Gabb Morrison LLP

10/09/2026

Well, the 4th Quarter of our 2026 "Season of Life" is upon us! Now is the time to get with all your "Coaches" (estate attorney, financial advisor, CPA) for your final 2026 gameplan.

Did you inherit any IRAs from someone who died 01/01/2020 or after? If in the early SECURE Act years, you may already be halfway through (or more!) of your "all out by December 31st of the 10th year following the account owner's death". Have you made your gameplan?

Remember that the "M" in RMD (whether inherited or not) means MINIMUM (not MAXIMUM), so for many of us, it may be a better fiscal gameplan to take MORE than we need over these years.

Why? Well even for an inherited IRA for a younger person, what income bracket will a giant final distribution (in that year 10) put you in? For those of us in our 60s and beyond, how will this affect our social security payments being taxable and the Medicare IRMAA surcharge?

For non-inherited IRAs, if you were born before 1960 your RMD (required minimum distribution) beginning age is 73 (born 01/01/1960 or after RMD age is 75). Maybe the best choice now is to mitigate some of the IRA growth and begin some withdrawals now (if you are over age 59.5) and position them in assets that won't adversely affect your social security payments and cause an IRMAA surcharge.

If you are charitably inclined and over age 70.5 don't forget about QCDs (qualified charitable distributions). You can take UP TO $111,000 per year from your IRA and they pay it directly to your favorite charity(s). This does not become a part of your taxable income and it's a great way to assure a simple 100% charitable deduction.

Don't be like the Saints and have everything riding on what happens at the very end of the 4th quarter, make an early plan. Talk with your "Coaches" early and often about Social Security claiming strategies and how IRMMA surcharge calculations affect your overall financial plan.

10/01/2026

09/30/2026

My wise German paternal grandfather taught me many life lessons, proverbs and anecdotes, but especially that there are THREE sides to every story: 1) side A, 2) side B, and 3) THE TRUTH.

All this turmoil with Dolly Parton's estate and her nephew is just so sad and you can bet that nothing we are hearing is actually the whole truth and nuthin' but the truth!

Death, greed, money and FAMILY...it's a toxic mix and as estate attorneys we surely try to handle all the contingencies, but you just never know.

I'm a huge Dolly fan and there's a great song of hers called "Family" in the comments if you want to listen. Here are the lyrics:

FAMILY:
When it's family, you forgive them
For they know not what they do
When it's family, you accept them
'Cause you have no choice but to
When it's family, they're a mirror
Of the worst and best in you
And they always put you to the test
And you always try to do your best
And just pray for God to do the rest
When it's family
Some are preachers, some are gay
Some are addicts, drunks and strays
But not a one is turned away
When it's family
Some are lucky, others ain't
Some are fighters, others faint
Winners, losers, sinners, saints
It's all family
And when it's family, you trust them
And your heart's an open door
When it's family, you tolerate
What you'd kill others for
When it's family, you love and hate
And take then give some more
Somehow you justify mistakes
Try to find some better way
To solve the problems day to day
In the family
You take the trouble as it comes
And love 'em more than anyone
Good or bad or indifferent
It's still family
You choose your lovers
You pick your friends
Not the family that you're in
They'll be with you 'til the end
'Cause it's family
When it's family, you forgive them
For they know not what they do
When it's family, they're a mirror
Of the worst and best in you
When it's family, when it's family
Let me be all that I should be
To the family

09/28/2026

You have to take the bad with the good sometimes - and especially when it comes to SUCCESSIONS (probates)!

I can't tell you how many times clients think they don't have to pay their parents' (or spouses') DEBTS (like credit cards and other bills) from the Succession but they sure do want all the assets (like the house, cars and accounts). If I had a dollar for every time a client told me "but that's not MY debt" and I'm like "yeah and it wasn't YOUR house either"!

This is why many times we urge clients to OPEN the Succession Under an Independent Administration first to determine what EXACTLY is the good and the bad. And guess what? If the bad outweighs the good then you are under NO OBLIGATION whatsoever to "accept" the succession. In my opinion too many times people RUSH to get the Succession completed without knowing what all the debts and assets are. Once you accept a succession and get placed into possession of the property YOU NOW OWN IT AND HAVE PERSONAL LIABILITY instead of being personally "shielded" from that liability when it still remains in the estate.

Take your time, figuring these things out sometimes takes a few months. That's why most of our Wills have a 90-day survivorship clause to give you time to gather together ALL THE GOOD and ALL THE BAD. Once you close out a Succession and have the Judgment of Possession rendered it's time consuming AND expensive to have to correct it!

