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Should You Update Your Estate Plan?

Frequent triggers also include changes in the health of executors and guardians; changes in laws, which may impact tax and legal strategies; and changes in state residence, which can also impact planning.

Posted on: May 17, 2022

Can You Inherit a House with a Mortgage?

Dealing with the loss of a loved one is never easy. When inheritances, homes, estates and mortgages are involved, tensions can run high within a family. It is easy to get lost in the paperwork and terms.

Posted on: May 16, 2022

What Assets are Not Considered Part of an Estate?

In presentations regarding essential actions individuals should take regarding inheritance, emphasis is usually placed on drafting a will. This leaves unanswered what happens to assets that do not pass by will —so called non-probate assets.

Posted on: May 13, 2022

Can I Protect My Inheritance from Divorce?

Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped for result to make the protection more likely to stick if your marriage doesn’t work out.

Posted on: May 12, 2022

Why Is Communication Important in Estate Planning?

For most families, the estate planning process is more involved than simply naming beneficiaries. While the primary goal of estate planning is transferring assets in an orderly and tax-efficient manner, it’s just as important to focus on preserving wealth across generations.

Posted on: May 11, 2022

What Is Federal Estate Tax Exemption, and Does It Matter?

The federal estate tax exemption and gift exemption is presently $12.06 million. A married couple can transfer $24.12 million to their children or loved ones free of tax with proper planning. The exemption is tied to inflation, so it will continue to rise.

Posted on: May 10, 2022

Communication is Key in Generational Estate Planning

For most families, the estate planning process is more involved than simply naming beneficiaries. While the primary goal of estate planning is transferring assets in an orderly and tax-efficient manner, it’s just as important to focus on preserving wealth across generations.

Posted on: May 10, 2022

Is Bitcoin Part of an Estate?

Have you thought about what will happen to your bitcoin when you die? For many of us, the thought has at least crossed our mind.

Posted on: May 9, 2022

What Estate Planning Documents are Used to Plan for Incapacity?

One of the most important estate planning documents for all persons over the age of 18 to consider is a durable power of attorney.

Posted on: May 6, 2022

When are You Required to File a Gift Tax Return?

The IRS wants to know how much you’re gifting over the course of your lifetime. This is because while gifts may be based on generosity, they are also a strategy for avoiding taxes, including estate taxes, reports The Street in a recent article “Do I Need to File a Gift Tax Return?” Knowing whether you…

Posted on: May 5, 2022