Estate Planning Briefs

An advance health care directive allows you to communicate your preferences, in advance, for medical care in the event you become incapacitated. Often part of a comprehensive estate plan, these directives sometimes go by different legal names depending on your jurisdiction. Let’s take a closer look at a few health care directives you should consider […]

In many respects, estate planning for single parents is similar to that of families with two parents. Parents want to provide for their children’s care and financial needs after they’re gone. However, when only one parent is involved, certain aspects of an estate plan demand special attention. If you’re a single parent, here are five

Over your lifetime, you’ve likely accumulated various tangible assets. These may include automobiles, personal property or art. It’s relatively easy to account for such assets in your estate plan, but what about intangible assets, such as intellectual property (IP)? These assets behave differently from other types of property, so careful planning is required to preserve

When a person considers an “estate plan,” he or she typically thinks of a will. And there’s a good reason: A well-crafted, up-to-date will is the cornerstone of an estate plan. Importantly, a will can help ease the burdens on your family during a difficult time. Let’s take a closer look at what to include

Thanks to the annual gift tax exclusion, you can systematically reduce your taxable estate with little effort. And while you typically don’t have to file a gift tax return, in some situations, doing so may be required or recommended. Know when a return is required The annual gift tax exclusion amount for 2024 is $18,000

If you’re charitably inclined and itemize deductions, you may be entitled to deduct charitable donations. The key word is “may” because there are requirements you must meet. One such requirement is the need to substantiate charitable gifts with proper documentation that will satisfy the IRS. Indeed, a charitable gift may be legitimate, but if the

One of the golden rules of estate planning is to revisit your plan after a significant life event. Such an event may be getting married, having a child, going through a divorce or getting remarried. If you’re taking a second trip down the aisle, you may have different expectations than when you married the first

If you hold an interest in a business that’s closely held or family owned, a buy-sell agreement should be a component of your estate plan. The agreement provides for the orderly disposition of each owner’s interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. A buy-sell

Time is running out to take advantage of the current federal gift and estate tax exemption ($13.61 million for 2024). Absent action from Congress, the amount will drop to an inflation-adjusted $5 million in 2026. One way to make the most of the current record-high exemption amount is to give substantial gifts to your loved ones, thus

Few estate planning subjects are as misunderstood as probate. Its biggest downside, and the one that grabs the most attention, is the fact that probate is public. Indeed, anyone who’s interested can find out what assets you owned and how they’re being distributed after your death. And because of its public nature, the probate process