An estate plan distributes assets according to your wishes and ensures loved ones are cared for after your death. It requires organization and strategy and begins with 5 Major Components of Estate Planning, these are the key legal documents that can address many areas of estate planning concerns. Proper estate planning can provide tax savings
Generation-Skipping Transfer (GST) Tax: What You Need to Know Generation-skipping transfer (GST) tax is a federal tax on transfers of property that skip a generation of heirs. Its purpose is to prevent wealthy individuals from avoiding estate and gift taxes by transferring assets directly to grandchildren or other “skip persons,” bypassing their children. The GST
Tax provisions recently made their way into the Inflation Reduction Act (IRA), which became law in August 2022, along with the SECURE 2.0 Act in December 2022. Lower-income household tax code changes will automatically take effect. Households of higher income and net worth may want to review their retirement and estate plans to see if changes are
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Planning for the Future of an Adult Child with Disabilities More adults with disabilities are living longer, which makes future planning critical for parents. Creating a plan is an ongoing process that adapts as your child’s needs change. The Journal of the American Medical Association reports that life expectancy for adults with Down syndrome jumped
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Estate administration refers to managing and distributing a deceased person’s assets in the US. This process typically includes identifying and inventorying the decedent’s assets, paying debts and taxes, and distributing any remaining assets to the beneficiaries named in the decedent’s will. Without a valid will, actions are taken to comply with state intestacy laws. The