A comprehensive estate plan should address all of your assets. For most people, an estate plan must include three common categories: (1) your home; (2) financial accounts, like your checking and savings account; and (3) personal property. Other types of assets - such as life insurance, retirement funds, and annuities - should also be considered as part of your estate plan. If you own rental property, however, your estate plan will be more complicated because there are some un
The best time to share your family history with loved ones is right now, before the memories are forgotten. Any time your loved are nearby becomes a great opportunity to reminisce. While you can always pull aside children and grandchildren for a chat about family history, did you know you may also be able to use a personal property memorandum in your estate plan to pass along special memories and stories about specific items that are meaningful to you and connect your family
It is the start of a new year, which means tax season—and this year’s April 17th IRS filing deadline—is just around the corner. Soon you will be receiving tax forms such as your W-2 or 1099s, and you will start thinking about the life events that could affect your taxes in various ways. This flurry of tax prep activity is the perfect opportunity to get your estate plan in order, too, and kill two birds with the proverbial stone. Why? Because as you run down your list of “tax
If you are enrolled in a qualified high-deductible health plan (HDHP), you must consider how your health savings account (HSA) fits into your estate plan—especially to make sure that any hard-earned money left in your HSA when you die goes where you want it. What is an HSA? An HSA is an account whose funds may be used to pay for qualified medical expenses or saved for expenses that arise in the future. These accounts have several tax advantages. You can deduct contributions t
In December 2017, Congress passed, and the President signed a sweeping tax reform bill commonly known as the "Tax Cuts and Jobs Act". This Act contains significant changes that will impact your estate planning and income tax situation going forward.
Estate Tax Changes
Starting January 1, 2018, the estate, gift, and generation-skipping transfer (GST) tax exemptions double from $5 million to $10 million (adjusted for inflation after 2011). For 2018, the exemption is now $11.
2017 is fading into the rearview mirror. As we all look ahead to 2018, let us consider a few things to watch regarding estate planning, so you and your family can be completely protected. ● The Death Tax. The death tax has been in a state of flux ever since the early 2000s when the Bush administration’s first tax cuts changed the exemption and tax rates. The recently-passed Tax Cuts and Jobs Act is the latest significant change. Starting January 1, 2018, the estate tax e