Recent News & Blog / Estate Planning
Should a living trust be part of your estate plan?
As its name suggests, a living trust (also known as a revocable trust) is in effect while you’re alive. It’s a legal entity into which you title assets to be managed during your lifetime and after your death.
Income taxes can negatively impact your estate plan
As the federal gift and estate tax exemption increases, the number of families affected by gift and estate tax liability decreases.
2 options for creating a charitable legacy: Lifetime gifts and charitable bequests at death
Estate planning is about more than just distributing assets; it’s an opportunity to reflect your values and legacy. Here are two options for making charitable contributions while creating a charitable legacy. Contact our estate planning advisors with questions.
The One, Big, Beautiful Bill Act provides certainty for estate planning
The One, Big, Beautiful Bill Act permanently makes advantageous changes to the federal gift and estate tax exemption amount. Here’s the story. Contact our estate planning consultants for details on two strategies (a spousal lifetime access trust and a special power of appointment trust) that take advantage of the newly permanent exemption amount while you keep control of your assets.
When moving out of state, review your estate plan
When moving to a new state, it’s a good idea to review your estate plan to ensure it complies with your new home state’s laws and accurately reflects your current circumstances. Contact our estate planning consultants with questions.
4 reasons why avoiding probate is a smart estate planning move
Probate is a legal procedure in which a court establishes the validity of a will, determines the value of an estate, resolves creditors’ claims, provides for the payment of taxes and other debts, and transfers assets to heirs. While it may sound straightforward, probate can come with several drawbacks that make it worthwhile to avoid when possible. Here’s why. Ask our estate planning advisors for further information.
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.