Category: Estate Planning
Changes to Estate Tax Laws in 2023
As planning begins for the new year, it is important to pay attention to the changes made to estate tax laws going into effect in 2023. Changes to Federal Gift Tax Exclusions As of January 1, 2023, the lifetime exclusion amounts- federal gift and estate tax exclusion amount, in addition to the generation-skipping transfer (GST)
Updates To The Transfer on Death Instrument Act
On January 1, 2022, the Transfer on Death Instrument (TODI) Act was amended to better provide another option for clients seeking cost-effective and straight-forward ways to transfer real property upon their death. The TODI Act’s purpose, as originally enacted, was to provide a mechanism for the transfer of residential real estate title to named beneficiaries
Is Your Estate Plan Up to Date? A 2021 Checklist to Review
Estate planning is essential to ensure a smooth transition after you pass. Estate planning is a dynamic process that evolves throughout one’s life and changes as your needs and wishes change. It’s a good idea to update your estate plan every few years, especially if you’ve experienced any significant life changes, such as marriage, divorce,
Estate Representatives Could Be Held Liable for Decedents’ Debts
The death of a loved one can be an extremely difficult and stressful time for descendants. However, it is also a time that where a heightened level of scrutiny should be used when administering the decedent’s estate. Federal income taxes owed by a decedent’s estate may take priority over other claims and expenses, especially when
The Estate & Gift Exemption and Using It to Your Advantage
Three popular strategies have emerged for business owners to move their interests from their estate to directly benefit their heirs, while reducing tax exposure and maximizing wealth. By understanding all three, you can make the correct choice to ensure your business’ future. The 2018 federal individual estate and gift exemption amount is $11.18 million per
A New Limit to Tenancy by the Entirety
Tenancy by the entirety is one of the greatest advantages available to married homeowners. The Joint Tenancy Act (the “Act”) protects married homeowners by not allowing the creditors of one spouse to seize the home of both spouses. As a result, it is one of the few assets that is thoroughly protected from the actions
Advising Asset Protection Plans
Avoiding creditors is a constant battle for debtors. In fact, the common practice of hiding cash under the mattress has given way to more modern methods such as protecting assets by placing them into trusts. Some states, including Alaska, Delaware, and Nevada, actually allow debtors to intentionally shield assets from the claims of creditors by