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Expert Advice for a Georgia Resident's
Assets, Wills, Businesses, and Estates

A Short Story of Jack, The Beanstalk and Survivor IRAs.

Once upon a time, Jack discovered that when he and his wife Jackie were both gone, they could leave what was left of the Beanstalk1 to their child2 and grandchildren3 in an incredibly neat, tax-saving way.

They filled out the papers4 so a Beanstalk Trust would be created when they died. Then they lived happily ever after.

When they both died, there was no Fee Fi Fo Fum. The Big Bad Giant5 got no income taxes at all on the Beanstalk. [Read more…]

So You’re Going on a Trip…

As Dr. Seuss put it, “From there to here, and here to there, funny things are everywhere.” Or maybe not so funny. So here are a few legal things to consider before you head into the Wild Blue Yonder. [Read more…]

Marriage, Assets, and Chocolate Milk.

Hear ye, all marrieds, to-be-marrieds, those facing first marriages, subsequent marriages, adult children with remarried parents, et al.

Separating “marital assets” into “separate assets” can be like trying to undo chocolate milk. Pour chocolate syrup into milk to get chocolate milk; that’s easy. But afterward, try to separate them back to syrup and milk? Good luck.

The happy couple should never, ever change the names on assets (investments, real estate, etc.) naively, casually, or offhandedly. Thoughtfully, yes; deliberately, yes.  But casually, no.

Here’s the deal.  Sometimes marriages go sour.  When that happens, the law knows there’s (a) separate property and (b) marital property. (Obviously, we’re not talking about Wii consoles and Bundt pans.)

The difference: separate property stays with its owner. Separate property can be controlled when a marriage ends at death. Separate property can stay separate in a divorce. [Read more…]

An IRS-Approved Way to Cut your Required Minimum Distribution.

Wealth growth ( with Clipping Path )Chutes and Ladders comes to mind when you’re trying to figure out how much you must take out of your IRAs, etc. at age 70½ and after. If you land here, you slide to there and take that much out.  If you get here, you go down the chute to there and take something else.

But now there’s a ladder, an opportunity to let a significant part of your IRA keep growing. And it’s courtesy of IRS. [Read more…]

Questions are welcome.
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