Estate planning helps ensure that you and your loved ones will be protected no matter what the future holds. In our blog, we discuss the elements of an estate plan, how an estate plan prepares for possible illness or incapacity, what you can do to leave a lasting legacy for your loved ones, and much more. For answers to questions about your specific estate planning needs, please contact our office to request a free initial consultation.
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Helpful Guide to Estate TaxesAn estate tax is a tax on the total value of a person’s assets at death. The estate pays the tax before any beneficiaries receive assets.
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Estate Plan Revisions After a DivorceYour estate planning attorney can update your will with a codicil that alters, changes, or subtracts the provisions.
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The Importance of Having an ExecutorYou will need a death certificate to open and close financial accounts, file the decedent’s final tax return, and more.
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Planning for Generational Wealth TransferOlder Americans, the baby boomer generation, in particular, control an enormous stockpile of money.
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Remember to Review Your Estate Plan OftenWithout modifying your will after gifting cash during your lifetime, the named individual will still get the gift when the will enters probate.
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Even in cases of inheritance, American families often treat stepchildren the same as biological children.Smooth inheritance in blended families requires strategic estate planning, given the differing treatment of step and biological children under probate rules.
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Plan Your Estate and Avoid Undue InfluenceOften, family members do not find out about a change in estate plan until after their loved one has died.
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How Estate Planning Reduces Probate IssuesA revocable living trust transfers assets to the trust but allows access to them during your lifetime.
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Estate Planning and Tax ReformSince 2018, federal tax assessment on estates above $11.7 million, indexed for inflation every year, will default back to pre-2018 exemption levels on the first day of 2026.
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Estate Planning for the LGBTQIA+ CommunityWith proper estate planning, married same-sex couples may receive all federal and state benefits of marriage, including unlimited marital deductions for federal estate and gift taxes.
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Estate Planning for All AgesYounger individuals often delay estate planning, assuming it's for the elderly or avoiding thoughts about the end of life and death.
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Dying Intestate or Without a Will67 percent of Americans are currently leaving the outcome of their life to the laws of their state should they become incapacitated or die.