As federal estate tax laws, gifts, and GST exemptions fluctuate, it may be necessary to update your estate plan annually. Since 2018, federal tax assessment on estates above $11.7 million, indexed for inflation every year, will default back to pre-2018 exemption…
Estate planning is often viewed as a once-off task that can be filed away once completed. However, without being aware of the potential impact, people will make gifts during their lifetime or change listed beneficiaries on accounts which can have enormous…
When you die, your assets and property are not distributed according to your living will. Instead, it is a mechanism to communicate to your family and doctors how you want medical care conducted when you aren't able. Your living will is…
Almost everyone has heard of trusts, typically in reference to someone or something who is the beneficiary of one. Some may believe that only wealthy people have trusts, but they are common and useful tools when creating estate plans of all…
You can appoint a trusted individual to make decisions or conduct transactions on your behalf using a power of attorney. They could be related to personal finances, business operations, or medical needs and used for a single immediate purpose or an…
Whatever the case, whether it's identifying someone to be your estate's executor or you accept the responsibility of being the executor, there are certain factors to consider - the complexity of the job and the order in which to accomplish…
Estate planning is essential to most older adults. Still, nearly half of Americans age 55 and older have no will, and fewer still have powers of attorney, a living will, or health care directives. You can use these documents to…
For estate planning purposes, there are many different trust types; the two most common are revocable and irrevocable. While there are some similarities between these two types of trust, their purposes in your estate planning are quite different. Although trusts…
You may not agree with your children, including minors and adults, regarding family circumstances, particularly when it comes to inheriting your estate. When you die, relationships can change and become more intense as underlying issues arise, causing tensions about your…
Creating an estate plan can ensure that your assets, interests, and loved ones are protected after you pass away. Unfortunately, many individuals make costly estate planning mistakes without proper advice and guidance from a qualified estate planning attorney. Poor planning…