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Are you creating or updating your estate plan? First and foremost, you need a will that divides up your assets among beneficiaries. Then you can complement it with other documents, such as financial and health care powers of attorney and various trusts.

What about all those other vital matters...

The IRS has for the third consecutive year offered relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. Let’s look at how this may affect your retirement and estate plans.

Rules for RMDs

Once...

If you’re in line to receive a significant inheritance, your feelings may range from exhilaration to relief, not to mention a great deal of sadness for the loved one who has passed. Indeed, a large infusion of cash or assets can be overwhelming.

Generally, when you receive an inheritance,...

If you’re preparing to get remarried, your estate plan likely isn’t top of mind. However, depending on the state you live in, your spouse has property rights that apply regardless of the terms of your estate plan. These rights are the same, regardless of whether it’s your first marriage or a subsequent....

Does your estate plan call for making gifts to your grandchildren or other loved ones more than one generation below you or nonrelatives more than 37½ years younger than you? If so, your plan must address not only gift and estate tax, but also generation-skipping transfer (GST) tax. Beware: The GST tax...

Under current estate tax law, taxpayers benefit from the most generous gift and estate tax regime in history. Indeed, in 2023, an individual can shield $12.92 million worth of assets from federal gift and estate tax.

But the good times won’t last forever, or at least they’re not designed...

When working with an estate planning advisor, it’s critical to disclose all of your assets. Importantly, this includes any foreign assets. Often, people assume that these assets aren’t relevant to their “U.S.” estate plans, so they’re not worth mentioning. However, your advisor can help structure ownership of any foreign assets according to...

The year the Tax Cuts and Jobs Act was signed into law, 2018, sure seems like a long time ago. As you may be aware, many of the tax provisions of that law are set to expire in a relatively short amount of time – on January 1, 2026.

Estate planning has a language of its own. While you may be familiar with common terms such as a will, trust, and an executor, you may not be as certain about others. For quick reference, here’s a glossary of terms you’re likely to come across in your estate planning documents.

Address top estate planning priorities today

When it comes to estate planning, consider taking a page out of the Boy Scout’s handbook: Be prepared. The last thing you want is for your family to be scrambling to pick up the pieces after your death. Of course, you’ll need a...