By law, every year the IRS must determine exemption limits for federal estate tax and the lifetime gift tax based on inflation. And every year, estate planning attorneys wait to hear the IRS' announcement of what the exemptions will be for the coming year. For 2015, the exemptions were set…
There was a time when irrevocable bypass trusts were highly favored by estate planning attorneys as one of the best estate planning methods for married couples. It worked like this: one spouse would fund the trust with an amount that was just under the estate tax exemption. At the time…
This is a great example of a failure to think outside of the box. Literally. A California man created a handwritten will that left all of his property to his wife if he were to predecease her. He also wrote that if they should both die at the same time,…
We’ve heard or read the stories of wealthy families forced to sell off prized heirlooms so that hefty estate taxes could be paid. It is never a happy day when an heir needs to sell the family home, wine collection, fine art or collection of vintage automobiles to raise cash…
Most people prefer to maintain possession all of their assets, letting them go to the next generation only after they have passed away. But if a family member feels that they have more than enough money and property and others in the family are in need or would benefit from…
What if your estate is worth less than $5 million, even when counting life insurance policies, the value of your home and your assets? We bet you that you think that means you don't need to pay estate taxes, and consequently that you don't need an estate plan. That is…
Creating a tool to keep a trust secret from an heir may be considered a "first world" problem, but it is a problem nonetheless. Wealthy families who value their accomplishments are concerned that heirs who know that they are going to receive large amounts of wealth through a trust may…
When most people think of wills and estate plans, they usually think about the primary function of distributing assets to children. The natural next thought is, if they have no children, then they don't need a will. But estate plans, and especially wills, actually serve a number of important purposes,…
The one thing that all 401(k) millionaires have in common, according to a Forbes' article "Nine Ways To Be A Millionaire In Retirement," it is saving at a much higher amount than others. Whatever your career path may be and whatever your earnings level is, start saving early. While millennials…
It's no surprise that many Americans have chosen not to have any life insurance at all, according to NASDAQ's recent article, "Why Have Life Insurance?" A recent study by a life insurance advocacy group, LIMRA, revealed that most Americans think that life insurance is expensive. They were asked to name…