Estate Planning

Are you ready for estate planning?

The size of your estate will determine the extent of your need to plan for the future payment of estate taxes.

Why it matters

Current law provides for unified federal estate, gift and generation-skipping transfer tax laws and the tax exemptions of $10,000,000 per person.

The bottom line

Because there is no tax on assets inherited by a surviving spouse, the estate tax exemption amount only works for assets that do not pass to a husband or wife. Therefore, many estate plans commonly transfer the maximum exemption amount in a “bypass” trust that benefits the children or family.

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What to do when a loved one passes?

As you tend to the tasks required, from planning the funeral to closing their accounts, it helps to stay organized, delegate where possible, and create a schedule for what needs to be done when.

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You’re an executor…now what?

Being trusted with handling a loved one’s estate is an honor. It’s also a taxing job at the best of times, mentally and, often, emotionally as well.

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Are you liable for your parent’s nursing home bills?

You helped your aging parents find a long-term care facility that would meet their needs and budget, and made every effort to provide for their comfort, but financing their expenses was never part of the deal. Or was it?

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Funeral costs and considerations

Costs vary based on whether the funeral includes a burial or a cremation and what additional services are added.

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Probate: What it is, why people fear it

When it comes to administering a descendant’s estate, there is a legal process called probate that oversees the settlement and distribution of the assets.

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Estate planning for LGBTQ couples

Proper estate planning is vital for anyone who wishes to protect his or her assets and loved ones, but experts say it’s potentially more vital for same-sex couples and families, due in part to the passage of marriage equality laws. 

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How to make sure your heirs won’t fight

If there’s any joy to be found in writing a will, it’s in thinking about how your heirs will benefit from any investments, real estate, family heirlooms and other possessions you leave them.

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Succession planning for your business

Eventually, you will either give up the helm  of your business voluntarily before or when you retire, or involuntarily as the result of an unexpected event. 

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7 situations where a trust might help

Trusts serve far more varied purposes than many people realize, and they aren’t just for the wealthy.