The COVID-19 pandemic has caused some people to contemplate their own mortality or that of a family member. For those whose life expectancies are short — because of COVID-19 or for other reasons — estate planning can be difficult. But while money matters may be...
Some of the most effective estate planning strategies involve setting up irrevocable trusts. For a trust to be deemed irrevocable, you, the grantor, lose all incidents of ownership of the trust’s assets. In other words, you are effectively removing those assets from your taxable estate. But...
There are several tools you can use to build flexibility into your estate plan. Flexibility is especially important now because of an uncertain estate planning environment. The federal gift and estate tax exemption currently is an inflation-adjusted $11.58 million (the highest it has ever been) but...
The novel coronavirus pandemic has refocused people’s thoughts on the health and safety of their families. In addition to taking the necessary steps today to protect your loved ones, it is equally important to consider their financial security in the future. If you do not have...
If you have outstanding loans to your children, grandchildren, or other family members, consider forgiving those loans to take advantage of the current, record-high $11.58 million gift and estate tax exemption. Bear in mind, that in 2026, the exemption amount will revert to $5 million...
Many people’s estates typically include individual retirement accounts (IRA). Be aware that two major laws were recently passed, the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and have a direct effect on IRAs. In...
The novel coronavirus (COVID-19) pandemic and the resulting economic fallout are impairing charitable organizations. During a time when food banks, disaster relief, and other non-profit services are needed most by the public, their funding is suffering due to cancelled fundraising events and other factors. If philanthropy...
Generally, it is recommended that you review your estate plan at year’s end. It is a good time to check whether any life events have taken place in the past 12 months or so that affect your plan. However, with a life shock as monumental as...
You may have heard that the federal income tax filing and payment deadline has been extended from April 15, 2020 to July 15, 2020, to provide relief for taxpayers adversely affected by the coronavirus (COVID-19) pandemic. What you may have missed is that the U.S. Treasury...
If you have invented something during your lifetime and had it patented, your estate includes intellectual property (IP). The same goes for any copyrighted works. These assets can hold substantial value, and, thus, must be addressed by your estate plan. However, keep in mind that...