In Part 1 of this blog, we examined the benefits of creating an Estate Plan and made the point that while many individuals mistakenly think that they need only a “simple plan” because they don’t have significant assets or have few beneficiaries, that’s simply not true. This second part of the series will examine the most common mistakes that occur in an Estate Plan and how to avoid them. Of course, any individual who fails to create an Estate Plan makes the biggest mistake of all. Failing to … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part II
tax planning
Estate Planning: There’s Something Here for Everyone – Part I
Despite knowing that they should have an estate plan, many individuals give excuses for failing to create an Estate Plan. They may rely upon advice from seemingly well-intentioned individuals that if they do not have a taxable estate, they don’t need a plan, or that each state has its own set of rules regarding distribution that gives assets to beneficiaries upon death. Some folks go so far as to suggest methods to avoid probate without truly considering the impact of those suggestions. This … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part I
What the Trump Administration Could Mean for Your Estate Plan
Any time a new administration takes the Oval Office, clients call upon Estate Planning attorneys to provide assurances and guidance regarding what’s going to happen. As one administration leaves and another enters, many clients become nervous about the potential changes the incoming administration wants to make. With this new administration, the more things change, the more they stay the same. My friend and colleague Tereina Stidd, an estate planning expert, has some thoughts on this … [Read more...] about What the Trump Administration Could Mean for Your Estate Plan
Understanding and Manipulating Estate and Gift Taxes – Part 2
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. If the property meets certain requirements, the Internal Revenue Code allows the unlimited deduction but includes the property in the surviving spouse’s … [Read more...] about Understanding and Manipulating Estate and Gift Taxes – Part 2
Understanding and Manipulating Estate and Gift Taxes – Part 1
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. My friend and colleague Tereina Stidd, an estate planning expert, discusses those requirements. Read on to learn more. … [Read more...] about Understanding and Manipulating Estate and Gift Taxes – Part 1
Tis the Season for Giving
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. Creating a charitable giving strategy can be a great way for taxpayers to save on taxes while benefiting their community. Certain techniques can be used in conjunction with others to maximize the benefit of charitable giving. My friend and colleague Tereina Stidd, an estate planning expert, explains more about these strategies. Read on to learn more. … [Read more...] about Tis the Season for Giving
