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Is Putting a Home in Trust a Good Estate Planning Move?

May 25, 2022

Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.

Estate Planning

Should I have Revocable Living Trust in Estate Plan?

May 24, 2022

A revocable living trust is a great tool to help your assets pass smoothly to your beneficiaries. It can also significantly reduce the headaches of probate. However, while some assets belong in a trust, others cannot (or should not) go into one.

Estate Planning

Should I have a Pour-Over Will?

May 19, 2022

What is a pour-over will?

Estate Planning

Should You Update Your Estate Plan?

May 17, 2022

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.

Estate Planning

Why Is Communication Important in Estate Planning?

May 12, 2022

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.

Estate Planning

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

May 11, 2022

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.

Estate Planning

When are You Required to File a Gift Tax Return?

May 6, 2022

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…

Estate Planning

Just What Is in an Estate Plan?

May 4, 2022

Nobody really likes to think about what happens to our family when we die. But planning now, so that the state doesn't impose its plan for you, ensures your family will be taken care of the way you want.