When it comes to estate planning, consider taking a page out of the Boy Scouts Handbook: Be prepared. The last thing you want is for your family to be scrambling to pick up the pieces after your death. Of course, you’ll need...more
12/19/2023
/ Advance Health Care Directive ,
Do Not Resuscitate (DNR) ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Executors ,
Financial Power of Attorney ,
Gift Tax ,
Gift-Tax Exemption ,
Living Will ,
Power of Attorney
Under current estate tax law, taxpayers benefit from the most generous gift and estate tax regime in history. Indeed, in 2023, an individual can shield assets worth up to $12.92 million from federal gift and estate tax....more
Does your estate plan call for making gifts to your grandchildren or other loved ones more than one generation below you? Or, perhaps to nonrelatives more than 37½ years younger than you?...more
At the very least, your estate plan should include a legally valid will governing the disposition of assets upon your death. But comprehensive estate planning often goes much further....more
It’s true that because of the current record-high gift and estate tax exemption amount, most families don’t have to worry about transfer taxes. However, there are high net worth individuals who must continue to work to reduce...more
You’ve likely spent most of your adult life accumulating wealth that you intend to eventually pass on to your loved ones. But are you concerned that the beneficiaries of your estate might squander their inheritance?...more
Lifetime giving is a smart strategy to reduce your taxable estate. However, if you’ve exhausted your $12.06 million federal gift and estate tax exemption, your gifts may be fully taxable at the 40% rate. In this case,...more
The need for estate planning is essential for small business owners who have most of their personal fortune tied up in the operation. This is compounded by the looming reduction of the federal gift and estate tax exemption...more
A critical estate planning decision is whether to transfer wealth during your lifetime or keep your assets in your estate and transfer your wealth to loved ones after your death. Some say it would be wise to make gifts now to...more
To paraphrase Mark Twain, the reported demise of the bypass trust may be greatly exaggerated. In fact, this estate planning technique is still a viable option for many individuals and may actually stage a “revival” in future...more
Did you know that one of the most effective estate-tax-saving techniques is also one of the simplest and most convenient? By making maximum use of the annual gift tax exclusion, you can pass substantial amounts of assets to...more
Providing for the educational needs of your children, grandchildren and even future generations is an honorable estate planning objective. What are your options for achieving this goal? A 529 plan can be a highly effective...more
Life insurance is often an integral part of an estate plan. By acquiring life insurance coverage, you can provide liquidity when your family might need it the most, particularly if you’re relatively young. The policy’s...more
The annual gift tax exclusion is a powerful tool in the estate planning toolbox. When using your annual exclusion, you don’t owe any gift tax on amounts transferred to another person up to a specified limit. The limit is...more
Whether you made intrafamily loans years ago or perhaps this year in response to a loved one’s financial troubles due to the COVID-19 pandemic, consider forgiving those loans. Why? A record-high gift and estate tax exemption...more
For years, you may have viewed estate taxes as the main threat to your family fortune, especially if you own a successful business or valuable real estate. But with the federal gift and tax exemption set at $11.58 million for...more
7/27/2020
/ Asset Protection ,
Creditors ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift-Tax Exemption ,
Homeowner's Insurance ,
Irrevocable Life Insurance Trusts ,
Liability Insurance ,
Life Insurance ,
Tax Planning ,
Tenancy by Entirety
If a married couple includes a non-U.S. citizen spouse, there are special estate planning rules to take into account, such as a significantly smaller estate tax exemption. This article explains the differences in estate tax...more
10/2/2019
/ Citizenship ,
Estate Planning ,
Estate-Tax Exemption ,
Foreign Nationals ,
Gift-Tax Exemption ,
Marital Status ,
Preferential Transfers ,
Qualified Domestic Trust (QDOT) ,
Spouses ,
Tax Cuts and Jobs Act ,
Tax Deductions
Do you know the differences in estate tax law for couples when both spouses are U.S. citizens vs. when one spouse is a non-U.S. citizen? Or what nonlegal document should accompany a will?
We are pleased to present the...more
10/1/2019
/ Adult Children ,
Dependents ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Foreign Nationals ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
Letter of Instructions ,
Life Insurance ,
Qualified Domestic Trust (QDOT) ,
Spouses ,
Transfer of Assets ,
Trusts ,
Wills
Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after...more
In This Issue:
- Don’t be afraid of probate
- Smart estate planning begins with protecting your assets
- Thinking long term: Don’t overlook long-term care planning
- ESTATE PLANNING PITFALL: You’re not making direct...more
12/3/2018
/ Asset Protection ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Long-Term Care ,
Medical Expenses ,
Probate ,
Tuition ,
Year-End Planning ,
Year-End Tax Planning
Even though the Tax Cuts and Jobs Act doubled the gift and estate tax exemption to $10 million beginning this year, there are many families that still have to contend with significant federal estate tax liability. Plus, there...more
8/2/2018
/ Apportionment ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Federal Taxes ,
Gift-Tax Exemption ,
Individual Retirement Account (IRA) ,
Life Insurance ,
Retirement Plan ,
State Taxes ,
Tax Cuts and Jobs Act ,
Wills
In This Issue:
- Charitable giving in a post-TCJA world: What you need to know in the wake of the new tax law
- Understanding the contents of a will
- Should a tax apportionment clause be in your estate plan?
- ESTATE...more
Even though reforms being debated by Congress could repeal the federal estate tax with certain modifications, state estate taxes might still siphon off hundreds of thousands of dollars regardless of what happens under federal...more
Those who make sizable gifts to charitable causes can realize personal rewards from their generosity and claim a deduction on their tax returns. One drawback is that, once the money or assets are contributed, they generally...more
A generous gift and estate tax exemption means only a small percentage of families are subject to federal estate taxes. But it’s important to consider state estate taxes as well. Although many states tie their exemption...more