August Update From Gudorf Law Group

No one likes to think about the possibility of their own disability or the disability of a loved one. However, as we'll see below, the statistics are clear that we should all plan for at least a temporary disability. This article examines the eye-opening statistics surrounding disability and some of the common disability planning options. Disability planning is one area where we can give each and every person and family we work with great comfort in knowing that, if the day comes for themselves or a loved one, they will be prepared.

For individuals saving for retirement, one of the things that makes a Roth IRA attractive is that the account is created and funded with post-tax dollars. This means the account owner need not pay income tax on funds when they are withdrawn in retirement. However, there are limitations on who can contribute to a Roth IRA; those with incomes that exceed limits set by the IRS are ineligible to contribute to a Roth. As a result, many people invest instead in traditional IRAs or 401(k)s.

Some people have always been eligible to convert their traditional IRAs to Roth IRAs, creating a so-called "backdoor" Roth IRA. In order to be able to convert, your income needed to be below $100,000 per year, until recently, when this cap was lifted.

Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. Unfortunately, many farmers and ranchers don’t fully protect their legacy with an up to date estate plan. An out of date or inadequate estate plan could result in a farm or ranch that has been passed down for generations ending up being sold and converted into non-agricultural use.

Sadly, farmers and ranchers are not the only ones who avoid making or updating an estate plan – many others, including business owners and parents, also avoid planning, which can cut their legacy short. In this article you will learn about three common estate planning mistakes farmers, ranchers, and others make and how you can avoid them.