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Reduce gift and estate tax exposure by making direct payments of tuition and medical expenses
While the gift and estate tax exemption has risen to $11.7 million for 2021, President Biden has proposed reducing the exemption amounts to $3.5 million for estates and $1 million for gifts. If you have loved ones who are in school or who have medical expenses, you may want to take advantage of the exclusion […]
4 questions single parents should ask about their estate plans
Did you know that the United States has the highest rate of children living in single parent households? According to the Pew Research Center, nearly a quarter (23%) of U.S. children under the age of 18 live with one parent. If your household falls into this category, ensure that your estate plan properly accounts for […]
Make your legacy last by educating children about wealth management
If you’ve worked to build an estate, you undoubtedly would like to leave a legacy for your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach children about money. The best way depends on […]
Two options for special needs planning: ABLE accounts and SNTs
If you have a family member who has special needs, you likely know that financial and estate planning can be tricky. You don’t want to jeopardize his or her eligibility for means-tested government benefits such as Medicaid or Supplemental Security Income (SSI). A special needs trust (SNT) is one option to consider. Another is to […]
Review your estate plan in light of a new presidential administration
As presumptive President-elect Joe Biden moves forward with the transition and prepares for the inauguration next month, you may be wondering how the federal estate tax may be affected. During the campaign, Biden pledged to change many of President Trump’s tax policies. In response to the Tax Cuts and Jobs Act (TCJA), Biden has promised […]
Only certain trusts are eligible to hold S corporation stock
S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, no more than one class of stock, and only certain types of shareholders may own S corporation stock. In an estate planning context, it is critical that any trusts that […]
Name the right executor to ensure that your planning objectives are fulfilled
The executor’s role is critical to the administration of your estate and achieving your estate planning objectives. Your first instinct may be to name a trusted family member as executor. But that might not be the best choice. Duties of an executor Your executor will have a variety of important duties, including: Arranging for probate […]
Don’t forget about making a portability election
Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. For 2020, the exemption amount is $11.58 million, and the IRS just announced that that amount will increase to $11.7 million for 2021. To secure these […]
Is a noncharitable purpose trust right for you?
There are two trust types that don’t require one or more human beneficiaries: charitable trusts and noncharitable purpose (NCP) trusts. A charitable trust is the more common of the two, but an NCP trust could also be a formidable tool to help achieve your estate planning goals. Defining an NCP trust Historically, trusts were required […]
Put pen to paper: How a letter of instruction can benefit family harmony
You may view your will as the centerpiece of your estate plan. But other documents can complement it. For example, if you haven’t already done so, consider writing a letter of instruction. Elements of the letter A letter of instruction is an informal document providing your loved ones with vital information about personal and financial […]
