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As January 1, 2026, creeps closer and the “sunset” of the increased federal lifetime estate and gift tax exemption is less than two years away, many clients are seeking ways to use the increased federal exemptions for estate and gift tax purposes (the “Lifetime Exemption”). While the Lifetime Exemption is currently $13.61 million per person, […]
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Last year, we created an end-of-year list of some financial considerations and annual maintenance items that clients should consider. As fall approaches, we want to revisit some of those items while also outlining some additional considerations which may require more time and effort to address. 1. Prepare and/or Revise Your Personal Inventories We often advise […]
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We will admit that it feels odd to speak about “The SECURE Act 2.0” when it feels like we are still getting our arms around some of the planning and administrative implications of the original SECURE Act (see the proposed regulations released in April 2022 and “4 IRA Rules you should know from the SECURE […]
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Gift-giving season is approaching—not only for those who celebrate the holidays by exchanging wrapped presents but also for families wrapping up financial matters for the end of the year. If you are unsure what to get your loved ones, writing a check or buying jewelry is an option, but a well-thought-out estate plan or gifting […]
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The end of the year is fast approaching. While these last few months bring holidays and celebrations, they also provide a perfect opportunity to review your finances and annual checklists and make sure that your estate plan is ready for the new year. Don’t let the ball drop on 2023 without ensuring that you’ve made […]
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The cost of education continues to soar. Paying for the education of your children, grandchildren, or other loved ones may be an important part of your estate plan. One option is state-sponsored 529 saving plans, which are popular due to their income tax-saving benefits. The funds in 529 plans grow income tax-free and can then […]
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The term “windfall” was first coined in the 15th century to equate unexpectedly good fortune with fruit falling from the sky. Just as an apple can drop to the ground without the need for a ladder, certain people wake up one day with access to a life-altering fortune without even lifting a finger. If you […]
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Life insurance is often one of the first investments people consider when they begin estate planning. The right policy can help cover certain expenses for your beneficiaries after you pass. However, choosing the right life insurance policy for you and your family can be a difficult and confusing process. Policies vary widely in their terms. […]
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Grantor Retained Annuity Trusts, or GRATs as they are commonly known, are a powerful tax-saving tool used by estate planners to shift assets with significant potential appreciation to beneficiaries without utilizing their lifetime gift tax exemption. When creating a GRAT, your assets are placed within an irrevocable trust which expires after a set period while […]
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Sometimes, the name given to certain federal tax laws disguises the full scope of the laws and the impact the laws may have on you individually. For example, the gift tax laws not only apply to formal gifts from one person to another, but they also apply to transfers whenever the donor shifts assets without […]
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