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
If you’re a frequent traveler, you may have accumulated hundreds of thousands or even millions of frequent flyer miles. The value of these miles may be significant, so it’s important to determine whether you can include them in your estate plan and share them with your loved ones. Learn your options Your ability to transfer […]Continue reading
Much of estate planning focuses on transferring your wealth to loved ones in a tax-efficient manner. But for some people, it’s equally important to protect that wealth against frivolous lawsuits or baseless creditors’ claims. If your business, professional or personal activities expose your assets to attack by litigants or creditors, consider incorporating asset protection strategies […]Continue reading
If philanthropy is an important part of your legacy, consider taking steps to ensure that your donations are used to fulfill your intended charitable purposes. Indeed, outright gifts can be risky, especially large donations that will benefit a charity over a long period of time. Add restrictions to your gifts Even if a charity is […]Continue reading
If you’ve been asked to serve as executor of the estate of a friend or family member, be sure you understand the responsibilities and potential risks before you agree. Keep in mind that you’re not required to accept the appointment, but once you do it’s more difficult to extricate yourself should you change your mind. […]Continue reading
For 2023, the federal gift and estate tax exemption amount stands at $12.92 million ($25.84 million for married couples). But without action from Congress, on January 1, 2026, it’s scheduled to drop to only $5 million ($10 million for married couples). Based on current estimates, those figures are expected to be adjusted for inflation to […]Continue reading
