If you have minor children, choosing a guardian to care for them should you die unexpectedly is one of the most important estate planning decisions you must make. It also is one of the most difficult. So difficult, in fact, that avoiding it is one...
Although much of estate planning deals with what happens after you die, it is equally important to have a plan for making critical financial or medical decisions if you are unable to make them for yourself. Carefully designed financial and health care powers of attorney allow...
Even though the federal gift and estate tax exemption is currently very high ($11.7 million for 2021), there are families that still have to contend with significant federal estate tax liability. In addition, the exemption is scheduled to drop significantly in 2026, and reducing it...
Now that the federal gift and estate tax exemption has reached an inflation-adjusted $11.7 million for 2021, fewer estates are subject to the federal tax. And even though President Biden has proposed reducing the exemption to $3.5 million, it is uncertain whether that proposal will...
One advantage of inheriting an individual retirement account (IRA) from your spouse is that you are entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking...
If your family owns a vacation home, you know what a relaxing refuge it can be. This is especially true these days due to the limited travel options you may have because of COVID-19 pandemic restrictions. However, without a solid plan and ground rules that...
A revocable living trust is often used to complement a will. For instance, you might transfer specific securities to the trust. Notably, these assets generally do not have to go through the probate process, which can be time-consuming and expensive. Thus, a living trust enables your...
It is tax filing season and you are likely focused on your income or business tax returns. However, do not forget about another type of return. In 2020, if you made substantial gifts of wealth to family members you may have to file a gift...
For many people, the first thing they think of when they hear the words “estate plan” is a will. And for good reason, as it is the cornerstone of any estate plan. But do you know what provisions should be included in a will and...
For many people, an important goal of estate planning is to leave a legacy for their children, grandchildren, and future generations. And what better way to do that than to help provide for their educational needs? A 529 plan can be a highly effective tool...