Potential Reduction in Estate Tax Exemption in 2021 and What We Can Do About it
Potential Reduction in Estate Tax Exemption in 2021 and What We Can Do About it
As explained by the Internal Revenue Service (IRS), the estate tax is a tax on your right to transfer property at the time of your death. Only a small number of estates are subject to the estate tax. The estate tax exemption is $11.7 million for...
Estate Planning for Same-Sex Couples
Estate Planning for Same-Sex Couples
LGBTQ couples have long faced some unique estate planning challenges. However, recent victories for marriage equality have helped to bring some additional fairness and simplicity. In the 2015 case of Obergefell v. Hodges, the Supreme Court of the United States held that the fundamental right...
Jeffrey Epstein’s Last-Minute Will: Impact on Victims Looking to Collect From the Estate
Jeffrey Epstein’s Last-Minute Will: Impact on Victims Looking to Collect From the Estate
Unless you have not had to access to social media, a newspaper, or television in recent weeks, it is likely you have heard the name, Jeffrey Epstein. Epstein is now widely known for his alleged sexual assault of underage girls spanning a...
What You Should Know About Charitable Remainder Trusts
What You Should Know About Charitable Remainder Trusts
Both individuals and businesses make donations to charities. While donations are generally always welcomed, there are financial implications and considerations surrounding a donation that must be considered. A donation does not need to be an outright gift; there are other...
The Advantage of an Asset Protection Trust
The Advantage of an Asset Protection Trust
An asset protection trust is a tool that is used to hold assets in a separate vehicle so that they cannot be taken by creditors. When an issue arises that could result in a lawsuit, the party seeking compensation will try to sue the party with the deepest pockets. An asset protection...
Things Everyone Should Know About Estate Planning
Things Everyone Should Know About Estate Planning
Think about all the ways you try to protect your safety in day-to-day life – wearing a seatbelt when you are driving, making sure that the airbags in your vehicle function properly, having working smoke detectors in your home, and having renters/home insurance. These are just a...
Do I Need More Than a Will?
Do I Need More Than a Will?
For most people, planning for their death is not an enjoyable activity. However, we must all come to terms with our mortality and make sure that we put a plan is in place for how our estates will be handled following our death. An estate plan can encompass many different documents and plans. When most...