Wills and Trusts are Estate Planning tools to help distribute your estate after you pass away.

A Will is a written document expressing your wishes and only becomes active after death. A trust, on the other hand, is active the day you create it.

What’s a Living Trust?

Like a Will, a Trust is used to transfer property after death to loved ones. It’s called a Living Trust because it is created and active while the Trustor (property owner) is still alive.

Almost anything of value can be placed in a trust. Think real estate, vehicles, accounts, fine art & jewelry, etc.

How Does a Living Trust Work?

Once established, the Trustor must transfer ownership of their assets and possessions into the trust. We call funding the trust, and I can’t explain how crucial this step is.

The Trust document will also name a Trustee. This might be a relative or a professional. Either way, their job is to oversee the instructions of the trust contract are carried out.

Trustors can add conditions like, a grandchild graduating college before receiving their inheritance.

How Is a Living Trust Different from a Will?

1. 1. Privacy: Wills become a public document as soon as you pass. On the other hand, only beneficiaries of a trust will know how the estate is distributed.
   2. Probate: Wills are subject to probate, whereas a Living Trust can help your heirs avoid this lengthy and costly process.
   3. Minors: Only a Will can appoint a guardian for your children.

Pros of a Living Trust:

1. 1. Save time and money in the probate process.
   2. Offers more protection if contested or challenged.
   3. Trusts are totally private, per the Trustor’s wishes.

Cons of a Living Trust:

1. 1. The data gathering and reviewing phase can take a lot of time.
   2. Retitle and re-deed process. The trust is no good if your assets and possessions are not titled to it.
   3. Attorney fees: most attorneys bill hourly and can add up quickly. (It’s still cheaper than probate)

Estate Planning can feel overwhelming. Just remember, you don’t have to figure this out alone.

Work with your team of trusted, fiduciary advisors to create the best plan for you and your family.

The post Let’s Talk Wills and Living Trusts: What’s the Deal? appeared first on AWM.

Mistake 1: Your documents are arranged out-of-state

Your estate planning documents such as, a will, trust, power of attorney, advanced directive, etc., should all be drafted by an attorney, who is familiar with the state laws in which you currently live, or where you have real estate. This is very important. A great example is the validity of a will in various US states. California honors a handwritten and unwitnessed will while the state of Oregon does not. If a will is drafted in Oregon, it’s important for the witness to sign an Affidavit of Attesting Witness in case the estate is probated. California courts do not require this extra document. You should also be aware of your state’s Estate Transfer Tax; reducing your estate’s exposure to this sort of tax might be important for you to consider.

If your legal advisor is not familiar with the laws of the state you are drafting your estate documents in, serious problems could arise. Don’t leave a mess for your heirs and loved ones. Ask your attorney or even fiduciary financial advisor to help ensure your plans are in order and will be executed as you intend.

Mistake 2: You rely on old documents

Keeping your documents up to date is so important—especially as laws change. If your estate plan is not updated appropriately after big life changes, your family might deal with that burden.

For example, you may have originally set up your estate to avoid estate taxation under federal laws when the free pass was only up to $1,000,000. In that case, your documents might need an update according to recent tax laws. 

Other situations might include the people you originally included in legal documents. Maybe you designated your ex-son-in-law to execute your estate plan. Since that relationship faded, you should find someone else for this role. Other documents might appoint a close friend to serve as a legal guardian for your children, but as relationships change, you are no longer close to this friend. You should appoint a new guardian and document the changes in your estate plan. Sometimes hiring a third-party administrator for your trust is a good option.

Mistake 3: You don’t understand your estate plan

The estate planning process can feel overwhelming for many clients. Others see it as a laundry list of things to check off as quickly as possible. You don’t need to understand all the legal language, but you should understand the fundamentals. You should know who your decision-makers will be, who will inherit your estate, and how your family will be taken care of. Preserving your family dynamics might be at the top of your wish list. Let’s talk about how to protect those relationships.

Mistake 4: You have outdated or confusing beneficiary designations

This is by far the most common area financial, legal, and tax planning advisors deal with estate planning mistakes. If your beneficiary forms are not up to date with your current wishes, you might cut your loved ones out of their inheritance. Intent means very little when it comes to legal documentation. You can read some examples of how this little piece of paper can cause a lot of heartache and drama between family members.

