Single with a net worth less than $11.4 million in 2019? You’re in luck—you can die knowing that all of your money will pass free of any federal estate tax to your heirs. It was good news for the wealthy—the Tax Cuts and Jobs Act (TCJA) amped up the unified…
Their lives were devoted to family and public service, and to each other. The passing of George H.W. Bush and his wife gave many Americans pause to consider their leadership and their devotion. Few were surprised when George H.W. Bush passed less than eight months after Barbara’s death. Their deep…
The swiftness of fires and flood in the news in recent months, even in places that have never experienced dramatic disasters, puts a spotlight on the need for preparedness. That includes your estate plan. The evening news presents enough reminders about the need to plan for disasters. However, many people…
If you live far from your hometown, you may be used to seeing large changes in aging parents from year to year. However, if you are involved in their day to day life, you may not notice the changes, or they may seem to come and go. When you are…
The co-founder of Microsoft serves as an excellent example of advance planning, maintaining privacy and creating a legacy. Through a trust established years ago and several companies, Paul Allen began building his legacy of philanthropy long before his death. His last will and testament was a simple six-page document, according…
Trusts serve a variety of functions in estate planning, and they aren’t just for wealthy people. Trusts can be simple, or they can be complex, depending on what type of trust is being considered and how they are structured. Trusts should be set up by an estate planning attorney, who…
An end-of-year decision from the IRS about the new tax law and gifting has given people with generous spirits and hefty bank accounts reasons to be cheerful about gifting. Increases to basic estate and gift tax exemptions were welcome by many, when the new tax law details were unveiled. However,…
Don’t have a medical directive, or don’t remember the last time you reviewed it? That means it’s time. We never know when an emergency or sudden onset illness will strike. The biggest problem with medical directives, is getting people to confront the concept of being incapacitated or near death. Once…
Remember that estate planning is not just for the wealthy, and now that the federal exemption is so high, not just for the billionaires either. Estate planning is also much more than a will. Your estate plan has a lot of work to do for you, both while you are…
To help plan for retirement, it helps to move from asking global questions, like “Can I afford to retire?” to more specific questions, like “What’s my monthly cost of living right now?” Sometimes retirement planning is so overwhelming that people just shrug their shoulders and hope that things work out.…