White Elephant Inheritance
Have you ever had to deal with a “white elephant”? Not the actual pachyderm, but what Merriam-Webster calls “a property requiring much care and expense yielding little profit” or, more simply, “something of little or no value.” Of course, we’re not talking about the sort of “white elephants” you might get in a humorous gift […]
ViewEstate Strategies of the Rich and Famous
How the Queen of Soul, the Lizard King, and Other Celebrities Determined Their Legacies Famous people are all too human. Tabloid newspapers and celebrity magazines and websites make bank chronicling their every moment, from going out for a coffee to attending glamorous premieres and glitzy concerts. And, yes, whenever they make a mistake, those […]
ViewAre You Prepared for an Estate Tax Sunset?
The federal estate tax threshold rose to $25.84 million in 2023 for married couples and $12.92 million for individuals, as part of the Tax Cuts and Jobs Act (TCJA). Like several TCJA provisions, the higher estate tax limit is due to sunset in 2025. Barring congressional action, the exemption amount will return to about $6.8 […]
View3 Estate Challenges for Blended Families
Preparing your estate can be complicated, and if you’re a part of a blended family, estate decisions can be even more complex and nuanced. Blended families take on many forms but typically consist of couples with children from previous relationships. Here are a few case studies to help illustrate some of the challenges. Case Study […]
ViewManaging an Inheritance
Inheriting wealth can be a burden and a blessing. Even if you have an inclination that a family member may remember you in their last will and testament, there are many facets to the process of inheritance that you may not have considered. Here are some things you may want to keep in mind if it […]
ViewA Checklist for When a Spouse or Parent Passes
When you lose a spouse, partner, or parent, the grief can be overwhelming. In the midst of that grief, life goes on. There are arrangements to be made, things to be taken care of – and in recognition of this reality, here is a checklist that you may find useful at such a time. First, gather […]
ViewManaging the Risk of Outliving Your Money
“What is your greatest retirement fear?” If you ask some pre-retirees this question, “outliving my money” may be one of the top answers. In fact, 45% of workers say they fear outliving their savings and investments.1 Retirees face greater “longevity risk” today. The Census Bureau says that Americans typically retire around age 62 for women and 65 […]
ViewWhen Heirs are Imperfect
Passing your estate to an heir with credit problems or a gambling or alcohol addiction might not only lead to that wealth being squandered, but the inheritance could worsen the destructive behaviors. Of course, you don’t want to disinherit your child simply because of their personal challenges. There are potential solutions that allow parents to […]
ViewFour Steps to Valuing an Estate
Determining the value of an estate is a fundamental first step in estate management and a critical requirement for settling a decedent’s estate.1 How to Assess the Value of an Estate Assessing the precise value of an estate can be complicated, especially when settling an estate. Please consult a professional with estate expertise regarding your […]
ViewFour Reasons Millennials Need an Estate Strategy
You’re young, have little in savings, and might not have anyone relying on you, financially. So, why do you need to think about estate management?1 Here are four great reasons: Estate Strategies: They’re Not Just for the Elderly A medical directive and health care durable power of attorney can ensure that you are provided the […]
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