Portability helps minimize federal gift and estate tax by allowing a surviving spouse to use a deceased spouse’s unused gift and estate tax exemption amount. Currently, the exemption is $12.92 million, but it’s scheduled to return to an inflation-adjusted $5 million on January 1, 2026. Unfortunately, portability isn’t automatically available; it requires the deceased spouse’s […]Continue reading
For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. It’s been particularly valuable for business owners, whose families might not have the liquid assets they need to pay estate taxes without selling the business. Because the federal gift and estate […]Continue reading
Few estate planning subjects are as misunderstood as probate. But circumventing the probate process is usually a good idea, and several tools are available to help you do just that. Why Should You Avoid it? Probate is a legal procedure in which a court establishes the validity of your will, determines the value of your […]Continue reading
When it comes to estate planning, one of the most complex and often misunderstood aspects is estate taxes. Understanding estate taxes and how they can affect your estate plan is crucial to protecting your assets and ensuring that your loved ones are cared for after you’re gone. That’s why we’ve put together this guide to […]Continue reading
When it comes to securing your family’s future and ensuring that your assets are distributed according to your wishes, an effective estate plan is vital. Many people believe that estate planning is reserved for the wealthy or the elderly. However, everyone can benefit from a well-structured estate plan, regardless of age or financial status. An […]Continue reading
The need for a will as a key component of your estate plan may seem obvious, but you’d be surprised by the number of people — even affluent individuals — who don’t have one. In the case of the legendary “Queen of Soul” Aretha Franklin, she had more than one, which after her death led […]Continue reading
When it comes to legacy planning, it’s crucial to have a solid plan in place to ensure your assets are distributed according to your wishes, and your family is well taken care of. A legacy is not just about distributing assets; it’s about preserving your life’s work and values and passing them on to the […]Continue reading
There’s a common misconception that only married couples with children need estate plans. In fact, estate planning may be even more important for single people without children. Why? Because for married couples, the law makes certain assumptions about who should make financial or medical decisions on their behalf should they become incapacitated and who should […]Continue reading
When a loved one passes away, you might think that the options for his or her estate plan have also been laid to rest. But that isn’t necessarily the case. Indeed, there may be postmortem tactics the deceased’s executor (or personal representative), spouse or beneficiaries can employ to help keep his or her estate plan […]Continue reading
When it comes to estate planning, your ultimate goal likely is to provide for your family after your death. To achieve this goal, consider placing assets in an irrevocable trust to protect against creditors and drafting a will to clearly state who gets what. But estate planning isn’t just about what happens to your assets […]Continue reading
