Estate planning can be complicated if you have a close family member or ex-spouse you have an estranged relationship with. Estrangement refers to a breakdown in a relationship, such as…
Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. RMDs begin when a person reaches either age 72, 70½ if they…
Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are…
Many people delay the conversation or thoughts of having to prepare a will. Confronting the possibility of one’s death is not easy. However, as the recent death of Anne Heche…
A power of attorney is a document that grants various powers and responsibilities to a trusted third party or “agent” who can act on your behalf. This document usually only…
The phrase “life estate” often comes up in discussions of estate and Medicaid planning, but what exactly does it mean? A life estate is a form of joint ownership that allows…
Accumulated frequent flier miles can be valuable assets, but what happens to those miles after someone dies? Can a spouse or other heirs inherit them, or do the miles simply…
On July 8, 2022, the Internal Revenue Service issued new guidance that allows a deceased person’s estate to elect “portability” of their estate tax exemption and unused gift for up…
Saying goodbye to a loved one is heartbreaking. Making final arrangements can be overwhelming, and knowing what you are allowed to do to fulfill your loved one’s wishes is important,…
Grantor Retained Annuity Trusts (GRATs) are a mechanism by which wealthier individuals and couples can transfer appreciating assets to their heirs and minimize gift or estate taxes. High-net-worth individuals and…