Update your wishes after any major life events or changes. It’s also important to clarify your intentions. No one can follow through on your wishes if they are difficult to understand and interpret. Think of multiple outcomes: what if you outlive your spouse? What if your divorced daughter passes away first? Do you have a special needs family member? Who will care for your aging parents? Help your family and estate executors carry out your wishes by keeping your documents updated and your instructions clear.

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Many people who already know which causes they should champion can benefit from straight gifts to charities.

Yet, many other people also desire to do good, but they are unsure how and when to donate. 

Other people are willing to help a specific charity, but they are not ready yet because they still need income.

Still, other people want to donate to charity, but they also want to help their children and grandchildren.

The good news is that a variety of options exist to help those who find themselves in unusual circumstances.

This is true even with the Trump tax reform.

People in such circumstances might consider 3 potential strategies that can help their situation:

1. You Want to Donate to Charity but You Don’t Know Which Ones Yet

You might be someone who knows you want to make an impact on your world. However, you have not yet figured out which charities best reflect your values. Yet, you would like to start making large contributions now.

One option is to start your own private foundation. This can offer you significant control over where your donations ultimately go later on. 

Private foundations do have drawbacks.  One drawback is the expense, since they must satisfy a host of complex rules. A second drawback is that you can contribute a lower percentage (30%) of your Adjusted Gross Income (“AGI”) to a private foundation than if you simply contributed cash to specific charities (60% of AGI). 

One potentially cheaper option to a private foundation is a donor-advised fund (“DAF”). Larger charities and investment firms offer such vehicles.  However, in order for your DAF donation to be tax deductible, you will need to obtain a letter from the sponsor of the DAF stating that it has exclusive legal control over the assets you donated.

2. You Need Income Now but Wish to Donate Your Inheritance to Charity

Some families still need the income from their investments for living expenses, yet they wish to deed over their inheritance to a charity upon death. A Charitable Remainder Trust (“CRT”) might be a viable option. 

A family might donate their money to a charity in the form of a CRT.  In exchange, the charity pays the family an annual income, some of which is taxable, over a fixed time period.  The family receives an income tax deduction for their contribution to the CRT, but their property is removed from their estate. The charity owns the property now.

Another potential benefit of a CRT is that it might help diversify your portfolio.  Large assets that generate no income or embed large capital gains might benefit from being housed within a CRT.  The family would receive financial income.  Additionally, the family would not have to pay capital gains tax.  As the CRT is a tax-exempt entity, the charity could sell the illiquid asset at some point in the future without generating a tax event for the donating family. 

It is possible to name a beneficiary other than yourself in the event you were to die before the term of the CRT were to expire.  The beneficiary would receive the remaining income from the CRT. 

3. You Want to Donate Income to Charity but Seek to Transfer Your Inheritance to Your Children (or Grandchildren)

Charitable Lead Trusts (“CLT”) can help people who seek to help both charity and their own children (or grandchildren) at a lower tax rate.

A CLT pays an amount to one or more charities periodically over the life of the Trust. When the Trust’s life expires, then the remaining assets pass on to beneficiaries designated by the original donor. Donors who fund CLT’s benefit from tax deduction of their original gift. However, the property is removed from their estate. 

For gift tax purposes, the amount of remainder interest is calculated with the assumption that the assets grow at Section 7520 rate.  If the trust’s earnings out perform the Section 7529 rate, excess earnings are transferred to the remainder beneficiaries free of both gift and estate taxes.

However, depending on what interest rates do, the increased gift and estate tax exemption might reduce your tax benefits from CLT, depending on your specific situation. Consult with a tax expert for your specific situation. 

We would be happy to give you a free consultation in navigating the complexities of leaving a legacy for good causes and less to the tax man.

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Advisors can show their added value by focusing on these seven specific topics:

1. Required Minimum distributions (RMDs).
   

   While this annual IRA ritual is well known among financial advisors, it’s just as common to miss distributions or deal with computational errors. Remember, clients who don’t take their required minimums will get hit with a hefty 50% penalty on any distribution amounts they should have taken. This fee in some special circumstances could be waived by the IRS, but why add stress to you or your client.

