ESTATE PLANNING Archives - Monroe Moxness Berg

When the IRS Goes Viral: What You Should Know about Revenue Ruling 2023-2

It is not every day that my social media feed is filled with memes, click bait, and TikTok videos about IRS rulings, but Revenue Ruling 2023-2 caused enough shock and panic to go viral….

What are the pros and cons of custodial accounts for minors?

Setting up an investment account for your minor child can be a tax-efficient way of saving for college or other expenses. And one of the simplest ways to invest on your child’s behalf is…

QTIP trust: Strange name, powerful trust

Granted, a QTIP trust is an odd sounding name for an estate planning technique. Nevertheless, it can be a valuable strategy, especially if you’re currently in a second marriage. The QTIP moniker is an…

Did your spouse’s estate make a portability election? If not, there may still be time

Portability helps minimize federal gift and estate tax by allowing a surviving spouse to use a deceased spouse’s unused gift and estate tax exemption amount. Currently, the exemption is $12.92 million, but it’s scheduled…

Life insurance can be a powerful estate planning tool for nontaxable estates

For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. It’s been particularly valuable for business owners, whose families might…

To avoid confusion after your death, have only an original, signed will

The need for a will as a key component of your estate plan may seem obvious, but you’d be surprised by the number of people — even affluent individuals — who don’t have one….

Yes, you still need an estate plan even if you’re single, without children

There’s a common misconception that only married couples with children need estate plans. In fact, estate planning may be even more important for single people without children. Why? Because for married couples, the law…

How can an estate plan be kept vital after death?

When a loved one passes away, you might think that the options for his or her estate plan have also been laid to rest. But that isn’t necessarily the case. Indeed, there may be…

The time to make health care decisions is when you’re healthy

When it comes to estate planning, your ultimate goal likely is to provide for your family after your death. To achieve this goal, consider placing assets in an irrevocable trust to protect against creditors…

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