Category: Estate Planning

Time is running out to take advantage of the current federal gift and estate tax exemption ($13.61 million for 2024). The amount will drop to an inflation-adjusted $5 million in

Few estate planning subjects are as misunderstood as probate. Probate is public, which is its biggest downside, and the one that grabs the most attention. Indeed, anyone who’s interested can

For many people, two common estate planning goals are contributing to a favorite charity and leaving significant assets to your family under favorable tax terms. A charitable remainder trust (CRT)

When drafting your estate plan, a key decision you must make is who to appoint as the executor. In a nutshell, an executor (called a “personal representative” in some states)

More than six years ago, legendary singer Aretha Franklin died. However, it wasn’t until last year that a Michigan judge ruled a handwritten document discovered under her couch cushions was

Tax planning is only a small component of estate planning and usually not even the most important one for most people. The primary goal of estate planning is to protect

If you own your principal residence, you’re likely aware that you can benefit from the home’s build-up in equity, realize current tax breaks, and pocket a sizable tax-exempt gain when

Surviving spouses are faced with many financial and tax-related decisions. One important issue to consider is whether or not to file a joint tax return in the year of the

Life insurance can be a powerful estate planning tool. Indeed, after you’re gone, it creates an instant source of wealth and liquidity to meet your family’s financial needs. And to

In 2019, a tax law change essentially ended “stretch IRAs” by requiring most beneficiaries of inherited IRAs (other than a spouse) to withdraw all of the funds within 10 years.