Blog Category - Estate Planning Page 8

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Mar

Basics of Social Security Retirement Benefits

Social Security provides a foundation for long-term financial support for almost every American. Most of us will depend on Social Security to live on during our later years. These years cost money, and if we are not working during our later years, then we can count on Social Secu...

Mar

New IRS “Clawback” Regulations Have Limited Applicability to Gift Transactions

The Tax Cut and Jobs Act of 2017 (TCJA) doubled the exemption amount available during lifetime or at death from $5 million to $10 million, inflation adjusted, until January 1, 2026. The 2022 exemption amount is $12. 06 million and will decline under current law, subject to further...

Mar

When Forgetfulness is a Problem

Head, shoulders, knees, and toes. We learned those body parts as youngsters as we sang along to the song. As we age, we often find that our head, shoulders, knees, and toes don't quite work like they used to. While these physical ailments can be a sobering reminder that we ...

Mar

Revised Limited Liability Company Act

When dealing with the death of a loved one, the amount of information to be processed and documents to be sorted through might seem overwhelming. Faced with unfamiliar concepts, terminology, and deadlines along with one’s own grief, the trust and probate administration process ca...

Mar

Three’s a Crowd, and Two Can Be Too: The Pitfalls of Joint Property Ownership (Part 2 of 2)

In Part 1 of this two-part series, we discussed a few of the ways that joint ownership of assets can complicate an estate plan by unintentionally changing the manner in which assets are distributed after someone dies. Part 2 of this series will examine some additional issues tha...

Mar

Three’s a Crowd, and Two Can Be Too: The Pitfalls of Joint Property Ownership (Part 1 of 2)

As with any finely tuned machine, a well-maintained estate plan requires a thorough understanding of all its component parts to ensure that it functions efficiently. While the core documents that make up your estate plan might vary depending on the complexity of your wealth and ...

Mar

The Shivers

One of my children’s favorite stories is The Shivers from Arnold Lobel’s Frog and Toad anthology. It begins as many good stories do—on a dark and stormy night. Frog and Toad sit down with a pot of tea and Frog proceeds to tell Toad a scary story, repeatedly asking, “Don’t you li...

Mar

Understanding Estate Tax Laws and Proposed Changes

We spoke with Dave Hunt, Founder and Wealth Manager at Milestone Wealth, about current estate tax laws and changes that may be on the horizon! Watch the YouTube video below to find out more! Watch Now! ...

Mar

Surviving Spouses Need To Be Aware Of Potential Changes To The Estate Tax

Clients who have lost their spouse within the past two years may want to speak to us if his or her estate is close to $6 million. Why? Because there are pending tax proposals before Congress that would reduce the current $11. 7 million exemption down to approximately $6 million on...

Mar

When States Compete for Trust Business, Clients Win!

by Andy Strauss Community property is the law in nine states (Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin) for property acquired by spouses during the marriage. While the laws differ somewhat between community property states, it ge...

Mar

Interstate Moves in Estate Planning

IS YOUR ESTATE PLANNING STILL GOOD IF YOU MOVE TO A DIFFERENT STATE? Practicing estate planning law in Western North Carolina can be very busy. There has been a continuous influx of people moving to our beautiful area from all over the country, and indeed, the world. One questio...

Mar

Trust Titling (funding) and Non-Qualified Annuities

Revocable Living Trusts (referred to also just as Living Trusts) are a common foundational estate plan technique. Not only can Revocable Living Trusts replace a Will (become a “Will substitute”) in distributing property after a person dies, but these trusts also provide planning ...

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