Potential Tax Changes that Could Impact your Estate Planning
Did you know that President Biden campaigned on a promise to lower the estate tax exemption limit, and to consider abolishing the step-up in basis for capital gains tax? While it can be difficult to predict when these matters will be addressed by the Biden...
Four Reasons Why You Should Prioritize The Creation Of An Estate Plan
Did you know that, according to a 2020 survey, less than one-third of Americans have an estate plan in place even though almost two-thirds of Americans recognize that having an estate plan is important? The same survey reveals that the primary reason why people do not...
Will Children Need to Pay a Parent’s Nursing Home Bill?
Have you considered moving your parent to a nursing home? This is a decision that rarely comes easily. Oftentimes, it begins with adult children noticing mental or physical decline in a parent. This may be followed by a series of difficult discussions with the parent...
When to Use an Irrevocable Trust and a Revocable Trust?
Did you know that there are many different types of trusts that can be used in estate planning? The type of trust that you need can depend on your goals, the nature of your assets, and the nature of the beneficiaries. With a revocable trust, the trust can be changed...
Choosing a Local Estate Planning Attorney
Does choosing a local estate planning attorney who can help you create an estate plan seem like an overwhelming task. With these tips, it can be easy to narrow your choices to a few qualified attorneys. Let us discuss a list of four resources for finding an estate...
Three Benefits to Using a 529 Plan as an Estate Planning Tool
Did you know that a 529 Plan may be more than just a college savings plan? It can be a useful asset for estate planning. Let us discuss three benefits to using a 529 plan as an estate planning tool. Tax-free gifts. A 529 plan allows you to give money to beneficiaries...
What to Do When Family Caregivers are Not Enough
Sometimes, despite our best efforts, family caregivers are not enough. Family caregivers, often tirelessly, dedicate themselves to taking care of elderly relatives. An elderly loved one, however, may develop care needs that exceed the abilities of a family caregiver....
How to Use a 529 Savings Plans as an Estate Planning Tool
Most people invest in 529 Savings Plans in order to provide a college education for their children. Have you heard, however, that these plans can be an excellent estate planning tool as well? 529 Savings Plans offer a broad list of qualified expenses they will cover,...
What Does it Mean to Declare ‘Domicile’ in Florida?
Sunny weather and world-class beaches are not the only reason to move to Florida. Did you know that the Sunshine State also offers tremendous tax and estate advantages? Wealthy wage-earners in California pay a whopping 13.3 percent state income tax. Twelve states and...
Putting Your 529 Savings Plan to Use in Your Estate Plan
While many think of 529 savings plans as a way for parents to enjoy tax free growth of savings for a child’s college tuition, the benefits of these savings plans can have a much farther reach. Did you know that 529 savings plans can be established by not just the...