   Advisors should be aware of every client who is or will be subject to RMDs by the end of the year. Most have the experience with regular clients who are over 70½ years old and are taking their RMDs annually. Even though it’s not obvious, you will have clients who sneak up as newcomers to the 70½ club or sophomores who might need to take two RMDs this year (their first and second) and required distributions for IRAs or Roth IRAs that they inherited (these include trusts that are IRA beneficiaries). Roth 401(k) plans are also subject to required minimum payouts (Roth IRAs owners are not). This is an important conversation to have with clients if a Rollover is appropriate.

2. Qualified charitable distributions.

   The Tax Cuts and Jobs Act of 2017 provided help for taxpayers through an expansion of standard deductions. That being said, clients who do not itemize their deductions will no longer be able to deduct their charitable contributions. If any of your clients have IRAs subject to RMDs, it’s not too late to contact them and suggest the qualified charitable distributions (QCD) provision. They should also consider making their contributions directly from their IRA.

   The amount your client contributes will count towards their RMD amount and be excluded from income. This creates an “effective” tax deduction on top of the standard deduction. The QCD only applies to IRAs—not plans and IRA owners or beneficiaries who are at least 70½ years old. Donor-advised funds and private foundations are not eligible for the qualified charitable distribution and nothing is given in return for the gift. The annual limit per person is $100,000.

   When contemplating a one-time large donation, clients can still do the QCD even though the gift might exceed the RMD amount, so long as the amount is below the $100,000 limit. Giving more than the RMD removes more IRA funds that will then not fall under income and might even lower the RMD amount for the next year. QCDs will lower adjusted gross income, which may help you with other tax benefits or deductions. Qualified charitable deductions lower tax bills and must be completed before year’s end in order to count for the same tax year.

3. Roth conversions.
   

   The biggest change for IRA planning affected Roth conversions. As of January 1, 2018, conversions are no longer allowed to be reversed. They are permanent and taxes will be due as soon as the funds are converted. Roth conversions are still valuable for certain clients, but going forward, conversions need to be carefully and accurately thought through. In order to qualify for a Roth conversion this year, the funds must leave the IRA or plan by year’s end. Some people confuse Roth conversions deadline (year’s end) with Roth IRA contributions which can be made until April 15th of next year.

   Other tax changes should become a factor when projecting the tax on a Roth conversion. This is in addition to the usual items like taxability of Social Security, increases in Medicare Part B and D premiums, student financial aid eligibility, to name a few. Also, be aware that some clients will lose state tax deductions (the cap is now $10,000, also known as SALT) and the increased standard deduction might not make up the difference. All 2% miscellaneous deductions are also gone.

   For business clients, the new 20% deduction for qualified business income (the section 199A deduction) and the effect a Roth conversion should be reviewed carefully. While some might think these are reasons to avoid a Roth conversion, when looking at long-term financial and tax planning strategies, they are short-term bumps as the additional taxes would only be for the year in which conversion takes place. These issues should be considered carefully, Roth conversions no longer can be undone.

4. Check estimated taxes on RMDs.
   

   Double check to make sure any clients that are new to RMDs had enough money withheld or paid in through estimated tax payments to avoid any penalties. If they did come up short, it might be a good idea to withhold taxes from year-end IRA distributions. This would help satisfy the estimated tax payment timing requirement.

   Add this item to your end-of-the-year checklist for clients with RMDs. Some of our clients will even withhold projected taxes due for the year of their required minimum distributions—taking one more step to avoid penalties. We make it a practice to get to know our client’s network of other professionals, especially their tax advisors. This can build trust and loyalty while also providing holistic services for your clients. IRA withholdings can sometimes be used to cover other income items. RMD money is not usually needed for a large number of clients, which is why the IRA withholdings work so well. The required minimum distribution will often go straight into an investment account. Instead of writing checks for taxes owed, use IRA withholding strategy to satisfy tax liabilities.

   It’s easy for older clients (or even the family members caring for them) to forget or make quarterly estimated payments late and trigger penalties. This is where the IRA withholding works. It eliminates penalties and additional taxes during tax season. Do what you can to relieve some pressure from your clients and their families. This is your time to shine.

