A spouse’s inheritance rights vary state by state
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 account for generation-skipping transfer tax?
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...
Are changes coming for the gift and estate tax exemption?
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...
Overlooking foreign assets can be detrimental to an estate plan
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...
Is your estate plan ready for future estate tax law changes?
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.
Glossary of Estate Planning Terms
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.
No time like the present
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...
Estate Planning Pitfall
You didn’t retitle assets to be included in a trust
There are numerous benefits of using trusts in your estate plan. For example, it can maximize the tax code provisions shielding assets from gift and estate taxes, protect assets from the clutches of creditors or ex-spouses, and maintain control...
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...