Retiree Confidence Is the Lowest in 15 Years! How You Can Plan Ahead for Retirement and Long-Term Care

About 10,000 Americans turn 65 every day, and though everyone's financial situation is different, that means that millions of people are getting ready to retire each year. But according to a recent survey, many are not confident … [Read more...]

Using LLCs and Asset Protection Trusts for Asset Protection of Rental Property

Q. I own a rental property in Springfield, Virginia, that's just in my name. I heard the best way to protect my assets, should I be subject to a lawsuit, is by creating an LLC for my rental and deeding the house to the LLC. But I … [Read more...]

Your House Is NOT Protected from Medicaid

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...]

Problems with Beneficiary Designations

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...]

The Ins and Outs of Reverse Gifting

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...]

Farr Law Firm Now Filing Tax Returns for Our Clients

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...]

Should You Convert Your Traditional IRA into a Roth IRA?

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...]

How Do You Handle Homeowners Insurance When Your House is in a Trust?

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...]

How Do FDIC Insurance Coverage Limits Apply When It Comes to Trusts?

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...]

Now May Be a Good Time to withdraw $100K from Your Retirement Accounts, Penalty-Free!

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...]

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