5. Split inherited IRAs by year’s end.
   

   If one of your clients, who owned an IRA with multiple individual beneficiaries, passed away during 2017, it’s time for you to help their family make sure all necessary paperwork is completed timely. Each named beneficiary can use their own life expectancy to calculate required minimum distributions (known as the stretch IRA) if the inherited IRAs are split into separate shares before the end of this year. It’s important to get this done in order to use the Stretch IRA. If not, all beneficiaries will be stuck using the age of the oldest, named beneficiary—even if they decide to split their shares later on. The split must be completed by the end of the year after the IRA owner’s death. (We strongly encourage our clients to split the IRAs as soon as possible to avoid forgetting and missing the deadline).

6. You should know how to time a 10% penalty exception.
   

   If your client had to take an early withdraw from their IRA, they may qualify for an exception to the 10% penalty. If they do, the payment must be made in the same year as the IRA (or plan) distribution. This is easily missed at the end of the year, which voids the exception and forces the client to pay a huge penalty that could easily have been avoided. This situation usually affects those who need the money and cannot afford the extra penalties on top of their tax bill.

   Here’s a theoretical example: your client is 54 and needs to help her son pay a college tuition bill by the end of the year. She adds the charge to her credit card in December of 2018. In January, when the credit card bill comes in, she takes an early distribution from her IRA—thinking she qualifies for the education exception to the 10% early distribution penalty for IRAs. Only to find out, she doesn’t actually qualify.

   Your client still has to pay the 10% penalty because the tuition payment (made in December 2018) and the January 2019 IRA distribution were not in the same year.

   Check to make sure your clients who took, or are planning to take an early withdrawal will actually qualify for an exception and not run into similar situations with this “same year” rule. This is a more common issue than most people realize and as advisors, it’s our job to protect our clients.

7. Check the state of lump-sum distributions for the net unrealized appreciation tax break.

   Don’t forget about net unrealized appreciation (NUA) in employer securities. This can dramatically cut your client’s tax bill down. This tax break is for clients who own a share of their companies’ stock through their 401(k). Depending on the stock’s appreciation, it might qualify for the lump-sum distribution tax break on NUAs. Generally, this is triggered by an event: the employee leaves the company, they reach the age 59½, they pass away, or becomes disabled. Under any of these situations, the company funds must be distributed within one year of this life-altering event taking place. If any of your clients qualify for this tax break, check with them to make sure all their plan funds have been withdrawn before the year’s end.

   Non-company stock funds can be rolled over, tax-free, to an IRA, while the company stocks go into a taxable account. Tax (ordinary income) is only paid on the cost of the stock. The appreciation is not taxed until the stock is sold. When it is sold, the NUA is taxed at a lower, long-term capital gain rate—regardless of how long the stock was held.

Here’s a free extra tip: while you are checking these items off your list, check your client’s beneficiary forms. Make sure they exist and are updated with your client’s latest wishes. Beneficiary form errors are rampant, costly, and far too frequent. Do your client a favor and show your added value. When you go the “extra mile”, your clients will notice that you truly have their back and will reciprocate with their loyalty and trust. They will also know that you have their back and are helping them to live their lives with purpose.

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The post Retirement Planning Strategies: 7 Year-End Mistakes to Avoid appeared first on AWM.

Checking your client’s beneficiary forms can be one of the highest levels of service you give them. Not only will this deepen your relationship with the client, but also communicates that you are seeking out their best interest. This simple but crucial form can open the doorway to many discussions about your client’s loved ones and dreams.

Not keeping up-to-date with these forms can quickly turn into a costly legal battle and hurt your client’s family. Missing or incorrect beneficiaries are an irreversible mistake. Because it’s only discovered once the client has died, this problem is rarely fixed.

This is where legal, tax and financial advisors are brought into the picture. They must decide how to distribute the inheritance without clear instructions and many legal obstacles. This frustrating process quickly leads to very long and expensive family disputes. This mistake is so easy to avoid by simply checking the beneficiary forms before your client passes away.

As a financial professional, the last thing you want to do is have your client’s family waiting for their money or to find out they have been disinherited altogether because no one checked the proper forms. This is bad news for both of you—even if this wasn’t your fault.

The best times to review and update beneficiaries’ information are at annual meetings and around major events such as:

• A birth
• A death
• A marriage
• A divorce
• A remarriage
• A new grandchild
• A change in the tax laws
• Charitable inclinations
• Any other changes that influenced your client to select certain beneficiaries in the first place.

