Despite the hard lessons learned during the COVID pandemic, surveys repeatedly show most Americans still don’t have an estate plan in place. According to the article “Five benefits of estate planning” from The Aspen Times, a comprehensive estate plan ensures your assets are distributed according to your wishes when you die,...

Receiving an inheritance is a mixed blessing. It usually comes after a loved one has passed, while you are grieving and trying to figure out how to navigate finances. If you have received or anticipate receiving an inheritance, a recent article titled “Getting an Inheritance? Here are 4 Things to Consider”...

To understand a tax reimbursement clause, you must first understand what a grantor trust is, and how it works. A grantor trust means the person creating the trust, also called a trustor or grantor, is responsible to pay the income tax on income earned by the trust. According to the article “Tax...

If you already have an estate plan, congratulations. However, do you remember where you put it? Does anyone but you know where it is? According to a recent article from The Press-Enterprise, “2023 check list: How to organize your estate plan,” most people take their estate plan and put the binder...

The purpose of a Beneficiary Defective Inheritor’s Trust is to allow an individual with a federal estate tax problem to maintain control of the assets to the maximum extent allowed by law. The assets placed in a BDIT will not be included in the individuals tax estate when they pass away. This type of...

For many families, a plan for the future includes an Achieving a Better Life Experience, or ABLE, account to allow those with disabilities to set aside extra money without interfering with their federal aid. All but four states—Idaho, North Dakota, South Dakota, and Wisconsin—provide ABLE accounts, according to a recent article titled

Estate planning means making plans to manage and distribute assets and caring for loved ones in the event of a person’s death or incapacity. It also involves the creation of legally binding documents to outline a person’s wishes for health care and financial matters. Estate planning ensures your wishes are carried out and is...

A Loan Regime Split Dollar Arrangement is an estate planning strategy used to address a number of objectives concerning retirement and asset protection. Anyone who currently has an estate tax issue or is likely to have an estate tax issue when the federal exemption drops to $5 or $6 million in 2026 will...

Social Security beneficiaries are now receiving an 8.7% boost to benefits, the largest Cost of Living Adjustment, or COLA, in forty years. However, this doesn’t mean everyone eligible for Social Security benefits should jump on the bandwagon, says a recent article, “Approaching age 62? What you need to know about Social...

Most people don’t consider anything about planning for incapacity or death to be joyful. However, if you consider estate planning documents as a way to share your wishes and make your departure easier for those you love, as well as a means to express your thoughts and feelings, it could make these tasks a...