Recent News & Blog / Estate Planning
Stop procrastinating and get to work on your estate plan
For many people, creating an estate plan falls into the category of important but not urgent. As a result, it gets postponed indefinitely. However, not having an estate plan can have dire estate tax consequences in the event of your unexpected demise. Contact our estate planning advisors today to get started.
How The One, Big, Beautiful Bill proposes to change the gift and estate tax exemption
Under the Tax Cuts and Jobs Act (TCJA), the federal gift and estate tax exemption amount is scheduled to revert to pre-TCJA levels after 2025. This has caused uncertainty for individuals whose estates may be exposed to gift and estate taxes. The good news is that the U.S. House of Representatives passed The One, Big, Beautiful Bill to permanently increase it to $15 million. The bill is now being considered by the U.S. Senate. Ask our estate planning advisors what this means for you.
An employee stock ownership plan can be a versatile business exit and estate planning tool
As the owner of a closely held corporation, a substantial amount of your wealth likely is tied to the business. To retain as much of that wealth as possible to pass to your family after you exit the business, consider an employee stock ownership plan (ESOP). It can enhance tax efficiency, support business succession goals and preserve wealth for future generations. Contact our advisors with questions.
The advantages of a living trust for your estate plan
If you own substantial assets, you may want to consider setting up a living trust to bypass the probate process. Discover how a living trust can help you avoid probate, protect your privacy and simplify the transfer of your assets. Contact our estate planning advisors and tax consultants with questions.
Asset protection: How to shield your wealth from lawsuits and creditors
Without proper asset protection planning, a single lawsuit or debt issue could jeopardize years of financial progress. The last thing you want to happen is to lose a portion of your wealth, thus having less to pass on to your heirs, potentially jeopardizing their livelihoods. Fortunately, there are legally sound strategies to shield your property, investments and other valuable assets from such risks. Contact us to learn more.
Have you made arrangements for your pets in your estate plan?
Including your pets in your estate plan ensures they’ll continue to receive care if something happens to you. Unless you arrange for their care and support after your death, they’ll go to the residuary beneficiary in your will. Here's how to address your pets in your estate plan.
After a person dies, his or her debts live on
It’s important to realize that a person’s debt doesn’t just vanish after his or her death. An estate’s executor or beneficiaries generally aren’t personally liable for any debt. The estate itself is liable for the deceased’s debt. This is true regardless of whether the estate goes through probate or a revocable trust is used to avoid probate. Contact our estate planning advisors for details.
If you’re married, ensure that you and your spouse coordinate your estate plans
Unintended consequences can result if you and your spouse fail to properly coordinate your estate plans. By working on your estate plans together, you and your spouse can take full advantage of the marital deduction and applicable gift and estate tax exemptions. This can help minimize the overall tax burden on both estates. Contact our estate planning consultants with questions.
Why choosing the right trustee matters
When drafting a trust, you must appoint a trustee. This can be an individual or a financial institution. Several qualities help make someone an effective trustee. Read here to know what to look for in a trustee. Contact our estate planning advisors for guidance.
Members of the “sandwich generation” face unique estate planning circumstances
Members of the sandwich generation find themselves simultaneously caring for aging parents while supporting their own children. Not surprisingly, they face unique financial and emotional pressures. Consider these next steps to aid in these challenges. Contact our estate planning advisors to learn about additional estate planning techniques for your unique situation.