Any of these situations (or others) could prompt your client to change their mind and wish to eliminate a listed beneficiary or add a new heir to their IRA. You should have the kind of relationship with your client to know when these life-changing events occur and proceed to follow-up on their intentions.

The area’s most prone to problems with the beneficiary forms are divorce and IRA trusts.

Divorce:

A great example is the U.S. Supreme Court Case of Kennedy Vs. Plan Administrator.

The court ruled that a $402,000 401(k) should be paid to the ex-wife because she was never removed as a beneficiary after their divorce—even though she had reneged her claims for those assets during the settlement. This eight-year court battle ended with the daughter losing the inheritance her father had intended to give her all because the beneficiary form was not updated after the divorce was settled.

IRA Trusts:

1. Name contingent beneficiaries. Here’s what happens when you don’t:

   Your client’s children could potentially lose their inheritance to their step-family.

   A man and a woman, with children from previous marriages, joined their lives together. The father names his new wife as the primary beneficiary while neglecting to add his own children or a trust as a primary or, at least a contingent beneficiary. This scenario could go in one of two ways:

   Option A: The new wife dies first and he doesn’t change beneficiaries before he dies. Since the new wife was named the legal beneficiary for his IRA, his kid’s inheritance goes to his second wife’s estate.

   Option B: The man dies, leaving his IRA to his second wife. She then proceeds to write out his kids despite his original intentions.

   Again, this would have been easily avoided if the current forms had been kept up to date, the advisor understood the intentions of the client, and chose to make the proper recommendations.

2. A will does NOT replace the IRA beneficiary form.

   A common example is when a client assumes their IRA beneficiary is covered in the will. They go ahead and name one child (who is helping out with the paperwork or caring for the aging parents) with the intent of having their IRA split evenly between their three children.

   He states his wishes for the split assets in his will, but after he dies, the IRA beneficiary form overrides and the entirety of the IRA goes to the named beneficiary.

   Knowing the true intent of her parents, the named beneficiary wanted to make sure the inheritance was split fairly among all three siblings. This process exhausted time, legal fees, tax advice, nerves, and disclaiming other assets to make things even out. This chaotic situation could have easily been avoided.

3. Losing a Stretch IRA.

   IRA beneficiaries can easily extend Required Minimum Distributions (RMD’s) over their lifetimes with something called a “Stretch IRA”. However, a Stretch IRA is only valid if the heir was specifically named as an IRA beneficiary on a current form.

   If the heir receives the IRA through the estate, they forfeit the benefit of the Stretch IRA since the estate is not a designated beneficiary.  Thus, the heir is likely to end up paying higher taxes on the inheritance.

As you consider a new approach to helping your clients, remember that simply writing down a name and social security number is not all that an IRA beneficiary form includes. Consider the recommendation of a fiduciary financial advisor within your network to make sure all of these issues are covered:

• Keeping documentation that is current and accessible in the event of the loss of the account holder.
• Tracking primary and/or contingent beneficiaries (“beneficiaries of beneficiaries”) is also vital to client due diligence.
• Specifically designate the name of the beneficiary as an individual or qualifying trust. Make sure the estate is NOT named as a beneficiary.
• Make sure the most current IRA or retirement plan beneficiary form is on file and is up to date with current information.
• Finally, ask the client to update beneficiaries for investments (example: 401k, pension assets) not directly held with the advisor. Truly fiduciary advisors care about the client’s whole being, not just where they have a direct business relationship.

Don’t make this mistake. Show your client’s that you have their back.

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Unfortunately, most of your neighbors do not understand this critical concept. Industry website creditcards.com reports that 3 in 4 parents still subsidize the spending of their adult children.[1]

You should not take comfort from repeating the mistakes of the crowd.

