What’s trending on NP Trusts & Estates

October 03, 2017

NP Trusts & Estates Blog

Author(s): Mary Ford, Dawn E. Lannon, CPA, Kerri L. Painting

The Equifax hack—what to do now, getting the most from your 401(k), best practices for selecting trustees and more. Here’s what’s trending in estate planning and wealth management.

Wealth Management

The Equifax hack — how to protect yourself going forward

In light of the recent Equifax hack and the amount of personal data that was compromised, consumers need to be proactive in protecting their identities against those who want to misuse them. Here are a few steps you can take to protect yourself.—Thomas A. Stedman

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Everything you need to know about selecting trustees (in ninety seconds)

One of the most important, yet overlooked, issues in creating trusts is trustee selection. For an abundance of reasons, including the increased popularity of using trusts for asset protection, selecting the right trustees and including the right tools for changing trustees should be one of the first issues you think about when creating a trust.—Kenneth F. Hunt

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Your estate plan's business: forming and maintaining business entities

You've created an entity that will assume ownership of your assets. Some routine housekeeping is required to keep your entity up and running and in good standing.—Mary Ford

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The 401(k): not your grandparent’s pension plan

Gone are the days (for most of us) of working your entire career at one organization and then retiring with a comfortable pension. Today, employees need to take matters into their own hands and ensure enough is being saved for retirement.—Andrea M. Ells

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Income Tax

Taxable, tax-deferred and tax-free accounts: What’s the difference?

Owning a combination of taxable, tax-deferred and tax-free accounts can give you some freedom to decide when you want to pay taxes and allow you the opportunity to smooth income during retirement.—Thomas A. Stedman

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Giving your required IRA distributions to charity

You can avoid being taxed on your required IRA distributions if transferred directly to a charity under the qualified charitable distributions rule.—John L. Garrett

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Time to review your tax withholdings!

It’s possible to put more money in your paycheck by year end if you review your tax withholdings now!—Dawn E. Lannon

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Estate Administration

Debts of an estate — What should be paid first?

What is an insolvent estate? Paying the debts of the estate — What gets paid first? What if there isn’t enough money in the estate to pay the debts of the decedent?—Kerri Painting

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The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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