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.
Reviewing Your Estate Plan Protects Goals, Family
Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.
What You Should Never, Ever, Include in Your Will
A last will and testament is a straightforward estate planning tool, used to determine the beneficiaries of your assets when you die, and, if you have minor children, nominating a guardian who will raise your children. Wills can be very specific but can’t enforce all of your wishes. For example, if you want to leave…
How Do I Disinherit My Child?
When these types of situations arise, there are many steps you can take to avoid your will from being contested by individuals who believe they are entitled to receive your assets.
How to Manage a Will and Trust
By definition, a Will accounts for a person’s wishes of how their assets and estate should be distributed and handled once they die. It spells out who should get what and who should do what, after the benefactor’s demise.
How Do You Keep Inheritance Money Separate?
Everything each spouse earns during their marriage is community property. Fortunately, a gift or inheritance is separate property. However, that’s only half the battle.
How to Use Joint Accounts and Beneficiary Designations
We need to make sure your legal toolbox has the right tools for the job and that you understand how each of them work, just like an owner’s manual.
The Wrong Power of Attorney Could Lead to a Bad Outcome
When do you need your estate plan to ‘go to work’ for you? While you may think the right answer is ‘after I die,’ the actual answer is ‘if I lose the ability to manage my own affairs.’