Estate Planning – Dollars and Sense

Key Changes in the Secure Act 2.0 With Laurie Kaplan (Ep. 35)

By Dollar$ and $ense | January 10, 2024

The Secure Act 2.0 is ever-evolving and has brought up some important questions recently, so let’s go over them!

Laurie Kaplan, CPA, partner at Michael Silver, joins Nicole for her second time on the show to continue their discussion about the Secure Act 2.0. Laurie goes over what has been finalized in the act for 2023 and looks ahead to 2024 and 2025. She clears up confusion around various topics including the Required Minimum Distributions when inheriting an IRA, changes in retirement plans, the rules and implications of annuities and IRAs, and the importance of tax planning. Laurie also discusses the new Roth IRA rollover option, the penalty reduction for missed RMDs, and the benefits of having both Roth and traditional IRAs.

Laurie discusses:

The Secure Act 2.0 provisions and potential impact on retirement plans
What has been finalized in the act for 2023 and what we can anticipate for 2024 and 2025
Changes to required minimum distributions, Roth IRA rollover option for 529 plans, and penalty reduction for missed RMDs
Explanation of annuities and IRAs, including single life expectancy and joint annuity options
Designation of beneficiaries for retirement plans and consequences of not having one or if the designated beneficiary is deceased or not updated
Premiums and surcharges associated with Medicare based on adjusted gross income (AGI)
And more

Resources:

Highlighting The Key Changes In Secure Act 2.0 With Laurie Kaplan (Ep. 16)

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About Our Guest:

Laurie Kaplan, CPA, has been serving as a trusted advisor to clients for over 25 years, expertly managing and addressing tax and accounting issues within various industries, including manufacturing and distribution, retail, restaurants, real estate, automobile dealerships, and professional service providers. Her background in both accounting and tax, as well as her consultative approach, allows her to partner with clients and develop innovative solutions to address their personal and business needs. She specializes in employee benefit plans, estate and gift tax, like-kind exchanges, and small business start-ups.

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Estate Planning for the Sandwich Generation With Jeff Toner (Ep. 34)

By Dollars-and-Sense | December 27, 2023

Estate planning is important for everyone, but why is it especially important for the sandwich generation?

In this episode, Nicole introduces fellow Private Vista colleague, Jeff Toner, CHFC®, RICP®, Partner at Private Vista, to talk about estate planning. While it’s important to get your documents in order before you need them, Nicole and Jeff point out that there are many layers to estate planning and discuss the impact it can have on multiple parts of our lives. They delve into the complexities of managing aging parents’ affairs, the importance of open communication within families, and the need for estate planning documents. Jeff emphasizes the benefits of proactive estate planning, including providing clarity for families, reducing tax burdens, and ensuring wealth preservation for future generations.

Nicole and Jeff go over:

The importance of estate planning, especially for the sandwich generation
The challenges that come with managing aging parents’ affairs and the reversal of roles
Why estate planning isn’t just a checklist, it’s a lifelong process
What key documents are needed for estate planning, in addition to a will
The challenges faced by the sandwich generation in estate planning for aging parents and themselves
An explanation of power of attorney, wills, trusts, and their importance in estate planning
The various benefits of proactive estate planning, including control over decisions, educating and providing clarity for families, and tax reduction
And more

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About our Guest:

Jeff Toner, Partner at Private Vista, now almost 40 years into his career, has the luxury of looking backward and reflecting on the journey he has been on. Back in 1984, he didn’t know what a fiduciary was or what a financial planner did. What he did know was he wanted to help people with their finances and achieve their goals in life. He wanted to do it in a way that he wasn’t selling them a product but rather walking side by side with them as they moved toward their dreams. Jeff has been with them in moments of great joy and cried with them during their times of sadness. He has taught and educated them, but more importantly, he has been taught and learned from them as well.

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Long-Term Care Planning: Getting Your Affairs In Order with Lauren Weldon (Ep. 11)

By Dollars-and-Sense | January 11, 2023

As we are living longer and healthier lives, we often take for granted that one day, our situation might change. Planning ahead for your long-term care now can help you avoid unforeseen expenses in the future.

In this episode, Nicole is joined by Lauren Weldon, a partner at Margolis Weldon LLC who specializes in elder law and estate planning. Listen as Lauren shares real-life stories and scenarios, and details what can happen in less-than-ideal situations when it comes to long-term care planning.

Lauren discusses:

Her work as an elder law attorney and why some people require her services
The importance of having a trustworthy, and capable Power of Attorney
Why having conversations as a family is integral to your long-term care plan
The difference between Medicare and Medicaid
And more

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About our Guest:

Lauren Weldon is a partner at Margolis Weldon LLC in Parkridge, Illinois. She founded the firm in 2015 with Matt Margolis and has a career as an elder law attorney. Lauren graduated from the University of South Carolina and obtained her law degree from John Marshall Law School.

Lauren lives in Mt. Prospect with her husband, a labor and employment attorney, their six kids, two cats, and two dogs. In her free time (the little of it she has) Lauren enjoys riding her horse and spending time outdoors with her family and friends.

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Starting a Family Dialogue Around Getting Older With Debbie Feldman (Ep. 8)

By Dollars-and-Sense | November 23, 2022

Estate planning is hard for many, but it doesn’t have to be.

Let’s talk about how to have those tough conversations with family and make the process easier.

In this episode, Nicole talks about estate planning with Debbie Feldman, the founder of Debra D. Feldman and Associates, Ltd. Debbie is a licensed and insured clinical social worker and works as an Aging Life Care Manager. She shares her professional experiences along with personal experiences as it relates to having and initiating sensitive conversations with loved ones about their well-being and estate planning.

Nicole and Debbie discuss:

Who should initiate conversations about estate planning
How to approach sensitive conversations about estate planning and well-being with aging family members
What signs to look for that indicate your loved ones may need additional assistance, and how to open the conversation to offer them assistance
How to balance taking care of parents while remaining in the child in the child role
And more

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Connect with Debbie Feldman:

About our Guest:

Debbie Feldman is the owner and founder of Debra D. Feldman and Associates, Ltd. She is a licensed and insured clinical social worker. Debbie received her Master of Social Work from the University of Michigan in December 1984, and her B.A. in Psychology and Sociology from Washington University in St. Louis in May 1983. Trained as a social worker, Debra began her career as an Aging Life Care™ Manager in 1988, and in 1991, she established her own company, Debra D. Feldman & Associates, Ltd.

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