As we reflect on a year gone by, let’s step into the shoes of Ebenezer Scrooge and reflect on what the ghosts of estate planning might reveal. With their guidance, you can ensure that your legacy brings joy and security rather than confusion or regret. The Ghost of Estate Planning Past arrives with a compelling … Read more
The IRS has announced the updated Federal Estate and Gift Tax exemption amounts for 2025. Currently, in 2024, the federal estate and gift tax exemption is $13.61 million per person, allowing a married couple to transfer up to $27.22 million free of federal estate tax. In 2025, these amounts will increase slightly to $13.99 … Read more
One day, we all face the inevitable call: a parent or loved one has fallen seriously ill. Amid the initial wave of concern and sadness, the question inevitably arises, “What do I do now?” If your parents have prepared an effective estate plan, the path forward can be significantly more straightforward and less overwhelming. A … Read more
Studies show that the majority of Americans do not have estate plans in place. Interestingly, researchers have found that most people who are unprepared know that estate planning is important. Many say they haven’t acted because they don’t know where to begin. With this in mind, we are going to break it down and explain … Read more
The start of a new year is the perfect time for reflection and renewal. It’s an opportunity to look back on the highs and lows of the past year—cherishing moments like holidays, family milestones, and the joy of welcoming new children or grandchildren while also learning from challenges like economic pressures or health struggles. As … Read more
The estate tax exclusion is a set dollar amount that can be transferred tax-free when an estate is being administered. Each year, there are inflation adjustments, and the Internal Revenue Service has announced the figures for 2025. Let’s take a look at the details. 2025 Federal Estate Tax Exclusion In 2017, the exclusion was $5.49 … Read more
When you hear the term “Medicaid planning,” you may be a bit confused because it is a program for low-income people. It’s a safety net for those who need it, but it’s not something to aspire to, right? That make sense until you understand a few facts about Medicare and long-term care, and we will … Read more
As we approach the end of the year, it’s essential to stay on top of your retirement planning. This includes managing distributions from your Individual Retirement Account (IRA) for many individuals. If you have a traditional IRA (not a Roth), the IRS requires you to start taking Required Minimum Distributions (RMDs) after reaching a certain … Read more
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding all the elements necessary for a complete Estate Plan.
In today’s world, divorce rates are high, and the idea of remarrying may seem far-fetched to some. However, statistics tell a different story. According to the Stepfamily Association of America, about 40% of all marriages involve at least one partner who has been married before, and many of those remarriages include children from prior relationships. … Read more