In some cases, a person will have reservations about leaving a loved one a direct, lump sum inheritance. Let’s look at some of the ways that you can approach this type of situation. Complete Disinheritance First, it is important to clear up a detail that some people have questions about. There are those that assume that an adult child is entitled to an inheritance by law. Generally speaking, this is true if you do not have a will or trust that states your final wishes in no uncertain … [Read more...] about Can I Leave an Inheritance With Strings Attached?
We have been sharing updates about changes to government parameters that are relevant to estate planning and elder law matters. Each year, certain figures are adjusted to account for inflation, and there was a significant level of inflation in 2022. In this post, we are going to take a look at the federal estate tax and gift tax exclusion increases for 2023. Unified Federal Estate and Gift Tax Exclusion It would be easy to limit your estate tax exposure if you could … [Read more...] about Federal Estate and Gift Tax Exclusion Increases for 2023
A lot of people think that estate planning is something that is only important for very wealthy people. They think that you do not need to work with an attorney to map out a comprehensive strategy unless you are a multimillionaire. In reality, this is patently false, and we will look at the subject in this post. Estate Taxes Part of this misconception comes from the little bits and pieces of information that folks hear about estates and taxation. Generally speaking, an inheritance is not … [Read more...] about Is Estate Planning Only for the Rich?
A comprehensive estate plan will cover a number of different bases. However, some people fail to consider key details. With this in mind, we will take a look at some of the estate plan components that are sometimes omitted in an effort to raise awareness. Letter of Last Instruction If you were leaving the country for an extended period of time, would you leave instructions for the person that will be handling your affairs? Obviously, the answer is yes, but many people do not consider this … [Read more...] about Are These Items Missing From Your Estate Plan?
Far too many people assume that estate planning is an exercise in drawing up a will or trust. They think that the rest will fall into place, and they do not consider any of the finer details. You can approach the matter this way if you choose to do so, but you may want to take a step back and see the big picture. When you are giving a loved one a heartfelt gift, you want it to be a completely enjoyable experience for them. On the other side of the coin, you are giving the gift as an … [Read more...] about Advance Property Liquidation Can Streamline the Estate Administration Process
A lot of people think that when you create your estate plan, you draw up a will, and that’s the end of the story. This is one way to approach it, but in fact, a trust can be a better choice in many cases. Trusts can address certain objectives that a will cannot, and we will look at four of those scenarios here. Estate Tax Efficiency People that have been very successful financially should consider the potential impact of the federal estate tax. It carries a 40 percent rate, and it is … [Read more...] about What Can a Trust Do That a Will Can’t
Two out of every three American adults do not have wills or trusts in place. Many of these folks are planning ahead for retirement, and in general, they manage their lives effectively. Strangely, they fail to take action to address one of the two certainties of life. A lot of people would tell you that they do not have estate plans in place because they will have time to do it later on. Many of them do get the opportunity, but in other cases, families are left behind to deal with difficult … [Read more...] about Why It’s Important to Plan Your Estate Now
As we enter a new year, it is time for reflection, and some people think about the responsibilities they have been placing on the back burner. From an estate planning perspective, procrastination is always going to be an issue. Clearly, the subject is often avoided, and folks tend to think they will have time to take care of it in the future. In fact, two-thirds of American adults do not have estate plans in place. Moreover, those that do take action often breathe a sigh of relief. They tuck … [Read more...] about Does Your Estate Plan Reflect Your Current Wishes?
The SECURE Act was enacted in December of 2019, and it made some changes to the individual retirement account parameters. In 2021, legislation that would make further changes was introduced. It has been making its way through the legislative process since then. According to reports, lawmakers are attempting to approve the measure that is being called SECURE Act 2.0 before the new year. We are going to explain the changes that would be included in this post. But first, we will provide an … [Read more...] about Congress Is Making Secure Act 2.0 Push Prior to New Year
A vacation home can provide countless family memories over the years. When you start to envision your legacy, vacay property may be a part of it. In this post, we will provide some important information about estate planning and vacation homes. Do Your Children Really Want the Home? The thought of your children and their families enjoying quality time at the vacation home after you are gone may be heartwarming. At the same time, your children may have different ideas. For example, let’s say … [Read more...] about Estate Planning and Vacation Homes