Category Archives: Estate Planning
Estate Planning For Millennials
Whether you’re 23 or 36, it’s never too early or too late to start planning your estate. Many millennials are most likely now out of college and entering the workforce, dealing with many unfamiliar financial planning vehicles like 401k plans, pensions, and stocks. But, your estate is much more than that. It’s planning out… Read More »
Have you had your annual estate plan checkup?
An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan. 2019 vs. 2018 amounts Here are a few key figures for 2018 and 2019: Lifetime gift and estate tax… Read More »
The Top 3 Things You Need to Know When Planning an Inheritance
Planning your estate can seem like an overwhelming task. The thought of planning for your children after your death is daunting in its own right. However, there are some big steps you can take right now to make sure your family receives the maximum benefits from your estate in the future. Avoiding or Reducing… Read More »
If you’re driven to transfer a vehicle’s ownership to a trust, know the risks
A revocable trust — often referred to as a “living trust” — can help ensure smooth management of your assets during life and avoid probate at death. And you may know that the trust isn’t effective unless you “fund” it — that is, transfer ownership of your assets to the trust. But what about… Read More »
How Being Transgender Affects Your Estate Planning
Transitioning is a personal, oftentimes private, process that may seem inconsequential to your financial future. However, there are important legal implications that could be detrimental to you if not all of your legal documents match correctly. While planning your estate, it is critical that you are open and honest with your attorney so they… Read More »
How incomplete nongrantor trusts can help avoid state income taxes
With the federal gift and estate tax exemption at $11.40 million for 2019, people whose estates are below the exemption amount are shifting their focus to income tax reduction. High-income taxpayers — particularly those who live in high-income-tax states — may want to consider incomplete nongrantor trusts, which make it possible to eliminate state taxes… Read More »
Consider an intrafamily loan to cover estate taxes
Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without the liquidity needed to pay those taxes. An intrafamily loan is one option. While a life insurance policy can be used to cover taxes and other estate expenses, a benefit of using an intrafamily… Read More »
Unleash the power of a nonspringing power of attorney
Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power of attorney (POA) • specifically, a… Read More »
Should you name a trust as IRA beneficiary?
An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA benefits The benefit of an IRA is that your contributions can grow and compound… Read More »
Intellectual property requires careful estate planning
If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangible assets can have great value, in many ways they’re treated differently from other property types. 2 estate planning questions For estate planning purposes, IP raises… Read More »