Coronavirus has been all over the news. There are several key documents an estate plan should include to protect you and your family if you should suddenly become very ill or pass away: Last Will and Testament and/or a Trust A will enables you to specify the individuals you would like to receive your money and property. In addition, you can name a guardian(s) to care for your children or other dependents if you are unable to do so and a trustee to handle their financial needs. A revocable living trust, you can name yourself as a trustee and continue to exercise control over the money and prope ..read more

If you have kept up with current events, you know that there is real potential for change to your retirement accounts. The Senate is working to pass new legislation that would help seniors prepare for their golden years more efficiently. Better known as the SECURE Act, Setting Every Community Up for Retirement Enhancement seeks to make Individual Retirement Accounts (IRAs) more appealing for Americans of all backgrounds. Though the legislation has not yet cleared the Senate, the SECURE Act saw wide bipartisan support in the House of Representatives. And while some details within the law may ch ..read more

In early 2020, married actors Tom Hanks and Rita Wilson became honorary citizens of Greece.  The president of Greece bestowed this honor upon them due in large part to their humanitarian work in the country after a deadly wildfire swept through Athens in 2018. Hanks and Wilson spend considerable time in Greece as it is one of their favorite spots for extended vacations, so when this honor was offered to them, they graciously accepted. Although neither of them gave up their US citizenship, there will nevertheless be important estate planning considerations that Hanks and Wilson must addres ..read more

When most people think of estate planning, they think of assets that include money, real estate, and personal property. But, included in someone’s estate could be invaluable personal property, such as family heirlooms or keepsakes. This type of property should not be overlooked in your estate plan just because it may not have a high dollar value because it still has sentimental value that cannot be quantified. Part of a thorough estate plan is determining how you want these priceless family heirlooms and keepsakes distributed once you are gone. Issues You May Face An “heirloom” is a particular ..read more

On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: It increases the required beginning date (RBD) for required minimum distributions (RMDs) from your individual retirement accounts from 70 ½ to 72 years of age, and it eliminates the age restriction for contributions to qualified retirement accounts. However, perhaps the most significant change wil ..read more

Revision to General Power of Appointment There has been a revision to a Section 72-7-502 of the Montana Code Annotated.   This section is part of the Montana Uniform Powers of Appointment Act.  The revision makes it clear that a property subject to a general or non-general power of appointment, created by a person other than the powerholder, is exempt from a claim by a creditor of the powerholder. Updated Montana Probate Code – Senate Bill No. 225 – 2019 Legislative Session What is Probate?  Probate is the process of administering an individual’s estate after they die.  ..read more

If you recently received an inheritance, or are expecting to receive one in the near future, it has likely triggered mixed emotions in you. You have lost a loved one and also experienced monetary gain. Studies show that a third of Americans who received an inheritance completely spent it within two years of receipt. Below are five practical steps for you to follow to maximize and protect your inheritance. Take your time. Allow yourself to be emotionally ready. Making decisions on what to do with your inheritance while you are experiencing challenging emotions is not optimal. Be ..read more

In its simplest terms, a trust is a legal arrangement in which a trustee holds and manages assets for the benefit of one or more beneficiaries. The trustee owns the assets, enters into contracts on behalf of the trust, manages the trust’s investments as its trustee, and follows the trust’s instructions on making distributions. A trustee can be one person, multiple people, or a company. Duties of a Trustee The duties of a trustee are many, as a trustee owes a fiduciary duty to the beneficiaries of the trust. Some of these duties include acting in good faith, exercising reasonable care in the ad ..read more