To File or Not to File a Gift Tax Return, That’s the Question
If you made gifts last year you may be wondering if you need to file a gift tax return this year. The answer may surprise you.
Many people aren’t subject to federal gift taxes because of the $15 million gift and estate tax exemption ($30 million for married couples...
Estate Planning Pitfall – You don’t Understand the Differences Between a Revocable and Irrevocable Trust
Trusts are powerful estate planning tools, but not all trusts work the same way. Two of the most common options are revocable trusts and irrevocable trusts. Understanding their differences can help you make informed estate planning decisions.
A revocable trust — often called a living trust — provides flexible....
Accounting for Collections in your Estate Plan
When thinking about estate planning, people often focus on traditional assets such as real estate, retirement accounts and investment portfolios. But for many families, some of the most valuable — and complicated — assets are collections. Artwork, rare coins or stamps, vintage automobiles, sports memorabilia, and other collectibles can represent significant financial...
Estate Planning Red Flag – Failing to Properly Plan for Beneficiaries Predeceasing You
When people think about estate planning, they often focus on how their assets will be distributed after their death — but few consider what happens if a child or other beneficiary dies before they do. While it’s difficult to imagine such a scenario, planning for this possibility is essential to ensure that...
Pass Your Values on to Heirs with an Incentive Trust
Your estate planning goals should go beyond simply dividing your assets among heirs. For example, you may want to pass on your values to loved ones. An incentive trust can offer a powerful way to do both.
Influencing your loved ones
By linking asset distribution to...
Fairness and Flexibility – A Pot Trust Can Benefit All of Your Children
A trust is one of the most versatile and effective tools in an estate plan. It allows you to manage how and when your assets are distributed, often avoiding probate and ensuring that your wishes are carried out efficiently. If you have children, creating trusts for them can offer a range of...
Estate Planning with Qualified Small Business Stock (QSBS)
The new tax law enhances the benefits
Qualified Small Business Stock (QSBS) can be a powerful tax and estate planning tool, enabling eligible business owners — and their heirs — to exclude up to 100% of the capital gain when they sell their stock. The One Big Beautiful Bill...
Are you Prepared to Inherit a Windfall?
For many, the idea of receiving a large inheritance brings feelings of excitement and relief. Suddenly, years of financial worries may seemingly vanish. However, without a clear plan, your windfall can disappear as quickly as it arrived. In fact, according to the National Endowment for Financial Education, one-third of people who receive...
Address Mental Health Care in Your Estate Plan with a Psychiatric Advance Directive
One aspect of estate planning that may not always get the attention it should is addressing physical incapacity. Your estate plan should include detailed instructions in the event that you become unable to make critical decisions for yourself. You can do this by including health care powers of attorney or advance directives...
Estate Planning Red Flag – You and Your Spouse Failed to Properly Plan for Exemption Portability
In estate planning, “portability” refers to a provision in federal estate tax law that allows a surviving spouse to use any unused portion of his or her deceased spouse’s federal gift and estate tax exemption. This option can be especially powerful because it allows wealth to pass more efficiently between spouses without...