Getting your estate plan in place is never a ‘one and done’ task. Estate planning is an ongoing process and should be viewed that way.
Trusts are often associated with the rich. However, the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
Tax rules on individual retirement accounts (IRAs) are different for inherited IRAs. Some differences are positive.
If you’ve ever spent time working through your estate plan, you know how important it is to select and update your beneficiaries.
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.