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Hiding your assets helps no one
Relieve your family of the stress of searching for assets and possibly not finding them; have an open discussion with a responsible family member about the things that you own.
Spendthrift trusts aren’t just for spendthrifts
Now that the federal gift and estate tax exemption has reached an inflation-adjusted $11.7 million for 2021, fewer estates are subject to the federal tax. And even though President Biden has proposed reducing the exemption to $3.5 million, it’s uncertain whether that proposal will pass Congress. If nothing happens, the exemption is scheduled to revert […]
Keep it all in the family: Managing your vacation home
If your family owns a vacation home, you know what a refuge it can be. This is especially true due to limited travel options because of COVID-19 pandemic restrictions. However, without a solid plan and ground rules that all family members agree to, conflict and tension may result in a ruined vacation — or worse […]
Creating an education legacy using an education trust
For many, an important goal of estate planning is to leave a legacy for children, grandchildren, nieces and nephews, and future generations. What better way to do that than to help provide for their educational needs? A 529 plan can be a highly effective tool for funding tuition and other educational expenses on a tax-advantaged […]
Now or later: When is the right time to transfer your wealth?
To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a “use it or lose it” proposition. In other words, you should make gifts now to take advantage […]
Consider your options when addressing life insurance in your estate plan
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. Even though federal and state estate taxes aren’t a concern for many families under current laws, life insurance continues to offer many benefits for nontaxable estates. For these reasons, it’s important to plan properly for your life insurance policies […]
Avoid these four estate planning “deadly sins”
According to literature, the “seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although we may be guilty of these from time to time, other types of “sins” can be fatal to an estate plan if you’re not careful. Here are four transgressions to avoid: 1. You don’t update beneficiary forms. Of […]
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 […]
