If you possess paintings, sculptures or other art pieces, they may represent a significant portion of your estate. Thus, these assets must be properly accounted for in your estate plan....more
Buy-sell agreements are essential estate and succession planning tools for many family businesses and other closely held companies. These agreements, among other things, ensure that the business stays within the family or...more
Here’s a quick estate planning tip: one of the easiest ways to reduce the size of your taxable estate is to take advantage of your gift tax exclusion. For 2025, you can transfer up to $19,000 per recipient gift-tax-free. And...more
Interested in trying to prepare your own estate plan? There are resources available to assist you, such as online services, computer software and how-to books. Do-it-yourself (DIY) estate planning may save you hundreds or...more
A financial power of attorney (POA) can be a critical component of your estate plan. It appoints a trusted representative (often called an agent) to make financial decisions on your behalf in the event you’re unable to do so....more
A Health Savings Account (HSA) can positively affect your estate plan. How? In addition to serving as a viable option to reduce health care costs, an HSA’s funds grow on a tax-deferred basis. In fact, an HSA is similar to a...more
1/23/2025
/ 401k ,
Beneficiaries ,
Employee Benefits ,
Estate Planning ,
HDHP ,
Health Savings Accounts ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Retirement Plan ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Trusts
Even with a comprehensive estate plan, it’s likely you’ll have some assets in a residuary estate. Like the sediment at the bottom of your glass after you finish a fine wine, an estate plan may also leave some residue....more
Whenever large sums of money are involved, don’t be surprised if scammers come out of the woodwork. This is especially true today, as criminals have a variety of tools at their disposal, such as phishing emails, designed to...more
It’s been said that there’s “no time like the present.” That’s especially true when it comes to your estate plan. Even though creating an estate plan may seem overwhelming, there are several “top priority” items you should...more
If you’re like most people, an important goal of estate planning is to provide financial assistance to your children or other loved ones, ideally at the lowest possible tax cost. There are many strategies for achieving this...more
Are you creating or updating your estate plan? Primarily, you need a will that divides up your assets among beneficiaries. Then you can complement it with other documents, such as financial and health care powers of attorney...more
11/21/2024
/ Beneficiaries ,
Digital Assets ,
Division of Assets ,
Documentation ,
Estate Planning ,
Funerals ,
Investment ,
IRS ,
Power of Attorney ,
Retirement Plan ,
Trusts ,
Wills
Spoiler alert: In the acclaimed HBO series “Succession,” the patriarch of a family run business, Logan Roy, fails to name a clear successor. After his sudden death, the family is ripped apart. Eventually the business is sold...more
11/7/2024
/ Business Assets ,
Business Succession ,
Business Valuations ,
Connelly v United States ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Gift Tax ,
Life Insurance ,
Succession Planning ,
Tax Exemptions
A trust can form the cornerstone of your estate plan, and trusts come in a variety of flavors. Indeed, there’s one for nearly any estate planning situation. Here’s a brief list of a trust’s potential advantages: trust assets...more
If you’re charitably inclined and you itemize deductions, you may be entitled to deduct your charitable donations. The key word here is “may” because there are certain requirements and limitations your donations must meet....more
The year 2017, when the Tax Cuts and Jobs Act was signed into law, seems like a long time ago. As you may be aware, many of the tax provisions of that law are set to expire in a relatively short amount of time — on January 1,...more
The cycle continues: Your adult children — one of the first generations to benefit from Section 529 plans — are saving for their kids’ college educations through 529 accounts of their own. Did you know that parents aren’t the...more
The IRS has for the third consecutive year offered relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. Let’s look at how this...more
There’s no question that creating an estate plan can be a major undertaking. But finally putting all the pieces of your plan together can bring peace of mind. However, it’s beneficial to take the next step and talk to your...more
The executor of your estate acts as the quarterback of your estate plan. This person calls the shots for your estate and passes it through probate. Just like a football team scouting a quarterback, the decision about who to...more
In 2024, it’s fair to say that most people have some form of digital assets. This asset type can include digital photos, video and music collections; social media accounts; online banking and brokerage accounts; or...more
According to some people, the bypass trust (sometimes referred to as a credit shelter trust) has gone the way of the dodo bird in the current estate tax environment. However, this “dinosaur” of a technique for married couples...more
Estate planning is about much more than reducing taxes; it’s about ensuring your loved ones are provided for after you’re gone and that your assets are passed on according to your wishes. However, few events can upend your...more
There’s a good chance that your estate plan includes a revocable trust — sometimes known as a “living trust.” This type of trust can help your estate avoid probate, guard your privacy and provide protection in the event...more
Suppose you want to make a change to your will. It could be something relatively minor, such as a beneficiary is getting married and will be changing her last name. Or your daughter graduated from college and you want to name...more
If charitable giving is high on your objectives list for your estate plan, one option to consider is using a donor-advised fund (DAF). Indeed, DAFs have been steadily growing in popularity in recent years....more