Recent News & Blog / Estate Planning
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?
Making lifetime gifts continues to be a smart estate planning strategy
With the federal gift and estate tax exemption now at a record high $11.58 million for 2020, most estates aren’t taxable. But that doesn’t mean making lifetime gifts isn’t without significant benefits — even if your estate isn’t taxable under the current rules.
Oh, no, your original will is missing!
In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will do. The original vs. a photocopy
Avoid pitfalls when splitting gifts with your spouse
The annual gift tax exclusion allows you to transfer up to $15,000 per beneficiary gift-tax-free for 2020, without tapping your lifetime gift and estate tax exemption. And you can double the exclusion to $30,000 per beneficiary if you elect to split the gifts with your spouse.
Should you “park” your vehicle in a living trust?
Using a revocable trust — sometimes referred to as a “living trust” — is a common estate planning strategy to manage one’s assets during life and to avoid probate at death. For the trust to be effective, you must “fund” it, meaning transferring ownership of your assets to the trust.
Estate planning when time is short
For those whose life expectancies are short estate planning can be difficult. But while money matters may be the last thing you want to think about when time is limited, a little planning can offer you and your family financial peace of mind. Contact our estate planning advisors at SEK with questions.