When you give your adult children free handouts, you might actually be harming them. Here’s how: 

1. 1. You reinforce irresponsible behavior. When your children’s spending exceeds income, that’s bad behavior. We all need to learn to live within what we earn (unless you want to go deep into debt like many of your neighbors).[2]  Do not subsidize their excess spending.
   2. You transfer this misbehavior to your grandchildren. Imagine if your children passed these destructive habits to your grandchildren! According to the Center for Retirement Research at Boston College, this is precisely what can happen.[3]  Spoiling grandchildren now can tarnish your legacy of the values they live out later.
   3. You ruin your children’s budgets. The reality is that most parents consider gifts to children as one-time in nature. However, many adult children might forget that fact. Their spending adjusts to permanent levels, despite the fact that your gifting is not permanent.
   4. You deprive your children of joy. Adult children who truly love their parents desire for their parents to be happy. While money cannot buy you happiness, being poor does appear to go along with emotional problems, according to debt.org.[4]
   5. You might endanger the future financial well-being of your children. Adult children often fail to consider one very important risk: the risk that they themselves might have to support their parents in their old age.  This risk rises when their parents’ health grows worse. Parents can serve their children best by taking care of themselves first through responsibly enjoying their wealth for their own benefit. They might lessen the risk of children having to support their parents financially later on. Wise parents who successfully raised their adult children to be independent should take pride in that success. Such parents often enjoy better health.

Healthy parents ought to make their children happier, too.

Parents ought to live out the purpose for their lives first. Prudent financial planning can empower you to do this, perhaps with some room (on occasion) to spoil grandchildren.

We would be pleased to help you empower your family to live with purpose.

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[1] Brady Porche, “Poll: 3 in 4 parents with adult kids help them pay debts, living expenses” on https://www.creditcards.com/credit-card-news/pay-adult-childrens-debt-poll.php  accessed on June 13, 2018.
[2] Tae Kim, “Total US household debt soars to record about $13 trillion” on https://www.cnbc.com/2018/02/13/total-us-household-debt-soars-to-record-above-13-trillion.html  accessed on June 13, 2018.
[3] “Parents Pass (Bad) Money Habits to Kids”, Center for Retirement Research at Boston College on http://squaredawayblog.bc.edu/squared-away/parents-pass-bad-money-habits-to-kids/  accessed on June 13, 2018.
[4] https://www.debt.org/advice/emotional-effects/  accessed on June 13, 2018.

The post 5 Ways You Can Ruin the Financial Future of Your Adult Children appeared first on AWM.

“Sudden wealth” (inheritance) is when a person receives a large sum of money quickly.  Examples of “sudden wealth” include:

• Being named a beneficiary in a trust
• Winning money from litigation (such as a class action lawsuit)
• Insurance payoff (such as life insurance upon the death of a spouse)
• Hitting it big with a winning lottery ticket

You might think “sudden wealth” should make your heirs’ life easy.  It actually might introduce a new world of complexity.

An article in Business Insider relates 20 tragic tales of peoples’ lives being ruined – just because they won the lottery.[1] The US Bureau of Labor Statistics estimates that one out of three heirs will have blown their money within two years![2]

The chances of financial damage rise if the heirs have problems related to bad credit, gambling, or substance addiction.

The good news for you is that possible solutions exist to raising the odds that your inheritance can truly help your heirs.  Trusts feature several potential options that might empower you to bless your heirs:

1. Consider opening a trust. A trust involves conveying your property to an heir but with control over how much, when, and for what purposes the property will benefit the heir.  Finding a trustworthy person, whether a relative or a third party, to administer the trust is a key consideration.
2. Define the conditions of the trust. Did you know that you can define as narrowly or broadly as you want how you want the beneficiary to use your inheritance?  You can also reward the heirs for good behavior.  For instance, if you want the heirs to finish a college education, you could specify a certain payout only after they show proof of graduating college.
3. Bypass the heir and pay for their service providers instead. For example, you might consider including monthly rent payment directly to the landlord or mortgage company of the heirs (instead of paying money to the heirs – and hope they use it responsibly).

Naturally, your situation has its own complexities.  It’s likely you would need professional advice to explore and perhaps create a robust trust.

We have worked with many clients considering wise ways to pass on their legacy to the next generation.

Let us help you to explore the best potential options for your needs.

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[1] Mandi Woodruff and Michael B. Kelley, “20 Lottery Winners Who Blew It All”, Business Insider, December 14, 2013, on http://www.businessinsider.com/lottery-winners-who-lost-everything-2013-12  accessed on June 13, 2018.

[2] Cited in Juliette Fairley, “The Downside of Sudden Wealth”, Private Wealth, June 16, 2016, on https://www.fa-mag.com/news/the-down-side-of-sudden-wealth-27518.html  accessed on June 13, 2018.

The post 3 Ways You Can Protect Your Heirs and Yourself appeared first on AWM.