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…
“I’m proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money.” Entertainer Arthur Godfrey The irrevocable life insurance trust (ILIT) can be an important estate strategy tool that may accomplish a number of estate objectives; however, it may not be appropriate for every…
Many of us hope to leave something behind for our loved ones when we pass away. But the probate process is complex. To understand how to better manage potential probate fees, let’s explore what probate is and how the process works. What Is Probate? Probate is the legal process that wraps up a person’s…
Once an estate strategy is in place, it should only require periodic reviews to check that it still reflects your wishes. However, life events such as marriage, divorce, births, deaths, relocations, health changes, business sales, and changes in tax law may prompt you to reconsider part of your overall strategy. The world of estate strategies…
Have you considered using a Donor-Advised Fund (DAF) as part of your charitable gifting strategy? A DAF is a charitable giving account that offers flexibility and tax planning opportunities, while maximizing your gift. You can contribute an array of assets and receive an immediate tax deduction. After funding the account, you can decide when and…
Are you making charitable donations at year’s end? If so, you should know about some of the financial “fine print” involved, as the right moves could potentially bring more of a benefit to both you and your chosen charity. Keep in mind, this article is for informational purposes only and is not a replacement for…
Why sell shares when you can gift them? If you have appreciated stocks in your portfolio, you might want to consider donating those shares to charity rather than selling them. Donating appreciated securities to a tax-qualified charity may allow you to manage your taxes and benefit the charity. If you have held the stock for…
With the passage of the “One Big Beautiful Bill” one of the largest outstanding questions in estate planning has been settled (for now at least). The exclusion amount for gift and inheritance taxes is now set at $15 million dollars per person in 2026 and will be increased with inflation beyond that. A married couple…
Do you know what Jimi Hendrix, Aretha Franklin, and Prince all had in common other than music? They passed away without a will or proper estate planning, leaving their families to navigate the lengthy and often stressful probate process. (source) Losing a loved one is hard enough without the added cost, delay, and public scrutiny…
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…