The pandemic has been difficult for many of us, including some Estate Planning attorneys. Sometimes it’s difficult to follow all the news. But, there’s little-known pandemic relief for employers struggling from the pandemic. Read on to learn more. … [Read more...] about Pandemic Relief for Employers
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Cover These Four Estate Planning Bases
The process of estate planning can seem overwhelming to a layperson, and admittedly, there are some intricacies that enter the picture. This being stated, there are essentially four boxes to check when you plan your estate, and we will look at them here. Asset Transfer Vehicle When you plan your estate, you have to facilitate postmortem transfers to your heirs. A simple will is an option, but it will not be the right choice unless the situation is stripped-down and very … [Read more...] about Cover These Four Estate Planning Bases
Can You Give Gifts to Avoid Estate Taxes?
The federal estate tax looms large for high net worth individuals because it carries a very hefty 40 percent rate. It is imposed on the portion of an estate that exceeds the amount of the exclusion, and in 2021, the federal estate tax exclusion is $11.7 million. You do not have to be concerned about paying the tax on transfers to your spouse, because there is an unlimited marital deduction. This gives you the ability to transfer any amount of property to your spouse tax-free, but there is one … [Read more...] about Can You Give Gifts to Avoid Estate Taxes?
How Can You Protect a Spendthrift Heir?
If you have someone in the family that is a poor money manager, you may have serious reservations when you are devising your estate plan. This individual may burn through their inheritance quickly and be left with nowhere to turn in the future, and this can definitely be a cause for concern. Fortunately, they are steps you can take to protect a spendthrift heir, and we will look at a commonly embraced solution in this post. Revocable Living Trust Under these circumstances, you can establish … [Read more...] about How Can You Protect a Spendthrift Heir?
Updating Your Plan: Powers of Attorney
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. Read on to learn more. … [Read more...] about Updating Your Plan: Powers of Attorney
Updating Your Plan: Your Trust or Will
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including your primary vehicle, such as a trust or will. Read on to learn more. … [Read more...] about Updating Your Plan: Your Trust or Will
Tax Planning for 2021
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2021 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2021
Updating Your Plan: Beneficiary Designations
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including beneficiary designations. Beneficiary designations may control a large part of your assets and it’s important to be sure your plan is coordinated to consider these. Read on to learn more. … [Read more...] about Updating Your Plan: Beneficiary Designations
Staying Current is Especially Important in the Pandemic
A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. During the COVID-19 pandemic, it’s important to have them up-to-date. Read on to learn more. … [Read more...] about Staying Current is Especially Important in the Pandemic
Gift Tax 101
In order to understand the gift tax, you have to absorb some background information about the federal estate tax. This levy carries a 40 percent maximum rate, so it can significantly impact your legacy if you are exposed. The good news is that most people don’t pay the tax, because there is a high credit or exclusion. This is the amount that can be transferred before the estate tax would be applied on the remainder. At the time of this writing, the exclusion is $11.58 million. You do not … [Read more...] about Gift Tax 101