Major changes are on the horizon for estate planning. On January 1, 2026, the federal estate tax exemption is set to drop significantly, which means more families could face a substantial tax burden on their estates. If you haven’t reviewed your estate plan recently, now is the time to take action. Proactive planning is essential […]
Tax Planning
AB Trusts—Do You Need to Get Rid of Yours?
If the last time you and your spouse updated your estate plan was more than a decade ago, your estate plan may contain what is sometimes referred to as AB trust planning, which, until 2011, was the only way married couples could take advantage of both spouses’ federal estate tax exemptions. An AB trust structure […]
Start the Year with Strategic Tax Planning for Your Estate
As the new year begins, it’s the perfect time to revisit and enhance your estate planning strategies. Effective tax planning ensures your assets are distributed according to your wishes while minimizing tax burdens on your heirs. With significant changes on the horizon proactive planning is more important than ever. Why Early Tax Planning Matters Starting […]
Does Your Revocable Living Trust Reduce Your Federal Estate Tax Bill?
Many believe that once they set up and fund a revocable living trust, property held in the trust will completely avoid federal estate taxes after they die. In reality, a living trust does not provide any unique estate tax avoidance strategies. The primary mechanisms for reducing estate taxes—the unlimited marital deduction and the charitable deduction—apply […]
What Real Estate Owners Don’t Know Can Hurt Them
The old saying, “what you don’t know won’t hurt you,” does not apply to real estate law. Ignorance of the law is never an excuse. In the U.S., everyone is expected to know and follow the law, whether they are aware of it or not. For real estate owners, the legal landscape is full of […]
The Perils of Joint Property
People often set up bank accounts or real estate so that they own them jointly with a spouse or other family member. The appeal of joint ownership, specifically with survivorship rights, is that when one owner dies, the other owner(s) will automatically inherit the property without it having to go through probate. Also, joint property […]
Estate Sunset for 2026: What You Need to Know
As we approach the end of 2024, it’s crucial to be aware of significant changes on the horizon that could impact your estate planning strategy. One of the most notable changes is the estate tax exemption, commonly referred to as the “estate sunset” set for January 1, 2026. Understanding these changes and planning accordingly can […]
10 Ways to Maximize Your Social Security Retirement Benefits
Social Security wasn’t meant to be a primary source of income for retirees when it was first created in 1935. It sought to provide an umbrella of protection for people who couldn’t save enough for retirement. Most Americans didn’t think much about Social Security, perhaps because they were living shorter lives and relying on guaranteed […]
Tax-Efficient Transfer Strategies for Your Estate Plan
One key aspect of effective estate planning is minimizing tax liabilities through strategic transfer strategies. By employing tax-efficient techniques, you can ensure that more of your hard-earned assets go to your loved ones and charitable causes. Here are some tax-efficient transfer strategies to help you achieve your estate planning goals. 1. Annual Gifting Each year, […]
Maximizing the Benefits of Your Trust for a Secure Retirement
Preparing for retirement involves careful consideration of various financial tools and strategies to ensure a comfortable and secure future. Among these, a well-structured trust can play a pivotal role in safeguarding your assets, minimizing tax liabilities, and facilitating the seamless transfer of wealth to future generations. As you approach retirement, leveraging the benefits of your […]
Year-End Estate Planning: Maximizing Tax Benefits
As the end of the year approaches, it’s essential to consider your estate planning strategies to ensure you maximize tax benefits and protect your assets for future generations. The year-end is an ideal time to review your financial situation and take advantage of tax-saving opportunities to help preserve your wealth and leave a lasting legacy. […]
Jumpstart Your Estate Planning
The end of the year is fast approaching, and amidst the hustle and bustle it’s easy to overlook some crucial tasks. One such task that often gets pushed to the back burner is estate planning. However, getting a jumpstart on your estate plan now can bring you peace of mind and ensure your family’s financial […]
Preparing for Year-End
As the year is quickly coming to a close, it’s a perfect time to conduct a year-end review of your estate planning documents and strategies. Estate planning ensures that your assets are protected, your loved ones are cared for, and your legacy is secure. Here are the essential steps to prepare for the end of […]
Protecting Your Children’s Education
As parents, one of our most significant responsibilities is to ensure the well-being and future success of our children. One essential aspect of this duty is providing them with a quality education that equips them with the necessary tools to thrive in an ever-changing world. With the rising costs of higher education, planning for your […]
Making the Right Choice for Your Estate
When it comes to estate planning, creating a trust can be an excellent way to safeguard your assets and ensure they are distributed according to your wishes. Trusts offer flexibility and control, allowing you to protect your wealth and provide for your loved ones even after you’re gone. Before diving into the world of trusts, […]
Is Signing Away an Inheritance the Best Option?
Inheritance is often viewed as a significant windfall that can bring financial security and stability to one’s life. However, there are situations where individuals may choose to sign away their inheritance willingly. This decision, although unconventional, can carry various benefits depending on personal circumstances and considerations. What does Signing Away an Inheritance Mean? Signing away […]
7 Ways to Know Your Assets Are Protected
Protecting your assets is an essential part of financial planning, whether you are just starting out or are already established. Your assets are what you have worked hard for, and you want to make sure that they are secure and protected. Here are some tips for protecting your assets: Protecting your assets requires planning, diligence, […]
Gifting Your Kids an Early Inheritance? Consider This…
If you’re thinking about gifting your children their inheritance early, you’re not alone. Studies suggest that these days, nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read. It can be especially satisfying to fund our children’s dreams […]
Gift & Estate Tax Exclusions Rise in 2023
Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases. Gift Tax Annual Exclusion Effective January 1, 2023, the gift tax annual exclusion will increase from […]
How Changes in Tax Laws Impact Your Estate Plan
When considering your estate plan have you considered how taxes affect your estate? Some of the more commonwealth transfer strategies for estates may have significant impacts due to tax law change proposals on the precipice of being enacted into law. While it is too early to know what will become law, the House Ways & […]