Q. My mom and dad built our family home in Arlington 35 years ago. It’s been remodeled twice and expanded to enlarge the kitchen and add a master bedroom suite. Our family still hosts frequent gatherings in the home for holidays … [Read more...]
Print This PageProblems with Beneficiary Designations Part 2
June 3, 2022 by
Q. Last week, you wrote about why inheritance sometimes goes unclaimed, and how it’s a lot less likely when you have a trust in place. I read something about the downsides of beneficiary designations naming individuals and how … [Read more...]
Print This PageThe Ins and Outs of Reverse Gifting
May 20, 2022 by
Q. My daughter started her own business and made some good investments with her money, and became very successful. She recently told me that she wanted to transfer assets to my name to assist me with my living expenses, but she … [Read more...]
Print This PageFarr Law Firm Now Filing Tax Returns for Our Clients
January 28, 2022 by
Q. My sister and her husband set up an irrevocable asset protection trust with your firm as part of their estate planning. She was trying to explain this type of trust to me, but I still don’t understand, so I signed up for one of … [Read more...]
Print This Page“Back Door” Roth Conversions: Should You Convert Your Traditional IRA into a Roth IRA?
November 5, 2021 by
Q. My husband and I are hoping to retire in five years, and we’re finally ready to do our retirement planning and estate planning. We both have significant amounts in traditional IRAs and are wondering if we should consider … [Read more...]
Print This PageHow Do You Handle Homeowners Insurance When Your House is in a Trust?
April 23, 2021 by
Q. We decided to get our estate planning documents done and our home is now in a revocable living trust. We feel good about taking this action because our loved ones will not be overburdened with the nightmare of probate when we … [Read more...]
Print This PageHow Do FDIC Insurance Coverage Limits Apply When It Comes to Trusts?
April 2, 2021 by
Q. I saw a sign about FDIC insurance at the bank yesterday and it got me to thinking about our family’s trust, and I was hoping you could provide some clarification. My understanding is that the FDIC insures up to $250,000 per … [Read more...]
Print This PageNow May Be a Good Time to withdraw $100K from Your Retirement Accounts, Penalty-Free!
August 7, 2020 by
Q. My wife, Patty, and I are in our late 50’s and have been hit hard by COVID-19. Luckily, neither of us got the virus, but financially, we have been struggling. I got furloughed from my job and Patty teaches yoga, and the yoga … [Read more...]
Print This PageAre VA Nursing Homes Free for Veterans?
April 5, 2019 by
Q. My father is a Vietnam Veteran who will almost certainly need nursing home care in the future. Will the Department of Veterans Affairs (VA) nursing home system take care of him for free? Are VA nursing homes as good as private … [Read more...]
Print This PageHow Can You Reduce Your Capital Gains Taxes?
December 11, 2018 by
Diane, at age 80, resides in the home she has lived in for nearly 40 years. When she initially purchased the home after her husband’s death, it cost only $25,000 (and she since put in $45,000 in improvements); today it’s worth at … [Read more...]
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