If you’re enrolled in a qualified high-deductible health plan (HDHP), you must consider how your health savings account (HSA) fits into your estate plan-especially to make sure that any hard-earned money left in your HSA when you die goes where you want it. What is an HSA? An HSA is an account whose funds may…
All you need to know about Estate Planning and the New 2018 Tax Law.
For most people the estate tax hasn’t come into play for many years. Instead of eliminating the estate tax, the estate tax exemption has been raised to $11 million for an individual, and $22 million for a married couple that elects portability. Let’s take a moment to explain how the estate tax exemptions and gift…
Organizing for Tax (and Estate Planning) Season
It’s the start of a new year, which means tax season – and this year’s April 17th IRS filing deadline – is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways. This…
What to Expect from Estate Planning in 2018
As we all look ahead to 2018, let’s consider a few things to watch regarding estate planning, so you and your family can be completely protected. The death tax. The death tax has been in a state of flux ever since the early 2000s when the Bush administration’s first tax cuts changed the exemption and…
Four Reasons Why Estate Planning Isn’t Just for the Top 1 Percent
There is a common misconception that estate plans are only for the ultra-rich – the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money. In reality, nothing could be further from the truth. People at all income and wealth levels can benefit from a comprehensive estate plan. Sadly, many have not…
There’s Never A Better Time Than Now To Get Your Affairs in Order
The idea of getting your financial and legal house in order is likely the last thing on your mind during the busy holiday season. But, getting started is much easier than you think. In fact, the end of the year is a good time to reflect upon the year that has passed and focus on…
Make an Achievable 2018 New Year’s Resolution – Get an Estate Plan Checkup!
With 2018 right around the corner, it’s time to start thinking about your New Year’s resolutions. It doesn’t matter whether you have an estate plan or don’t, one important item to add to your list is getting an estate plan checkup. Don’t Have an Estate Plan? If you don’t already have an estate plan, then…
Gift Giving the Tax-Free Way
Although it’s the season of giving, no one wants to share with the IRS. Luckily, the law provides you many opportunities to give gifts to family, friends, and charities tax-free. Some are straightforward, while others may require the help of a professional. Your Yearly Coupons Each year on January 1st, everyone receives what can be…
Is Your Estate Plan as Stale as Last Week’s Ham Sandwich?
6 Reasons to Update Your Estate Plan Estate plans are almost magical: they allow you to maintain control of your assets, yet protect you should you become incapacitated. They take care of your family and pets. And, if carefully crafted, they reduce fees, taxes, stress, and time delays. Estate plans can even keep your family…
Wills, Trusts & Dying Intestate: How They Differ
Most people understand that having some sort of an estate plan is, as Martha Stewart would say, a “good thing.” However, many of us don’t take the steps to get that estate plan in place because we don’t understand the nuances between wills and trusts – and dying without either. Here’s what will generally happen…
Revocable Trust vs. Irrevocable Trust: Which Is Best for You?
Trusts allow you to avoid probate, minimize taxes, provide organization, maintain control, and provide for yourself and your loved ones. In its most simple terms, a trust is a book of instructions wherein you tell your people what to do, when. While there are many types of trusts, the major distinction between trusts is whether…
Do You Own Rental Property? How Proactive, Comprehensive Estate Planning Can Help
A comprehensive estate plan should address all of your assets. For most people, an estate plan must include three common categories: (1) your home; (2) financial accounts, like your checking and savings account; and (3) personal property. Other types of assets – such as life insurance, retirement funds, and annuities – should also be considered…
