Estate Planning 101 Presentation – August 28 and 29, 2023
You planned for a babysitter. You prepared 100 pages of instructions for the babysitter. You went to dinner at a restaurant and the first thing you did was to call home and ask how things were going. What kind of planning have you done for when you are deceased and can not call home to ask how things are going? Estate Planning 101 presentation by Charles E. Dorwart at …
IRS Raising Annual Gift Tax and Estate Tax Exclusions in 2023
Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases. Gift Tax Annual Exclusion Effective January 1, 2023, the gift tax annual exclusion will increase from $16,000 (2022 number) to $17,000 …
What You Should Know About Required Minimum Distributions
Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. RMDs begin when a person reaches either age 72, 70½ if they reached this age before January 1, 2020, or the year in which a person retires (if after age 72). There are some exceptions. In the case of an IRA or …
What Does It Mean to Be Estranged?
Estrangement refers to a breakdown in a relationship, such as a relationship with a spouse or family member, where there is no longer any communication, or communication has become hostile, and the individuals lead separate lives. Although estrangement can significantly impact individuals’ lives, it is not a legal term and, in many cases, might not have a legal effect. Suppose …