Estate Planning

Planning for your minor children in your estate plan is a crucial aspect of parenthood that ensures their well-being and security, even in your absence. It involves thoughtful considerations and strategic decision-making. Here are the key steps to take when planning for minor children, ensuring a secure and prosperous future for them.
Planning for Minor Children in Your Estate Plan
Appoint a Guardian for Your Child

The decision to name a guardian for your child is one of the
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The IRS allowed amounts of the federal gift, estate, and generation-skipping transfer tax exemptions will materially increase in 2024. With exemptions reaching historically high levels, this presents a golden opportunity for strategic and tax-free gifting. In this post, we’ll explore the key changes and opportunities you should consider for your financial planning.

Exemption Amount Increase:

Starting in 2024, the gift and estate tax exemptions will increase to $13,610,000, allowing individuals to transfer significant assets during their lifetime or at
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Beneficiary designations can be the foundation of a solid estate plan. Losing a loved one is already an emotionally challenging experience, and dealing with the practical aspects of their estate can add an additional layer of stress. A missing beneficiary designation on even one account can cause unexpected complications during the grieving process that only add additional strife to your loved ones.

An oversight can lead to the necessity of the probate process, resulting in significant legal fees, court
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These common estate planning mistakes happen more often than you may think. Many don’t realize that estate plans aren’t only for the wealthy or unhealthy. Your will is more than just a piece of paper—it’s a roadmap for your assets, guardianship, and debts after you’re gone, or in emergency situations. There are many common estate planning mistakes that could lead to legal and financial headaches for your loved ones. Let’s break down these estate planning mistakes and learn how
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As a longtime estate-planning attorney, it is my sense that more clients are working around (or ruining) their valid estate plans by using various nonprobate transfers – specifically POD (Payable on Death) and TOD (Transfer on Death) designations. I see this change happening not only when clients come into my office to review their estate planning when they are alive, but this is also being discovered after the client passes away. I ask “Why is this happening?” Do people just dislike attorneys so
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Prepare your kids for their inheritance with these tips! One of the most significant responsibilities as a parent is ensuring your children’s future, which includes preparing them for their inheritance. While the topic of children’s inheritance can be sensitive, it’s essential to approach it with care and open communication. In this blog post, we’ll explore the key steps and tips to help you prepare your children for the inevitable transition of their inheritance.
How to Prepare Your Kids for
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On November 1, 2023, the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits.  Almost all of the limits shown below have increased from last year.

Qualified Plan Limit
Cost-of-Living Adjustments

401(k) and 403(b) elective deferral limit

2023 – $22,500

2024 – $23,000

$200,000 compensation limit

2023 – $330,000

2024 – $345,000

$160,000 defined benefit limit

2023 – $265,000

2024 – $275,000

$40,000 defined contribution limit

2023 – $66,000

2024 – $69,000

$80,000 definition
Continue Reading 2024 Qualified Plan Cost of Living Increases, 2024 Social Security Taxable Wage Base

In its simplest terms, “portability” allows surviving spouses to add any unused federal estate and gift tax exemptions of their deceased spouse to their own.
The federal estate and gift tax exemption is the amount of assets that an individual is allowed to transfer from their estate to other people or entities free of federal estate and gift tax.

Prior to 2010, any part of the federal estate and gift tax exemption amount that was unused by an
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These estate planning nightmares will give you a fright if you don’t have a well thought out estate plan. As the leaves fall and the crisp autumn air surrounds us, Halloween enthusiasts aren’t the only ones eager to share spine-tingling stories. This season, we bring you a collection of estate planning nightmares that will send shivers down your spine. These real-life tales serve as cautionary reminders of the importance of thoughtful estate planning. So, gather ’round, dim the lights,
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Contesting a will is a complex and emotionally charged process that can lead to rifts among family members. The passing of a loved one is a difficult time for any family, and it can become even more challenging when disputes arise over the distribution of their estate. We’ve seen many famous examples of this from Michael Jackson, Aretha Franklin, and Whitney Houston. So what are the reasons people contest wills and how can you take proactive measures to prevent
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Estate planning is a critical process that often focuses on the distribution of assets and property among family members and beneficiaries. However, for many of us, our pets are not just animals but beloved members of the family. As responsible pet owners, it’s essential to include planning for pets in your estate to ensure their well-being and security in case of an emergency. Here we will explore the importance of including your pets in your estate planning and provide
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Let’s deep dive into the benefits and pitfalls of Payable on Death Accounts. When it comes to managing your finances and planning for the future, understanding your options is key. One financial tool that you may have come across is the Payable on Death (POD) account. Here we’ll break down what POD accounts are and explore the benefits and potential pitfalls associated with them and how they can affect your estate planning.

What is a Payable on Death (POD)
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Your estate plan should include non-financial ways to leave a legacy. Estate planning is often associated with managing one’s financial assets and ensuring a smooth transition of wealth to future generations. While financial planning is a crucial aspect, it’s equally important to consider the non-financial ways to leave a legacy. Your values, beliefs, and the impact you’ve had on the lives of others can be a profound part of the legacy you leave behind. Learn the non-financial ways to
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The best ways to leave your kids an inheritance don’t need to be as complicated as you may think. Leaving an inheritance for your children is a thoughtful and caring way to provide for their financial future. Whether you have accumulated substantial wealth or modest assets, planning how to pass them on efficiently is essential. Here are the best ways to leave your kids an inheritance while maximizing its benefits for them.
The Best Ways to Leave Your Kids
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When we think of estate planning, the image that often comes to mind is of a married couple with children, creating a will and establishing trusts. However, estate planning is not exclusively reserved for married couples. Long-term, unmarried couples can also benefit greatly from proper estate planning, and in some cases it’s even more important for those who aren’t married to have a plan. Here we’ll delve into why estate planning is essential for non-married, long-term couples and explore
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Estate planning is more than just passing on your money. When most people hear the term “estate planning,” their thoughts naturally gravitate towards financial assets, wills, and inheritances. While it’s undeniable that financial planning is a crucial aspect of estate planning, there’s a deeper dimension to consider – one that involves passing on more than just money. This broader perspective, often referred to as “legacy planning,” acknowledges that an estate encompasses not only material wealth, but also values, memories,
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