets go exactly where you wish them to go. This means answering hard questions that Ruffenach poses like contributing to a loved one’s education or creating a family foundation. Once you know exactly how your values will be handled, noting them in your estate plan with the help of a trusted estate planning lawyer is simple.

Ruffenach closes his article with information about qualified charitable distributions, which may be an important asset of your estate plan. With QCDs, your estate can charitably provide funds and assets to a charity of your choice without tax penalties. He explains how to do this with an IRA account and the hurdles that one may face with tax documents. Unfortunately, the IRS may deem some withdrawals as underpayment if tax filings are not done correctly so be careful when distributing these assets to charity.

For more information about estate planning and the various elements to consider when planning for retirement, be sure to consult with the trusted lawyers at Pankau Law. Schedule your free initial consultation today!


This content of this blog is intended for informational purposes only. It is not intended to solicit business or to provide legal advice. Laws differ by jurisdiction, and the information on this blog may not apply to every reader. You should not take, or refrain from taking, any legal action based upon the information contained on this blog without first seeking professional counsel.

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