What’s the Difference Between an Heir and a Beneficiary?
October 18, 2024
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Learn the crucial differences between heirs and beneficiaries to ensure that your estate is passed down according to your wishes.
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Giving to My Favorite Charity in Estate Plan
December 19, 2022
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Some people choose, upon their passing, to give their inheritance to a specific charity or organization. The great news is you don’t need a famous surname to give like a philanthropist.
What are the Biggest Tax Mistakes in Wealth Transfer?
February 18, 2022
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We are approaching the biggest wealth transfer ever, as Baby Boomers prepare to hand off their life savings to their heirs. However, will their heirs actually get the full amount of the wealth intended for them…or will a large amount be lost to unnecessary taxes?
Can a Trust Be Created to Protect a Pet?
February 2, 2022
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Based on a recent survey by the American Pet Products Association, as of 2020, 70% of households in the U.S. have pets—about 90.5 million households.
Plan Carefully before Taking Out Retirement Funds
September 28, 2021
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If you think saving for retirement is complicated, try figuring out how to withdraw retirement funds while minimizing taxes.
Does a Beneficiary Designation on a Bank Account Override a Will?
August 16, 2021
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Beneficiaries, in general, are people or entities that the holder of an account designates to receive the assets in the account, typically, in the event of the account holder’s death.
What Is the Tax-Law Exception for 529 College Plans in 2021?
May 24, 2021
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Under a tax-law exception this year, clients can make a lump-sum 2021 gift of up to $75,000 to fund a 529 college savings account for a child or grandchild (or any other college-bound individual) and claim a federal gift tax exclusion for the full amount.
What Is a Holistic Estate Plan?
May 20, 2021
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No one can predict the future—and navigating that reality is precisely what makes estate planning so complicated.
RMDs are back? What Qualifies as a Qualified Charitable Distribution?
April 12, 2021
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Qualified Charitable Distributions, which allow Individual Retirement Account holders in their 70s and older to divert some of their federally taxable required distributions to charity while reducing their federally taxable income, are back after a 2020 hiatus.
Can a Charity Be a Beneficiary of an Estate?
April 2, 2021
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Ever since a group of philanthropists created the Giving Pledge in 2010, taxpayers have expressed greater interest in potential estate planning strategies that would allow them to leave a significant portion of their assets to charity upon their death.
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