Tag

Well-crafted, up-to-date estate planning documents are an imperative for everyone. They also can help ease the burdens on your family during a difficult time. Two important examples: wills and living trusts. The will A will is a legal document that arranges for the distribution...

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with...

For family business owners, estate planning can be a challenge. Often, most if not all of their wealth is tied up in their companies, which creates a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution...

This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional IRAs Contributions to a traditional IRA may...

In 2016, the federal gift and estate tax exemption increases to $5.45 million (up from $5.43 million for 2015). But that’s not all that’s changed. In recent months, there have been several significant developments on the estate tax front. Here are some tips to help...

Do you possess digital assets? If you have online bank and brokerage accounts or keep your music and photos stored on your home computer or “the cloud,” the answer is “yes.” Thus, you need to account for digital assets in your estate plan. If you haven’t done so, your heirs or...

Even though portability now allows married couples to use up both spouses’ estate tax exemptions without having to make lifetime asset transfers or set up trusts, this “easier” path isn’t necessarily the better path. For couples with large estates, making lifetime asset transfers...

The traditional estate planning approach, aimed at reducing estate tax values, is less relevant for the vast majority of individuals today than it was in the past. The American Taxpayer Relief Act of 2012 (ATRA) provides relatively generous estate tax rates, limits and rules for...

The lull that follows the holiday season is a time for reflection and planning. If you’re like most Americans, there are several administrative chores that remain on your 2014 to-do list. Tackling them at the start of the new year will set a healthy, proactive tone going...

You may be uncomfortable at the thought of discussing your estate with your loved ones. But failing to do so could result in disagreements and conflicts when the details are revealed after your death. Discussing your plans in advance gives you a chance to explain: The...