The IRS recently announced next year’s cost-of-living adjustment amounts. For 2022, the federal gift and estate tax exemption has cracked the $12 million mark: $12.06 million to be exact. Arguably more notable, the annual gift tax exemption has increased by $1,000 to $16,000 per recipient ($32,000 for married couples). It’s adjusted only in $1,000 increments, […]Continue reading
Probate Lawyer Dealing with the loss of someone you love can be one of the most draining experiences anyone will go through. And, having to manage the property of the person who passed away can be just as difficult, if not more. To help prevent your family from spending the energy, time, and money associated […]Continue reading
There are many different things that home demolition services, like the services of Nielsen Environmental, can do for people and businesses alike. Continue reading to find out some of the most common things a home demolition service will work on and determine whether or not you may want to enlist in their help for a […]Continue reading
Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning concern. You must also be aware of all the implications. 2 Types of Joint Ownership As the name implies, […]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. A reason for this may be a common misconception that a revocable trust (sometimes called a “living trust”) obviates the need […]Continue reading
Valuation and estate planning go hand in hand. After all, the tax implications of various estate planning strategies depend on the value of your assets at the time they’re transferred. The COVID-19 pandemic has had a significant impact on the value of many business interests and other assets, which may create some attractive estate planning […]Continue reading
Events of the last decade have taught us that tax law is anything but certain. So how can young, affluent people plan their estates when the tax landscape may look dramatically different 20, 30 or 40 years from now — or even a few months from now? The answer is by taking a flexible approach […]Continue reading
Haste makes waste. Or, in the case of estate planning, it can lead to other problems and, possibly, financial loss. Notably, if you don’t take enough time to choose the best executor for your estate, this “wrong call” can cost your family. Many Responsibilities You may think that there’s not much to the job, but […]Continue reading
Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfer to the next generation. One of the most effective strategies for reducing your investment risk is to diversify your holdings. However, it’s not unusual for affluent people to end up […]Continue reading
Your estate plan may include a power of attorney for property that appoints another person to manage your investments, pay your bills, file your tax returns and otherwise handle your property if you’re unable to do so. But not all powers of attorney are created equal. Thus, it’s a good idea to periodically review your […]Continue reading