Remember that old song from the 80s show "The Facts of Life":
"You take the good, you take the bad, you take them both and there you have the facts of life!"

09/22/2026

Clarification of one of the Eligible Designated Beneficiary (EDB) classifications. People get confused by the "no more than 10 years younger" rule. If a BENEFICIARY is OLDER than the deceased OWNER then they are indeed an EDB and DO NOT fall under the 10-year rule - they may pull out over their own single life expectancy table.

09/21/2026

Just a reminder because all of the IRS "free passes" on this have expired last year...if you INHERITED an IRA from someone who died in 2020, or after, and they were already taking their RMDs (required minimum distributions) then IN ADDITION to you having to completely deplete that account by December 31st in the 10th year following their death YOU MUST ALSO BE TAKING RMDs annually too! These RMDs do NOT apply to an inherited ROTH IRA.

There is a 25% excise tax penalty on the RMD you failed to take (hey, it used to be 50%). This is what the IRS was waiving from 2020-2025 because the implementation rules kept changing, but now there no more free passes!

NEVER move an INHERITED IRA into your own IRA because it will ALL become immediately income taxable to you! You must always see the decedent's name in the inherited IRA for your benefit. You will set up a NEW INHERITED IRA titled something like this:
JOHN DOE (deceased 05/01/2026) IRA F/B/O SALLY DOE, Beneficiary. Then you should do a direct "Custodian to Custodian" transfer of the funds from the deceased's former IRA account holder to your new INHERITED IRA account holder.

***NOTE: THE 10-YEAR PULL OUT RULE DOES NOT APPLY TO ELIGIBLE DESIGNATED BENEFICIARIES (EDB). EDB are 1) spouses, 2) minor children, 3) disabled beneficiary, 4) chronically ill beneficiary, 5) beneficiary not more than 10 years younger.

Be sure you are working with advisors who know what they are doing here because there really is no room for error when it comes to these Inherited IRAs and the IRS.

08/26/2026

Here is a neat little Social Security hack you don't see used very often. Client was 62 years old and lost her job. COBRA only helped pay her health care benefits for 18 months so client was afraid she would not have enough income to pay the HUGE health insurance premiums until she reached age 65 and qualified for MEDICARE. One year passed and she was batting ZERO in job offers (she didn't choose to retire yet, she was laid off) so she decided to go ahead and file for her social security (SS) payments. Well, about 6 months after that (right around when COBRA was ending) one of those previous job applications hit paydirt and offered her a darn good position, complete with a nice salary and great benefits. She was kicking herself for filing for her SS benefits too early and being stuck receiving about HALF of what she would have received had she "delayed" those SS payments until age 70. She was shocked to learn that there was a solution!

She actually could CANCEL her benefits and WITHDRAW her application. This can only be done ONCE and it MUST be done within ONE YEAR of your benefits approval. You must pay back EVERYTHING that Social Security paid out on your (and your family's) behalf (however there are no penalties or interest) but it puts you right back to square one as if you never applied! This client now has the opportunity to either wait until age 70 for her "delayed" SS payment (which really is twice what her check was) or wait until age 67 to receive her "full" amount (which was about 55% more).

Again, this is why when people ask us if "all we do" is estate planning we say do you see why it’s so much more than just drafting a Will!

If you, or someone you know, is in this "one year" window and you think they may want to check this out I have a link in the comments to the Social Security "Withdrawal" application.

08/26/2026

For families who have been struggling with Alzheimer’s for years, finding hope can be difficult. But our friend Bonnie Dinkel, a passionate advocate for Alzheimer’s care and research, is giving us a powerful reason to be “Hopeful in My Lifetime.”

Bonnie is urging support for the bipartisan Alzheimer’s Early Detection Act, which would expand Medicare coverage for blood-based testing that can detect biomarkers associated with Alzheimer’s disease.

Why does this matter? Because earlier detection can mean earlier treatment. With new medications now available that may slow the progression of Alzheimer’s for some patients, knowing sooner could make an enormous difference.

Bonnie compares this moment to a turning point in the fight against breast cancer. In 1991, Congress mandated Medicare coverage for mammograms. Today, screening is widely available, cancers are being detected earlier, and the five-year survival rate for localized breast cancer is approximately 99%.

Could we be approaching a similar turning point with Alzheimer’s?

Bonnie believes we can—and she’s asking all of us to help.

