Key Takeaways | Taxes Taxes Taxes: What You Need to Know Most people don’t have issues with taxes when it comes to estate plans. Gift and estate taxes are paid by the giver, not the receiver. In 2024, the annual gift tax exclusion is $18,000 per person. You can...
Key Takeaways | 2024 Estate Planning Goals: A Year in Review Planning ahead can prevent family difficulties during crises. There are three essential documents: power of attorney, advanced directive, will. Trusts can protect assets and provide for children. Dementia...
Key Takeaways | 10 Things You Should Do to Get Your Estate in Order Create or update your advanced directive for healthcare. A durable financial power of attorney is crucial for decision-making. Wills govern probate assets and should be updated regularly. Trusts can...
Key Takeaways | The Problems with Relying on Beneficiary Designations and POD Designations Beneficiary designations can lead to unintended consequences. Trusts offer more control over asset distribution. Underage beneficiaries require special considerations in estate...
Key Takeaways | The Secure Act The Secure Act impacts how inherited IRAs are taxed. Asset protection planning is essential for families facing long-term care costs. Medicaid asset protection trusts can safeguard assets from nursing home expenses. The 10-year rule for...
Key Takeaways | Estate Planning (or Lack Thereof) Horror Stories Estate planning is essential to avoid harsh consequences. Intestacy laws can lead to unintended beneficiaries. Guardianship can be costly and emotionally taxing. Simple wills often overlook complex...
