Ways Your Will Can Be Revoked
A will (which should be accompanied by other important documents such as advanced healthcare directive and financial powers of attorney) is a foundational estate planning document. However, according to Gallup, only 46 percent of US adults have a will.[1] This number has remained consistent in Gallup polls dating back to 1990. If you are among the minority of […]
Why Deathbed Planning Might Give You Additional Grief
None of us likes to think about our own death or enjoys planning for that occasion. However, if you do not create an estate plan or fail to update it regularly, you are likely setting your loved ones up for even more stress and grief after you pass away. It may add to your own […]
Have You Chosen the Right Trustee?
Whether you are reviewing your existing trust or creating a new trust, you should understand the important role that a trustee plays not only in handling trust matters but also in providing for and protecting your loved ones. What is a trust? A trust is an agreement between an owner of accounts and property (trustmaker) […]
Quiz: How Much Do You Know About Taxes?
True or false? Estate tax makes up the largest percentage of revenue collected by the Internal Revenue Service (IRS)? False. Approximately 50 percent of the IRS’s revenue comes from income tax, while only 1 percent comes from estate and gift taxes.[1] This is why the income tax aspect of planning is so valuable, especially when the transfer […]
Balancing Act: What Matters Most to You?
When people begin getting their affairs in order through the creation of an estate plan, they often face a delicate balancing act between saving on income and estate taxes, protecting their hard-earned savings from their ultimate beneficiaries’ creditors, and providing maximum benefit to their loved ones. Finding the right balance requires careful consideration of the […]
Surviving Tax Season
Taxes That Can Impact Your Estate Plan Estate planning involves deciding how to plan for the management of your money, property, and well-being before your death and how to distribute your money and property after your death. A comprehensive estate plan should consider the impact that taxes can have on your estate and ensure that […]
