Trusts are a smart and well-known estate planning tool that names or appoints a trustee to administer and distribute the assets according to the terms. However, how often do estate owners ask, “What if something goes wrong, and the trustee breaches their duties?”
Capital gains taxes are the heart of the IRS Rule 2023-2 changes. Individuals pay taxes on the difference between an asset’s purchase price and a higher sell price as that asset’s value grows over time. When creating or updating an estate plan, you must consider the new IRS rule.
Thorough communication with heirs about values and various elements of your estate plan could help younger generations better manage their inherited wealth.
Discover why adding your child as a life insurance beneficiary has inherent risks and explore how trusts and appointing a legal guardian can best ensure that your child’s future is secure.
There are many people who know estate planning quite well but draw blanks when issues about gift tax returns are raised.
Learn how to qualify for the annual gift tax exclusion by maximizing the benefits of a Crummey trust. Understand withdrawal power and more.
There are two sides to a succession plan. One is for the operation of the company, and the other is for the ownership of the deceased owner’s share.
Minor children and young adult beneficiaries in particular need more specialized provisions to protect both the assets and the beneficiaries.
Divorce significantly affects your estate plan. Therefore, it’s crucial to take timely action to revise it. If you’re going through a divorce or have recently finalized one, it may be time to review and update your estate plan.
While adding a child to your home’s deed might seem straightforward to manage your estate, it’s fraught with potential problems and complications. This article reviews the implications and alternatives to adding a child to your home’s deed, with the goal of ensuring your estate plan is effective, efficient, and aligned with your long-term intentions.
