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What are the Current Gift Tax Limits?

In 2017, Congress doubled the exemption starting in 2018, and the amount will continue to rise with inflation through 2025. This expansion helped reduce the number of taxable estates to about 1,300 for returns filed in 2020 from about 5,200 in 2017, according to the latest IRS data.

Posted on: April 11, 2022

Should I have a Discretionary Trust in My Estate Plan?

A discretionary trust is a type of trust that can be established on behalf of one or more beneficiaries.

Posted on: April 8, 2022

Why Shouldn’t I Wait to Draft my Will?

It’s an important task that is easy to procrastinate. However, here is why you shouldn’t:

Posted on: April 7, 2022

What are the Pitfalls of a Charitable Remainder Trust?

A charitable trust can be set up in different ways and have various tax impacts. Two common types are the charitable remainder trust and the charitable lead trust. There are also variations within these categories.

Posted on: April 6, 2022

How Does Gift Tax Exclusion Work?

In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.

Posted on: April 5, 2022

What are Biggest Estate Planning Mistakes?

Beyond not making a will at all, here are the biggest mistakes that estate planning attorneys see clients make.

Posted on: April 4, 2022

Is It Important for Physicians to Have an Estate Plan?

Given their salaries and the chances of getting sued, physicians should strongly consider estate planning early in their careers.

Posted on: April 1, 2022

How Do I Protect Myself and My Children in a Second Marriage?

Who’s going to inherit on the death of one of the re-marrieds? Will this be the surviving spouse? If so, where will those inherited monies go on the second-to-die’s death?

Posted on: March 31, 2022

What are My Responsibilities if I’m Named an Executor?

If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility. While you have the option of declining the request, the person reaching out likely considers you to be responsible and detail oriented. An executor of an estate typically helps file paperwork, close accounts and distribute the assets of the deceased.

Posted on: March 30, 2022

What Can I Do Instead of a Stretch IRA?

Leaving behind a huge tax bill for your heirs with the stretch IRA scuttled? Here are some ways around it as lawmakers consider an updated SECURE Act.

Posted on: March 29, 2022