With the arrival of the new year, revisions to the annual gift tax and estate tax exclusions will be going into effect, as recently announced by the Internal Revenue Service (IRS). Gift Tax Exemption for 2024 Every calendar year, you can gift up to a certain amount to...
People create wills to establish what happens to their money and assets when they pass away. In these estate planning documents, they can name beneficiaries – individuals who will receive money, other assets, or specific bequests like sentimental items upon the...
When you assume the role of the health care proxy of a loved one, you make crucial medical decisions on their behalf. If your loved one becomes incapacitated and cannot communicate with health care providers, you are responsible for ensuring health care providers...
Wills contain important information about who receives money, possessions, and property upon a person’s death. Who can view this information, and is it a public record? Once your will goes through probate, it becomes a public record. The probate court must maintain...
One aspect of your estate plan that you may not yet have taken into consideration is your digital legacy. Arranging what happens to your digital assets and information when you pass away has become an increasingly essential component of financial literacy — and...
On July 8, 2022, the Internal Revenue Service issued new guidance that allows a deceased person’s estate to elect “portability” of their unused gift and estate tax exemption for up to five years after their death. So, if your spouse passed away less...
Saying goodbye to a loved one is heartbreaking. Making final arrangements can be overwhelming and knowing what you are allowed to do to fulfill your loved one’s wishes is important, but it can also be confusing. If the person you lost wanted to be cremated and...
What is a GRAT? Grantor Retained Annuity Trusts (GRATs) -are a mechanism by which wealthier individuals and couples can transfer appreciating assets to their heirs and minimize gift or estate taxes. High-net-worth individuals and couples can use GRATs to freeze the...
Following the death of a family member, you may find yourself needing to sort through many possessions accumulated over the deceased’s lifetime. An estate sale is one way to distribute those items that you do not want or need quickly and efficiently. While...
Medigap premiums for plans from insurance companies offering the same benefits vary widely, so it pays to be a smart shopper. Federal law requires that each insurance company offers the same benefits for each of the Medigap plans lettered A through M, but each company...
