Have You Outgrown Your Estate Plan?
As estate planning attorneys, we work hard to set up estate plans that fit a client’s needs and ensure that everything works together for the client and their loved ones. […]
Retirement Planning Update
Although we are still in the midst of winter, spring is on its way. It is important to remember upcoming April deadlines for retirement contributions and required minimum distributions (RMDs), […]
Do You Have to Pay Taxes on Inherited IRAs?
Tax rules on individual retirement accounts (IRAs) are different for inherited IRAs. Some differences are positive.
How Much can You Inherit and Not Pay Taxes?
Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in unless an estate exceeds $11.7 million.
Reviewing Estate Plans Matter
Many of our parents completed their estate plans decades ago. The documents may still be valid. However, if they are stale or outdated, you may spend significant money trying to use them down the road.
Checklist for Estate Plan’s Success
Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
When Should an Estate Plan Be Reviewed?
The documents may still be valid but if they are stale or outdated, you may spend significant money trying to use them down the road.
What Qualifies as a Qualified Charitable Distribution?
Qualified Charitable Distributions, which allow Individual Retirement Account holders in their 70s and older to divert some of their federally taxable required distributions to charity while reducing their federally taxable income, are back after a 2020 hiatus.
Does a Will Supersede a Beneficiary Form?
If you haven’t reviewed your beneficiary designations recently, you may be setting your heirs and estate up for some unpleasant surprises.
The Biggest Estate Planning Mistakes and How to Avoid Them
One of the biggest wealth transfers our nation has ever seen is about to take place. Over the next 25 years, as much as $68 trillion of wealth will be passed to succeeding generations.
