Articles

The estate tax gets all the press, but if you are leaving property to a grandchild, there is an additional tax you should know about. The generation-skipping transfer tax affects property passed to a grandchild in a will or trust.

With the federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust could be the answer. 

For most people, the durable power of attorney is the most important estate planning instrument available — even more useful than a will. 

As life circumstances change (births, marriages, divorces, and deaths), it may become necessary to make changes to your will. 

If you want to make a gift to family members but have exceeded the annual gifting limit, there is another way. Payments for a family member’s education or health care expenses are exempt from the gift tax. 

All trusts should be reviewed every few years to make sure that they are up-to-date with the law and meet your current goals. Here is a checklist of trust features you can review yourself.

Increasingly, several generations of American families are living together. These multi-generational living arrangements present legal and financial challenges around home ownership.

While a will is one of the most important estate planning documents you can have, there are things that it won’t cover. A will is just one part of a comprehensive estate plan. 

Congress sets the amount that an individual can transfer tax-free either during life or at death. The current estate tax exemption is so high that very few estates will have to pay an estate tax. 

Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations.