You may have heard about the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (part of the Consolidated Appropriations Act, 2023). These pieces of legislation were created to encourage Americans to save for retirement and Continue reading
Married couples love each other and want the best for each other. Establishing a comprehensive estate plan is one way to provide the best for each other. Not only does an estate plan protect you when you are unable to care for yourself during your lifetime, but it also protects your Continue reading
Wills and living trusts are two of the most fundamental estate planning documents. While both direct the distributions of your assets to your desired beneficiaries after you pass away, a revocable living trust provides added flexibility and functionality, including incapacity planning.
Like Continue reading
Estate planning is more than just planning for what happens after you die. It is just as important to plan for what happens if you become unable to manage your own financial or medical affairs while you are alive.
What happens without an incapacity plan?
Without a comprehensive incapacity Continue reading
As a parent, you are responsible for the care of your minor child. Your responsibilities include everything from getting them up for school, making sure they are fed, and providing for other basic needs. However, what would happen if you and your child’s other parent were unable to Continue reading
Private pension plans have been used in the United States since the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. Employer-provided retirement plans have now largely shifted to retirement savings vehicles like 401(k) Continue reading
Comprehensive estate planning involves more than just planning for your legacy after your death, avoiding probate, and reducing taxes. Good estate planning also addresses the time where you may be alive but unable to make decisions for yourself. In case of incapacity, you should have Continue reading
Death is a personal and private affair that affects the deceased’s close family and friends. However, there is at least one aspect of death that may require state oversight: probate.
Probate is the court-supervised process of either (a) carrying out the instructions laid out in the Continue reading
One of the documents that should be a part of your trust-based estate plan is a Certificate of Trust. This legal instrument provides basic, relevant information about your trust to third parties without sharing the full details of the trust document.
What is a Certificate of Trust?
A Continue reading
Do you have a family member with special needs? If yes, your loved one may require assistance throughout their lives. To ensure that loved one is properly taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT).
A third-party Continue reading
When creating a will, one of your most important considerations is who to choose to serve as the Personal Representative of your estate.
The role of the Personal Representative is to carry out the instructions that you provide in your will. Any deviation from their specified powers Continue reading
Do you remember any scenes from a movie or television show involving a will, a trust, or the aftermath of a person passing away? While television and movies provide great entertainment, they are not always factual. Even shows based on real events are not entirely accurate. Creators Continue reading
Creating or revising an estate plan can feel overwhelming, causing many people to procrastinate. Who knows when we will need to have a plan in place? Although, we all should admit that at some point we will need to have a plan. But the longer you put it off, the more potential there Continue reading
When developing your estate plan, part of your focus is on the distribution of your assets after you pass away. You may have some specific assets that you want to go to specific individuals, but it is nearly impossible to address every account or asset you own. There may be some things Continue reading
Your mortgage, like much of your debt, does not simply disappear when you die. If you leave a home with an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to take over Continue reading
When people think about estate planning, they often focus on the transfer of wealth — who will receive their assets when they pass away and how it will be received. However, estate planning should also address your end-of-life wishes—the considerations and expenses involved when it Continue reading
Migrating to a warmer climate for the winter can be an ideal way to spend a few months. To help make this escape a reality, some individuals choose to rent out their homes while they are away. But before you list your home for rent, there are a few things you should consider.
Benefits Continue reading
Some of the key numbers used in estate planning and long-term care planning are adjusted each year. Let’s look at some of the numbers that are in place for this year.
Estate Planning
(Federal Numbers)
Annual gift tax exclusion $18,000
Gift tax and estate tax applicable exclusion amount Continue reading
Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes and maximizing the amount that can be distributed to loved ones.
What Are Gift and Estate Taxes?
For individuals who pass away Continue reading
As we usher in the new year, it’s a great time to reflect on priorities and set goals for the future. One crucial area to include in your resolutions and plans is estate planning. Planning for the future is a gift to your loved ones, ensuring that your wishes are known and your assets Continue reading
Today, many estate plans contain an irrevocable trust. Such trusts may continue for the benefit of a spouse’s lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, it is important that they include trust Continue reading
Just by its name, it would seem that an irrevocable trust cannot be modified. However, the law does allow various ways that the terms of an irrevocable can be adjusted. Changes in laws, family, trustees, and finances can frustrate the trustmaker’s original intent in creating the trust. Continue reading
The United States hosts the highest number of immigrants in the world, but increasingly, Americans say they are looking to relocate permanently to another country. A large percentage of wealthy Americans are also interested in buying real estate overseas and living there at least Continue reading
Lifetime gifts are often used to reduce estate and inheritance taxes. Currently, only estates worth $12.92 million or more are subject to the federal estate tax. However, twelve states and the District of Columbia levy an additional estate or inheritance tax.
To lower the value of Continue reading
Family members can have issues that lead to estrangement. Even though the family relationship may end, estrangement does not mean that the relationship has come to an end legally, however.
A spouse may move out of the shared family home. A parent may choose not to associate with a Continue reading