It’s Time to Review Your Estate Plan – The One Big Beautiful Bill Act changes the gift and estate tax exemption
The One Big Beautiful Bill Act (OBBBA) has made the gift, estate and generation-skipping transfer (GST) tax exemptions permanent. This brings a great deal of certainty to estate planning. And now even fewer taxpayers need to worry about these taxes. However, this doesn’t mean estate planning isn’t critical.
Gift...
No worries – Put your Estate Plan Under a Stress Test to Detect Abnormalities
A well-designed estate plan helps cement your legacy, but that doesn’t mean it’s written in stone. Changing family circumstances, evolving tax laws, fluctuating financial markets, health issues and other factors can impact the effectiveness of your plan over time. One strategy that can help identify potential weaknesses or vulnerabilities in your plan...
Spousal Inheritance Rights Can Impact Your Estate Plan
A second marriage can significantly impact estate planning, introducing new complexities that require careful consideration. Without thoughtful planning, default inheritance laws may fail to provide adequately for your new spouse.
In nearly every state, a person’s spouse has certain property rights that apply regardless of the terms of the...
Preserving Wealth, Empowering Legacy – How a Family Office Can Help Transfer Generational Wealth
For high-net-worth individuals and families, passing down wealth is more than a financial goal — it’s a legacy. But with that legacy comes complexity. Estate tax implications, asset management, philanthropic goals and family dynamics all require careful orchestration.
That’s where a family office comes in. It’s not just for...
Estate Planning Red Flag -Contingent Beneficiaries Haven’t Been Named in an Estate Plan
Naming contingent beneficiaries in your estate plan can help ensure that your assets are distributed according to your wishes — even if your primary beneficiaries are unable or unwilling to accept their inheritances. Contingent beneficiaries serve as a backup plan. They’re the individuals or entities who’ll receive the designated assets if the...
Intrafamily Loans vs. Trust Loans
Two methods for providing financial help to a loved one
If a relative needs financial help, you can offer an intrafamily loan. However, if it’s not properly executed, such a loan can carry substantial negative tax consequences. Also, if you lack liquid assets, an intrafamily loan may not be...
Handle an Inherited IRA With Care
An inherited IRA can be a welcome financial windfall. But the rules governing required minimum distributions (RMDs) from these tax-deferred accounts are complex. IRA recipients should familiarize themselves with these rules to avoid potentially costly tax mistakes.
End of the “stretch” IRA
Until relatively recently, IRA...
Estate Planning Red Flag – You’ve Sent Your Child to College Without an Estate Plan
As you create a checklist of things your college-aged student will need for the upcoming school year, a critical, and often overlooked, item is an estate plan. Even though your child likely has few assets to his or her name, a basic estate plan is a necessity should the unthinkable happen.
Is it Time to Update Your Will? Consider a Codicil
Creating a will is a foundational step in your estate plan. But life rarely stays the same after it’s drafted. Whether you’ve gotten married (or divorced), welcomed a new family member or acquired significant property, it may be time to revisit your will and make any necessary revisions.
One...
Can Your Will Be Contested?
A no-contest clause can cause beneficiaries to think twice
Your will is meant to ensure that your final wishes are honored. However, it can sometimes be contested, potentially leading to lengthy legal battles and financial disputes among your heirs. Understanding when and why a will might be contested —...