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Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may produce unintended — and costly — consequences. Joint ownership advantages There are two potential advantages to joint ownership: convenience and probate avoidance. If you own property or a financial account […]
Although much of estate planning deals with what happens after you die, it’s equally important to have a power of attorney during life for making financial or medical decisions if you became unable to make them for yourself.
By: Christopher W. Weller, Esq. On May 13, 2021, the CDC issued new guidance regarding the continued use of masks and social distancing indoors and outdoors for employees who are fully vaccinated against COVID-19. This new guidance does not trump state or local rules, guidance, or orders. Therefore, before you change any policies, be sure you […]
By: Barbara Wells Now that Governor Ivey has signed the Compassion Act into law, employers may be wondering what this law means for them. After all, about a dozen states that have legalized the use of marijuana for medicinal purposes have also passed laws protecting employees who legally obtain prescriptions and use medical cannabis outside […]
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.
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 […]
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 […]
Employers’ Guide to the American Rescue Plan Act’s Impact on COBRA and FFCRA by: Mai Lan Isler, Esq. The American Rescue Plan Act of 2021 (ARPA) became law on March 11, 2021, and impacts private employers, their employees, and their benefit plans. ARPA has the following impact on employers relating to the Consolidated Omnibus Budget Reconciliation […]
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 […]
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 […]