It took a lot of hard work and dedication to acquire your wealth. You want to transfer as much of it as you can to your beneficiaries. As a result, having a large estate means you’ll have to pay quite a bit in gift and estate taxes.
Trust funds are an important estate planning tool. They can protect your assets while you’re alive and help ensure that you leave money to your children or other loved ones after you die.
Unfortunately, there are several common missteps people make in their estate planning that can lead to unwanted results. Read on to discover the two things you should never include in your will, as well as what to substitute instead.
When it comes to owning property in two different states, you may wonder how to manage these in your estate plans.
In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.
A discretionary trust is a type of trust that can be established on behalf of one or more beneficiaries.
Who’s going to inherit on the death of one of the re-marrieds? Will this be the surviving spouse? If so, where will those inherited monies go on the second-to-die’s death?
A charitable trust allows you to donate assets to a chosen tax-exempt charitable organization or nonprofit and comes with certain tax benefits to help you minimize what you might owe to the government.
In today’s digital era, the departed will be survived by their electronic footprints, such as iPhone photo albums, Spotify playlists—and cryptocurrency wallets.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago—as well as the scheduled 50% reduction in the size of the federal estate tax exemption four years from now—has resulted in a renewed interest in estate planning for IRA and 401(k) accounts owned by married couples.
