There are specific estate planning strategies that, on the surface, may sound appealing. This includes owning property jointly with a child or other family member. However, these techniques can result in unwelcome outcomes that outweigh potential benefits.
To be clear, owning an asset with your child as “joint tenants with right of survivorship” offers advantages.…
Your will is meant to ensure that your final wishes are honored. However, it can sometimes be contested, potentially leading to lengthy legal battles and financial disputes among your heirs. Understanding when and why a will might be contested — and how to safeguard your intentions — can help prevent unnecessary complications for your loved…
Estate planning is not a task that often comes to mind for those who are newlyweds or those parents who are in the midst of raising young children. Either you’re still enjoying the post-wedding excitement and promise of a new phase with a partner, or you’re living day-to-day with an infant or toddler who demands…
If you possess paintings, sculptures or other art pieces, they may represent a significant portion of your estate. Thus, these assets must be properly accounted for in your estate plan.
In your planning, you’ll want to preserve the value of your collection and avoid unnecessary taxes, but also be sure to spell out how your…
Buy-sell agreements are essential estate and succession planning tools for many family businesses and other closely held companies. These agreements, among other things, ensure that the business stays within the family or other ownership group.
Typically, this is accomplished by providing that if an owner dies or leaves the business, the company or the remaining…
Here’s a quick estate planning tip: one of the easiest ways to reduce the size of your taxable estate is to take advantage of your gift tax exclusion. For 2025, you can transfer up to $19,000 per recipient gift-tax-free. And you can double the exclusion to $38,000 per beneficiary if you split the gifts with…
You’re Attempting to Create Your Estate Plan with DIY Tools
Interested in trying to prepare your own estate plan? There are resources available to assist you, such as online services, computer software and how-to books. Do-it-yourself (DIY) estate planning may save you hundreds or even thousands of dollars up front.
If your estate is modest…
Interested in trying to prepare your own estate plan? There are resources available to assist you, such as online services, computer software and how-to books. Do-it-yourself (DIY) estate planning may save you hundreds or even thousands of dollars up front.
If your estate is modest in size, your assets are solely in your name, and…
A financial power of attorney (POA) can be a critical component of your estate plan. It appoints a trusted representative (often called an agent) to make financial decisions on your behalf in the event you’re unable to do so.
Without a POA, if you become incapacitated because of an accident or illness, your loved ones…
A Health Savings Account (HSA) can positively affect your estate plan. How? In addition to serving as a viable option to reduce health care costs, an HSA’s funds grow on a tax-deferred basis. In fact, an HSA is similar to a traditional IRA or 401(k) plan in that it’s a tax-advantaged savings account funded with…