Author: Joseph Markell

A number of tax proposals being considered in Congress could significantly affect gifting and estate plans for people with with larger estates — over $3.5 million. 

A new survey has found that motivated in part by the coronavirus pandemic, younger adults are now more likely to have a will than middle-aged adults. Nevertheless, the overall percentage of Americans with a will has dropped over the past several years.  

A recent court case involving a power of attorney demonstrates the problem with using online estate planning forms instead of hiring an attorney who can make sure your documents are tailored to your needs.  

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. 

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.

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.