The IRS adopted the portability of deceased spousal unused exclusions on July 8, 2022. This adjustment made it easier than ever for high-net-worth married couples to avoid paying federal estate taxes. Understanding the Portability of a Deceased Spousal Unused Exclusion…
Generally, a fiduciary is an individual, professional, or organization legally required to act in the best interest of the person appointing them. Carrying out the terms of a will or trust or making medical or financial decisions on behalf of…
Approximately half of US adults have a will, and many believe that an estate plan is unnecessary because they have a will. Although this belief is untrue, it may be the leading reason why only 33% of US adults have…
In estate planning, the goal is to protect your assets, interests, and loved ones after you pass away. Sadly, many individuals make costly mistakes without proper advice and guidance from a qualified estate planning attorney. Beyond undermining your intent and…
It is important to carefully consider estate planning with your spouse or life partner and to have a discussion about it. Before meeting with an estate planning attorney, it is best to discuss your ideas to present a united goal.…
As the Internet of Things (IoT) becomes increasingly intertwined with our lives, it is more important than ever to identify and manage your digital property. From smart home devices to online investments and bank accounts, we’ve gone way beyond using…
In a will, you can stipulate who receives your assets and properties after you die, and the will is legally binding when properly filled out. Your will names a personal representative (executor) who will carry out your directives. In addition…
You can minimize or avoid probate entirely by working with an estate planning attorney. Probate proceedings are part of the public record and can be very time-consuming and expensive. However, in nearly every case, some probate is necessary, so it…
Everyone who wants to protect themselves and their families needs an estate plan. Making sound decisions regarding finances and healthcare can become challenging as you age due to diminished mental capacity or declining health. Putting these five must-have legal documents in…
In estate planning, you probably have questions about how your assets should be distributed and who should handle this task, no matter where you are in the process or just starting to consider your options. A trust can be a…