October marks National Estate Planning Month, which makes it an ideal time to revisit your estate plan and ensure it still reflects your current wishes and circumstances. Even if your plan was thoughtfully created, life doesn’t stand still, and your documents shouldn’t either. Here are a few common reasons it may be time for a review: You’ve experienced a major life …
I’ve found that some younger Americans assume wills are for older adults with sizable estates. But the truth is that adults of all ages and income levels should have a will. Here’s why it matters, even if you’re younger and just getting started: You get to decide what happens to your stuff – Even if you don’t own a house or …
I wanted to share some thoughts that might resonate if you’re part of what’s often called the “sandwich generation” — those of us balancing the care of both children and aging parents. Supporting Everyone, Now and Later. With so many people depending on you, it’s worth considering how your estate plan could help protect assets for both generations. Some families explore …
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 …
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 …
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 …
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 …