Read Bonnie’s story, support her advocacy, and join our Walk to End Alzheimer’s team.

https://act.alz.org/site/TR/Walk2026/LA-Louisiana?pg=personal&px=22623687&fr_id=19657

We’re walking with hope for every family affected by this disease—and with the belief that meaningful change can happen in our lifetime.

HOPEFUL in My Lifetime.

07/31/2026

I just learned that 24-hour at home sitter care from a local provider (meaning not California rates!) is now $285,000 a year! Not surprisingly, those rates have gone up as much as gas and groceries! Are you ready? If you are still healthy, maybe now is the time to look into some options to help fund your care because from the looks of this article, it's NOT going to be your kids!
https://www.msn.com/en-us/lifestyle/other/millennials-say-they-ll-refuse-to-care-for-aging-boomer-parents-but-they-ll-be-forced-to-as-their-inheritance-shrinks-to-40-cents-on-the-dollar/ar-AA297jom?ocid=entnewsntp&pc=U531&cvid=6a6ccbfd0e3d4954a484f7098f3f1ecf&ei=18&fbclid=IwY2xjawTZrqZleHRuA2FlbQIxMQBzcnRjBmFwcF9pZBAyMjIwMzkxNzg4MjAwODkyAAEeLxVBWlnkowrETM8UCzx_unfAelhG4eoctrx-MNCVaDXNX5juLgIZ9H070kA_aem_fHjcbdEjDyq_6OB_uXwLfA

The oldest boomers are starting to turn 80, but the great wealth transfer isn’t materializing as promised.

07/30/2026

One of the most-asked questions we get: "Should I add my child's name to my accounts?" After reading this, you decide. Full text of article below:

The Keys to the Castle

“Should I add my child’s name to my account(s)”? The answer is “it depends.” Giving the kids the keys to the castle while you are still alive and competent is a tough decision. This article gives you the pros and cons, so that you can make an informed decision.
It makes sense why you may want to do this: to allow your child instantaneous access to your BANK account(s) without having to go through cumbersome legal channels upon your death or disability. Your child may easily access the proceeds while you are alive, but also upon your death as the account would not be “frozen” as long as there is another “co-owner”.

Sounds great right? Well…maybe. Any co-owner may withdraw all of the funds at any time, without the permission of the other co-owner(s). While most of you will say that you trust your child implicitly and the foregoing is not a concern, can you guarantee that your child will not:

1) Predecease you, and perhaps their heirs would try to claim these assets through your deceased child’s estate?
2) File for divorce, and their spouse tries to claim these as marital assets?
3) File for bankruptcy?
4) Get sued (for any number of reasons)?
5) Become ill and need to qualify for Medicaid (or any other asset-based programs, like school loans/grants, etc.) and now these assets may disqualify them?

Do you still think it’s a good idea? If the above causes you concern, and it should, think about these options:

 Maybe add your child(ren) to only one account that doesn’t keep a very large balance, as you can always transfer funds from another account if needed.

 Create a trust (either revocable or irrevocable) to own your assets and name your child(ren) as co-trustees (who may act independently) instead of co-owners, with none of the above liabilities, but all the access.

Also, be sure you have a comprehensive and up-to-date general financial power of attorney (POA) in place. Many of the brokerage firms now have their very own POA forms which I highly recommend you fill out, in addition to your general POA (because it has already been pre-approved by their legal department). If the time comes when you are unable to handle your affairs, your child has already been named as Agent under your POA, and can access these assets. In this case, just like being a Trustee, your assets are not at risk from your child’s estate, spouse, or creditors.

But remember, a POA ends upon your death, so go to your bank and add your child(ren) as “Payable on Death” (POD) beneficiaries to your accounts. (Most banks and credit unions offer this.) Now, upon your death, your children only need to provide the bank with your death certificate in order to claim the funds in this account.
Caveat: “co-ownership” with your child(ren) should almost never apply to brokerage accounts because that account becomes frozen when any owner dies, then the account must go through their probate/succession. What if your child’s Last Will leaves all their assets to their spouse? You legally just lost half of your account to your child’s spouse! You also lose the benefit of the full step-up in basis upon your death because you only owned half (or less) of that account.

The one asset that should be co-owned with a child (if not owned by your trust) is your safe deposit box. This asset needs to be accessed quickly post-death, especially if this is where your Last Will and Testament, life insurance policies, burial plans and cemetery deeds are stored. Unfortunately, we have had to open quite a few successions that were not necessary except for a safe deposit box where a child was merely a signatory on the box and not a co-owner. Please be sure and verify with your bank now that your child will have post-death access.

Now it’s up to you to decide if it’s time to give your kids a set of keys to the castle!