Now’s the time to review your Estate Plan
When you first dipped your toes into estate planning, you were probably told to start with a legally valid will, above everything else. Check. Next, you may have been advised to create an estate plan that incorporates your will and other legal documents. Check. Now you think you can rest easy.
Digital Assets
Properly account for these assets in your estate plan
In 2024, it’s fair to say that most people have some form of digital assets. This asset type can include digital photo, video and music collections; social media accounts; online banking and brokerage accounts; or cryptocurrency. The question is: How...
Charitably inclined?
Consider pairing a donor-advised fund with your estate plan
If charitable giving is high on your objectives list for your estate plan, one option to consider is using a donor-advised fund (DAF). Indeed, DAFs have been steadily growing in popularity in recent years.
According to the...
Is a charitable remainder trust right for your estate plan?
You likely have several goals you’d like your estate plan to achieve. They may include giving to your favorite charity and leaving a significant amount to your loved ones under favorable tax terms. One estate planning technique that may allow you to accomplish both goals is the use of a charitable remainder...
A Difficult Decision
Choosing the right person to be your estate’s executor
The executor of your estate acts as the quarterback of your estate plan. This person calls the shots for your estate and passes it through probate. Just like a football team scouting a quarterback, the decision about who to “draft”...
Have you properly substantiated your charitable gifts?
Are you charitably inclined? If so, and you itemize deductions, you may be entitled to deduct your charitable donations. The key word here is “may” because there are certain requirements and limitations your donations must meet. One such requirement is the need to substantiate charitable gifts with proper documentation.
Has your buy-sell agreement recently been updated?
A buy-sell agreement should be a critical part of your estate plan if you own an interest in a family or closely held business. The agreement provides for the disposition of each owner’s interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business.
Asset Protection and your Estate Plan
Preserve and protect your wealth for your heirs
Asset protection is about preserving your hard-earned wealth in the face of unreasonable creditors’ claims, frivolous lawsuits or financial predators. It’s not about evading legitimate debts, hiding assets or defrauding creditors.
Thankfully, there are many asset protection strategies...
Gifting Made Easy
The annual gift tax exclusion amount has increased for the second straight year. The IRS in late 2022 that the exclusion amount for 2023 is $17,000 per recipient for the 2023 tax year, up from $16,000 per recipient in 2022....
It’s time to take another look at the stepped-up in basis rule
Thanks to a generous federal gift and estate tax exemption amount ($13.61 million for 2024), only the wealthiest of families are exposed to estate tax liability. For many, this means that estate planning now has a stronger focus on income tax planning. And one of the most valuable tax planning areas is the “stepped-up...