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How Do I Talk to the Children about My Estate Planning?

Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the next couple of decades.

Posted on: March 19, 2021

When Do I File a Tax Return for an Estate?

My 91-year-old mother-in-law died on Dec. 13, 2020. There was no will, so we are currently working our way through the probate process. Her income was less than $20,000 a year from Social Security and we can’t find any tax returns she filed. Was she required to file?

Posted on: March 18, 2021

Should Inherited Money Be Equally Split Between Family Members

When you’re planning to divide your estate unequally, explain the reasons to your heirs, and remember: They might be hurt anyway.

Posted on: March 17, 2021

What Is a SLAT in Estate Planning?

If you have been thinking about making large gifts to take advantage of the current $11,700,000 lifetime federal estate tax exemption, you have probably been contemplating a spousal lifetime access trust, commonly known as a SLAT.

Posted on: March 16, 2021

What’s a Living Will?

A living will is a legal document that allows you to specify the kind of care you’d like to receive in end-of-life situations. This is different from an advance healthcare directive, though either one can be an important part of an estate plan.

Posted on: March 15, 2021

Estate, Business and Retirement Planning for the Farm Family

Planning is one of the most important aspects of managing any business. This is especially true for farms and agribusinesses, due to their complexity and the inherent uncertainties associated with agriculture.

Posted on: March 11, 2021

How Do You Handle Probate?

Although there is considerable legal information and misinformation, it is generally understood that a last will and testament is the device used to distribute property after death. However, the why, how and when are less familiar.

Posted on: March 10, 2021

Estate Planning Meets Tax Planning

By being very selective about who receives which type of money—whether Traditional or Roth IRAs, after-tax brokerage accounts, life insurance, etc.—you can dramatically cut the share that goes to the IRS and increase the amount going to your family.

Posted on: March 9, 2021