Recent News & Blog / Estate Planning
Dissecting the contents of a will
For many people, the first thing they think of when they hear the words “estate plan” is a will. And for good reason, as it’s the cornerstone of any estate plan. But do you know what provisions should be included in a will and what are best to leave out?
Not disclosing all of your assets helps no one
People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they may have life insurance policies no one knows about. Using a fictional example, here’s why full disclosure of your assets to your family is recommended.
Now or later: When’s the right time to transfer your wealth?
To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a “use it or lose it” proposition.
You Have Options When Addressing Life Insurance in Your Estate Plan
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. But, with the estate tax exemption currently set at an inflation-adjusted $10 million ($11.40 million for 2019), estate taxes are no longer a concern for many families.
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.
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.
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.
Put pen to paper: How a letter of instruction can benefit family harmony
You may view your will as the centerpiece of your estate plan. But other documents can complement it. For example, if you haven’t already done so, consider writing a letter of instruction.
Buy-sell agreements: A smart business decision also makes estate planning sense
Do you own a business with one or more individuals?