As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including beneficiary designations. Beneficiary designations may control a large part of your assets and it’s important to be sure your plan is coordinated to consider these. Read on to learn more. … [Read more...] about Updating Your Plan: Beneficiary Designations
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Was There a 2021 Gift Tax Exclusion Increase?
Over recent weeks, we have been passing along various updated figures that are relevant from an estate planning and elder law perspective. In this post, we are going to answer a question that many people have about the annual gift tax exclusion. Before we focus on that particular subject, we will provide the appropriate background information, which will include a review of the 2021 estate tax parameters. Inflation Adjustment The federal estate tax exclusion is a set dollar amount that can … [Read more...] about Was There a 2021 Gift Tax Exclusion Increase?
“Simple” Estate Planning Solutions Can Get Complicated
They say that a little bit of information is a dangerous thing, and this often enters the picture when it comes to estate planning. People hear about simple approaches that sound like they would be effective on the surface, and but they don’t fully understand the potential consequences. In this post, we will look at some of these simple solutions that can get quite complicated, but we will start with a bit of background information. Probate Process When a will is used to direct postmortem … [Read more...] about “Simple” Estate Planning Solutions Can Get Complicated
Tax Planning for 2021
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2021 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2021
Four Inheritance Planning Tips for Blended Families
If you are getting remarried as a parent, you have a lot of things on your plate on more levels than one. Inheritance planning may not be on the top of the list at first, but when the date gets closer, you should certainly make some decisions. In this post, we will provide four tips that can help you see the picture more clearly if you are in this position. A simple will is a risky choice. You may be tempted to let your fiancé know that you are changing your will to make them the sole … [Read more...] about Four Inheritance Planning Tips for Blended Families
What Is the 2021 Vermont State Estate Tax Exclusion?
Vermont is one of just 12 states with state-level estate taxes, and the District of Columbia has its own estate tax. The exclusion is the amount that can be transferred before the estate tax would be applied on the remainder. The amount of the exclusion is set by the legislature, and after it has been established, there can be adjustments on an annual basis to account for the cost of living. Since the calendar has turned over, an estate tax exclusion adjustment has been made for 2021. Last … [Read more...] about What Is the 2021 Vermont State Estate Tax Exclusion?
Updating Your Plan: Your Trust or Will
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including your primary vehicle, such as a trust or will. Read on to learn more. … [Read more...] about Updating Your Plan: Your Trust or Will
Things You Need to Know About Simple Wills
The simple will is the most commonly used estate planning document, but a lot of people that use them overlook better options. In this post, we will provide an overview so you can make informed decisions when you are planning your estate. Asset Transfers and Guardian Designation The simple will essentially serves two different functions. You use the document to state your final wishes with regard to the distribution of your assets after you are gone. If you are the parent of a dependent child, … [Read more...] about Things You Need to Know About Simple Wills
Beware of These Probate Avoidance Ideas
There is an expression about a little bit of information being a dangerous thing, and this definitely applies to certain estate planning approaches. Some people hear bits and pieces, and they pass along ideas that sound good on the surface, but there are hidden dangers. Probate These notions often revolve around the concept of probate avoidance. Probate is a legal process that takes place under the supervision of a court. If you use a simple will to direct asset transfers after you are … [Read more...] about Beware of These Probate Avoidance Ideas
Updating Your Plan: Powers of Attorney
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. Read on to learn more. … [Read more...] about Updating Your Plan: Powers of Attorney
