Once more hesitant to plan ahead, clients in today’s environment are much more proactive and willing to take action in the near term, rather than waiting and risking having to pay higher taxes down the line.
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.
A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
Your estate planning is done, but is it? A periodic review is an important ongoing step to your planning.
Estate planning is not a requirement. No one can force you to make your will, create a power of attorney or to own your property in a way to avoid probate. As a result, people too often let common estate planning excuses stand in their way.
For couples who face depleting their own assets, using a Medicaid-compliant annuity could be a way to preserve assets and still qualify for Medicaid.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
These agents take over your affairs in specific areas, if you become physically or mentally incapacitated.
