Estate Planning

While the current estate tax exemption is quite high, a closely held family business may put your estate over the limit. Careful planning is necessary to lower or completely avoid the tax, and minority valuation discounts are one strategy.

Passing assets to your grandchildren can be a great way to secure their future. A generation-skipping trust can help you accomplish this goal while reducing estate taxes and providing for your children. ...

Directed trusts can be a useful estate planning tool, allowing you to place your family’s property in a trust with the help of a professional advisor who knows how to handle certain trust functions effectively.

A recent court case involving a power of attorney demonstrates the problem with using online estate planning forms instead of hiring an attorney who can make sure your documents are tailored to your needs.  ...

A new survey has found that motivated in part by the coronavirus pandemic, younger adults are now more likely to have a will than middle-aged adults. Nevertheless, the overall percentage of Americans with a will has dropped over the past...

The federal estate tax exemption only affects significant estates. If your property and investments exceed 12.92 million in 2023, find ways to minimize taxes, like setting up an irrevocable life insurance trust.

Vermont senator Bernie Sanders has introduced legislation that would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently enjoy.  ...

Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Setting up an irrevocable trust may be a better way to preserve assets for the future. ...

If you want to make a gift to family members but have exceeded the annual gifting limit, there is another way. Payments for a family member’s education or health care expenses are exempt from the gift tax. ...