Author: Nicole Easton

Dear Trust Officer: I’m financially secure, and have married for the third time. Lately, my children from the first two marriages have been asking about their inheritances. They seem to be concerned that my spouse—or perhaps a future spouse—might freeze them out. How might I allay their concerns? — THIRD TIME’S THE CHARM DEAR THIRD […]

An employee was due a $900 distribution from his employer’s qualified plan.  The plan withheld income taxes and sent the employee a check for the balance.  The distribution must be included in taxable income for the year in which the check was cut.  For unknown reasons, the employee never cashed that check, nor did he […]

A study of adult development has been carried out at Harvard for roughly the last century and is a study worth reading about happiness in retirement. It identifies characteristics and behaviors which are good predictors of happiness in retirement. Three groups have been tracked: 268 Harvard graduates born about 1920; 90 middle-class gifted women born […]

One of the major issues for keeping wealth in the family has long been the federal estate and gift tax. The tax rate today is 40%, but historically has been as high as 70%. The exemption amounts were far lower in the past than they are today. To gain control over this tax exposure, some […]

Making a direct transfer from an IRA to a charity, a long-time valuable planning strategy has become even more valuable following the enactment of the 2017 Tax Cuts and Jobs Act. This is because the higher standard deduction coupled with the $10,000 cap on the deduction for state and local taxes effectively means there will […]

As important as estate planning is, it often gets neglected. A 2017 survey by Caring.com revealed that only 42% of U.S. adults have a will or a living trust in place. In part, it is an age thing, as the table here shows. Source: www.caring.com/articles/wills-survey-2017 When asked why they have not completed their estate planning, […]

To increase the likelihood that tax-preferred savings actually will be used for retirement, Congress included a 10% penalty tax on IRA and 401(k) distributions before the account owner reaches age 59½. The penalty applies in addition to the regular income tax on the distribution. For example, someone in the 15% tax bracket who takes a […]

Jeffrey Hyland was the executor and residuary beneficiary of Eva Kollsman’s estate.  At her death in August 2005, Eva owned two 17th century Old Masters paintings: Village Kermesse, Dance Around the Maypole by Pieter Brueghel the Younger and Orpheus Charming by Jan Brueghel the Elder.  Soon after Eva’s death, Hyland was approached by George Wachter […]