What does a trustee do?
Your estate plan may include several different trusts. The reason is that various types of trusts can accomplish a myriad of estate planning goals. Thus, it’s critical to understand the role of a trustee. The trustee’s duties
Reduce gift and estate tax exposure by making direct payments of tuition and medical expenses
Now that the gift and estate tax exemption has risen to $11.7 million for 2021, you may be less concerned about these taxes.
4 questions single parents should ask about their estate plans
Did you know that the United States has the highest rate of children living in single parent households? According to the Pew Research Center, nearly a quarter (23%) of U.S. children under the age of 18 live with one parent.
With a flick of the switch: Build an on-off mechanism into your estate plan
When planning your estate, it’s critical to balance estate tax planning and income tax planning.
Review your estate plan in light of a new presidential administration
As President-elect Joe Biden moves forward with the transition and prepares for the inauguration next month, you may be wondering how the federal estate tax may be affected.
Avoid these four estate planning deadly sins
According to literature, the “seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although individuals may be guilty of these from time to time, other types of “sins” can be fatal to an estate plan if you’re not careful. Here are four transgressions to avoid.
Only specific trusts are eligible to hold S corporation stock
S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, no more than one class of stock and only certain types of shareholders.
Name the right person as executor to help ensure your planning objectives are carried through
The executor’s role is critical to the administration of your estate and the achievement of your estate planning objectives. So your first instinct may be to name a trusted family member as executor. But that might not be the best choice. Duties of an executor
Don't forget about making a portability election
Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death.
4 ways to address elderly parents in your estate plan
Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some older family members, such as your parents or in-laws. They may also need your financial assistance and help with their estate planning.