Category: Estate Planning

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.

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...

Max out your annual gift tax exclusion amount

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....

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...

It’s your will, so you can say whatever you want to say in it, or change any part of it, whenever you want to, right? Well, not quite. First, you’re bound to follow the prevailing laws of your state. Second, your will could be contested based on a claim that someone exercised “undue influence”...

You don’t file a gift tax return

Thanks to the annual gift tax exclusion, you can systematically reduce your taxable estate with little effort. Plus, you typically don’t have to file a gift tax return. However, in certain situations, a gift tax return may be required or recommended.

The annual gift tax exclusion for 2024 is...

Shhhhhhhh This is a silent trust, let’s keep it quiet!

Generally, estate planning advisors recommend that you be upfront with family members about how you plan to divide your assets. For example, you might hold a family meeting or write a letter to accompany your will. However,...

CONSIDER ALL THE ANGLES OF JOINT OWNERSHIP

Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning woe. You must also be aware of all the...

BREATHE NEW LIFE INTO A "BROKEN" TRUST BY DECANTING IT!

Building flexibility into your estate plan using various strategies is generally advised. The reason is that life circumstances change over your lifetime, specifically changing tax laws and family circumstances. This is especially true during the novel coronavirus (COVID-19) pandemic. One such strategy to...

ESTATE PLANNING PITFALL

You haven’t created a road map for your estate plan

You’ve probably spent a lot of time creating documents for your estate plan, including a will, trusts and a power of attorney. While these documents are essential for your plan, your family could also use a “road map” to...