After a divorce, it is important to update your beneficiary designations and power of attorney for healthcare/finance. Although many are quick to update, it is imperative that you do not name your minor children as direct beneficiaries. The reason is two-fold. First, children will not be able to access funds until they reach 18...Read More
Revocable trusts are a great way to avoid probate for assets titled to the trust, consolodate assets, and provide management of assets in periods of incapacity. Learn more at the link below. https://www.forbes.com/sites/frankarmstrong/2019/02/20/revocable-trusts-the-swiss-army-knife-of-financial-planning/#2f662a8429ebRead More
I had many clients, in addition to age restrictions, insist on trust provisions that restrict, incentivize, or otherwise reward behaviors of their intended beneficiaries. This concept is not new, especially today, where clients believe their children or grandchildren are spoiled, will live above their means, lack motivation and basic life skills, and basically do not...Read More
Absolutely! As of January 1, 2018, the federal estate tax exemption amount will rise to $5.6 million, up from $5.49 million in 2017. The annual exclusion amount for gifts in 2018 will increase to $15,000, which is up from $14,000 for gifts in 2017. This means that individuals can gift $15,000, and couples can gift...Read More
With the high estate tax applicable exclusion amounts, which may become infinitely higher in the coming months (a married couple can currently pass about $11 million tax free), and the American Taxpayer Relief Act allowing “portability” (the estate of the deceased spouse who did not use their $5.49 million exemption to pass the remaining amount...Read More
