Portland Oregon Legal Planning News
Serving in the US Armed Forces is a source of honor and pride for our service members. Unfortunately, serving in the armed forces increases health risks to those who serve. Combat situations are obviously risky, but many harmful situations don't involve direct combat, including exposure to hazardous chemicals, accidents, and mental stress.
Read MoreA recent survey counted over 18.2 million American Veterans over age 65. Many of these Veterans include those who served in World War II, the Korean War, the Vietnam War, and the Persian Gulf War. Suppose you are caring for an elderly Veteran. In that case, you should know about the benefits and services available for the various health and financial challenges Veterans may face.
Read MoreA Series I bond is a non-marketable interest-bearing U.S. government savings bond. It's a low-risk investment that earns a variable inflation rate adjusted every May and November and an interest rate fixed for the bond's life. The non-marketable feature means you can't sell or buy it in a secondary market.
Read MoreAfter you’ve rung in the New Year, it’s time to start getting down to business and thinking about tax season. While it’s not the merriest time of the year, tax season is a great time to review your finances and the changes that may impact how you file. Every year, the Internal Revenue Service provides its updated tax inflation adjustments. These yearly amendments lay out the amounts exempt from federal estate and gift taxes. Due to inflation, the IRS has increased estate tax exclusions for 2023. What does that mean for you?
Read MoreEstablishing an estate plan is a critical part of safeguarding your assets and making sure they are passed on to the rightful heirs. However, when you have a complicated relationship or family dynamic, this process can be difficult to navigate. Fortunately, there are still ways to ensure that your wishes are respected and that your loved ones receive the assets you meant for them to have. Here’s what you need to know about estate planning when love and relationships within the family are complicated.
Read MoreAn essential part of estate planning is designating beneficiaries for your life insurance policy, 401(k), and other financial accounts. A beneficiary is a person who receives someone's assets upon their death. There is no "correct choice" when choosing the beneficiaries who will inherit from you. It’s a personal decision. What must be handled “properly” however is the process of naming beneficiaries so that your loved ones can inherit what you desire for them. Let’s look at beneficiary designations in a bit more detail.
Read MoreCreating an estate plan feels like something you check off a to-do list. Once the task is complete, you can move on and forget about it. However, that is not the mentality you should take when drafting your final wishes. An estate plan should reflect your current circumstances and should be periodically reviewed and amended as your life changes.
Read MoreIf you’ve already met with an estate planning attorney to put together your wills, trusts, powers of attorney, and other long-term plans, then congratulations! You’ve taken a really important step toward being prepared for the future and making things easier on your family and friends should you pass away or become unable to make decisions for yourself.
Read MoreService dogs are specially trained to provide assistance to children with disabilities. They can be taught to support kids in a variety of unique ways that help with daily living and even help in an emergency situation. For families with disabled children, service dogs can be a lifeline.
Read MoreBusiness plans often address marketing, growth, and product development issues. However, business owners often fail to create an exit strategy, succession plan, or acquisition plan. But Succession isn’t just for obscenely wealthy kingpins of media with overly ambitious and conniving children.
Read MoreYou can donate retirement accounts, such as an IRA, by distributing the proceeds to charity. However, the tax benefits for donating this way are minimal. A tax-efficient donation strategy is to contribute your retirement fund directly to a charitable organization as part of your estate plan.
Read MoreFederal estate tax law includes a provision called portability. This provision only applies to married couples. It allows the surviving spouse to use any part of their deceased spouse’s unused estate and gift tax exemption. Including portability in an estate plan protects the surviving spouse from significant estate tax bills if the deceased spouse’s estate didn’t exceed exemption thresholds. With the deceased spouse’s unused exclusion (DSUE), the surviving spouse can transfer their spouse’s unused federal gift or estate tax exemption upon death.
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