The Death and Disability Expense Funnel illustrates potential outflows and erosion of wealth due to taxes, fees and court costs. Your assets, which include the residence, commercial real estate, bank accounts, life insurance, investment accounts, business interests, retirement plans (i.e., IRAs, Roth IRAs, 401(k)s, Roth 401k(s), 403(b), etc.), and personal property, etc. – may be […]
Older Americans are one of the fastest-growing demographics in the country. Our senior population represents more than 1 in every 8 Americans, and a person turning 65 has a 70% chance of needing some type of long-term care (“LTC”) services in their remaining years, according to the Administration for Community Living. Because people are living […]
Although many advisors expected considerable and unfavorable revisions to estate and tax laws in 2021, last year’s legislative proposals resulted in little change. In fact, the 2022 federal gift and estate tax exclusion amount is now at an all-time high of $12.06 million. As this amount is scheduled to be reduced to $5 million (adjusted […]
When setting up an estate plan, one of the most important decisions that you need to make is who will manage your affairs following your death. This will be your Executor (named in your Will to handle your probate estate, as well as some other matters, such as tax filings) and your Successor Trustee (named […]
The recent tax bill proposed by Senator Bernie Sanders would dramatically alter the estate tax landscape and would eradicate or severely limit a number of estate planning strategies that families have relied upon for decades. These changes could be effective after December 31, 2021, in part, as follows: Estate and GST tax exemptions to be […]
The current financial and political climate urges us to think about controlling and preserving our assets. Be proactive in protecting your wealth – you may consider reviewing your estate planning options well in advance of the election and be ready to implement any changes before year-end. Consider estate planning in a way that benefits you […]
Due to low interest rates and other planning factors, now is a great time to implement an estate planning opportunity known as a “Sale to a Grantor Trust.” This type of transaction takes advantage of current low rates while also reducing estate tax exposure by shifting future appreciation outside of the taxable estate. A simplified […]
Keeping up with the rapidly evolving pandemic news can be confusing and exhausting. The markets are volatile, asset values are depressed and business valuations are historically low. But this does not mean you should wait to address your estate planning. Now is the time to take action. Current market conditions have created great opportunities to […]
‘Shelter in place’ orders are allowing families to spend extended time together. One way to spend that time productively is to discuss any outstanding estate planning needs your family may have. Below are a few timely guidelines your family may want to consider: Locate and Review Existing Estate Planning Documents It’s easy to take the […]
