ESTATE PLANNING

Have you and your spouse coordinated your estate plans?

When it comes to estate planning, married couples often assume that simply naming each other in their wills or designating each other as beneficiaries is sufficient. However, unintended consequences can result if you and…

Members of the “sandwich generation” face unique estate planning circumstances

Members of the sandwich generation — those who find themselves simultaneously caring for aging parents while supporting their own children — face unique financial and emotional pressures. One critical yet often overlooked task amid…

Factor in GST tax when transferring assets to your grandchildren

If you’re considering making asset transfers to your grandchildren or great grandchildren, be sure your estate plan addresses the federal generation-skipping transfer (GST) tax. This tax ensures that large estates can’t bypass a round…

Sharing your estate plan’s details with family has pros and cons

When it comes to estate planning, one important decision many people struggle with is whether to share the details of their plans with family members. There’s no one-size-fits-all answer — it largely depends on…

Stepped-up basis rules can ease the income tax bite of an inheritance

With the federal gift and estate tax exemption amount set at $13.99 million for 2025, most people won’t be liable for these taxes. However, capital gains tax on inherited assets may cause an unwelcome tax…

What happens if you and your siblings inherit your parents’ home?

When estate planning, it’s common for parents to leave their primary residence or a vacation home to their children. While your parents’ wills or trusts may specify who gets what percentage of the home,…

Incentive trusts: Use them to pass your wealth and values on to beneficiaries

If your estate planning goals include distributing your wealth while also encouraging specific behaviors or achievements among your heirs, using an incentive trust might be right for your plan. Unlike a traditional trust, which…

It may be in your best interest to file a gift tax return

If you’ve given a significant financial gift to a family member, you may wonder whether you’re required to file a gift tax return. Even if no tax is due, filing Form 709, United States…

Single and child-free? Here’s why estate planning is still crucial

Even if you’re single and have no children, having an estate plan helps ensure your final wishes are clearly documented and respected. Estate planning isn’t solely about passing assets on to direct descendants; it’s…

CATEGORIES