Category Archives: Estate Planning
Giving Gifts to Reduce Your Federal Estate Taxes
The vast majority of Americans will not need to worry about estate taxes affecting their estate. However, for those who are near or above the current federal estate tax exemption ($11.7 million for each person as of 2021), there are some strategies you can employ to reduce your tax liability. One such strategy is giving […]
Retirement Assets Can Be Designated to Charities
If you’re looking for ways to support charitable organizations in your estate plan, you should consider leaving retirement assets to a charity or cause of your choosing. Retirement assets are often among the highest-taxed assets in an estate, so if you are looking for ways to reduce your potential estate tax liability. The primary advantages […]
Updating a Will After the Birth of Another Child
When you first created your estate plan, you might have had fewer children than you have now. Does your current will provide for your after-born children? If not, you may want to revise your will. You should at least review your will and see if there is any language that needs to be updated. Here […]
Be Careful When Making Certain Types of Gifts
Gift giving is a popular estate planning strategy to reduce the taxable value or your estate. However, the IRS has some very strict rules in place that govern the nature and amount of gifts you can give within a certain time without taking a tax hit. Here are a few strategies you should avoid if […]
Should You Update Your Will When Moving to Florida?
More people moved to Florida last year than any other state. Whether they’re moving for work, for the weather or for retirement. If you already have a will or other estate planning documents in place, you might wonder whether you need to modify them once you become a Florida resident. Here are a few of […]
What You Should Know About DNR Orders
A Do Not Resuscitate (DNR) order is used to instruct care providers who receive a patient not to perform cardiopulmonary resuscitation (CPR) or various other life-saving procedures to restart a heart or breathing. Examples include external chest compressions, mouth-to-mouth resuscitation, electric shock, heart injections and various other CPR methods. These orders are typically established by […]
Tips for Deciding What to Do With Your Digital Assets
We are living much more of our lives in the digital world than ever before. This means by the time you die, you will have likely amassed a collection of digital assets. Like other types of assets, you can control what happens to them with your estate plan. If you care about these digital assets, […]
Why Do So Many People Procrastinate With Their Estate Planning?
Most people when asked will agree that estate planning is important, and something they should do for themselves. However, there are many people who have not made any real progress on developing an estate plan, which puts them at risk of dying intestate and having their assets distributed according to state law. Here are a […]
The Role of a Successor Trustee
As part of establishing a revocable living trust, you should name a successor trustee. This is the person who will come in to manage and administer your trust for you upon your passing, or upon your incapacitation or unavailability to handle your affairs. Your trustee should be someone you can trust to manage your affairs, […]
How You Can Create an Estate Plan That Reflects Your Values
While you prepare your estate plan, you may find it important to do so in such a manner that is consistent with your faith and values. In fact, passing on these values to the next generation may be just as important to you as the wealth and assets you will be distributing. Here are some […]