Making the Most of Exemptions and Flexibility in Gifting
Federal estate, gift and GST tax exemptions are currently at historic highs ($11.58 million per individual in 2020). These higher exemptions are scheduled to return to $5 million, adjusted for inflation, after December 31, 2025, but they could be reduced before then, as a result of political or policy changes.
How Do Special Needs Trusts Work?
Just as you have trust in a relationship, trusting your document and those with responsibilities in the trust are crucial to obtaining your objectives.
Can a Charity Be a Beneficiary of an Estate?
Ever since a group of philanthropists created the Giving Pledge in 2010, taxpayers have expressed greater interest in potential estate planning strategies that would allow them to leave a significant portion of their assets to charity upon their death.
Is it Better to Have a Living Will or a Living Trust?
Whether you need a living will vs. living trust as part of your estate plan depends on your overall financial situation and goals. However, it’s helpful to consider the advantages of including one or both in your planning efforts.
What are Big Tax Goofs to Avoid when Retiring?
One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.
How to Make Beneficiary Designations Better
Beneficiary mistakes can result in retirement plan assets being transferred to unintended beneficiaries.
What are the Options when Inheriting a House?
Inheriting a residential property like a house marks the end of a life and the beginning of deciding what to do with the property and implementing that plan.
Get Estate Plan in Order, If Spouse Is Dying from a Terminal Illness
Planning for the death of a spouse is difficult and painful. It involves conversations that we don’t want to have.
Wealthy Women Face Challenges in Estate and Tax Planning
Given the expectation the Biden administration will roll back some of Trump’s favorable policies of the past four years, tax consultants and accountants are already hard at work. But for HNW women, dealing with election fallout is minor, compared to the bigger fish they have been frying in the tax pan for decades.
How to Be an Effective Advocate for Elderly Parents
As family caregivers, we play many roles: scheduler, money manager, house cleaner, health aide, nurse, navigator, nurturer and more. Perhaps the most important role, though, is advocate, as we ensure the best life possible for our loved ones when they are vulnerable.