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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 […]
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 […]
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 […]
A Win-Win Proposition: A CRT Can Benefit You and Your Favorite Charity
Are you a multitasker? If so, you may appreciate an estate planning technique that can convert assets into a stream of lifetime income, provide a current tax deduction and leave the remainder to your favorite charity — all in one fell swoop. It’s the aptly named charitable remainder trust (CRT). A CRT in action You […]
