Important Dates to Be Aware of in 2023
The new year brings with it important dates that may impact your financial situations and tax deadlines you may need to meet. March 6, 2023, is the deadline under the sixty-five-day rule for trust distributions. Under Internal Revenue Code (I.R.C.) § 663(b), distributions made to beneficiaries of nongrantor trusts (and estates) made within sixty-five days of […]
When Should I Update My Estate Plan?
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.
How to Avoid Giving Estate to Your Ex Spouse
State laws generally make it so that once a married couple is divorced, ex-spouses lose all property rights.
What are Biggest Blunders in Wealth Transfer?
We are approaching the biggest wealth transfer ever, as Baby Boomers prepare to hand off their life savings to their heirs. However, will their heirs actually get the full amount of the wealth intended for them…or will a large amount be lost to unnecessary taxes?
Can You Keep Your Children from Inheriting Your Money?
I’ve decided I no longer want to leave my estate to my children. They are ungrateful brats. How can I set things up to give my money to charity when I die?
Will Moving to a New State Impact My Estate Planning?
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
What Planning Should I Do in My 50s?
If you are one of the many people who start getting serious about their finances as they reach their 50s, enjoy this guide for your next steps.
Can I Avoid Taxes when I Inherit?
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. The Biden administration has proposed lowering the exemption, but even that proposal wouldn’t affect estates valued at less than about $6 million.
Is It Ever Too Late for a Family Meeting to Discuss Money?
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
What’s the Best Way to Mess Up Estate Plan?
Here are the top five mistakes people make that upend their planning.