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) refers to the tax imposed by the US government on transfers of property that skip a generation of heirs. Its primary design is to prevent wealthier individuals from avoiding estate and gift taxes by transferring large amounts of assets to their grandchildren, bypassing their children. The GST tax applies on top of …
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 …
Tax Law Changes Affecting Retirement and Estate Planning Read More »
There are increasing numbers of adults with disabilities in the US, and parents planning for an adult child’s future well-being is a responsive, ongoing process as their disability needs may change. A Journal of the American Medical Association reports the life expectancy of adults with Down Syndrome has increased from 25 in 1983 to 60 …
Building a Support System for Adult Children with Disabilities Read More »
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 …