Estate Planning

The IRS Will Tax Less of an Estate in 2023

By |2022-11-16T11:54:21-05:00November 16th, 2022|Estate Planning, Financial Planning|

In 2012, the American Taxpayer Relief Act (ATRA) established, for the first time, a permanent estate tax and gift tax exemption. The exemption is the amount an individual can pass on at death without paying estate taxes. The legislation set the exemption at $5 million per person, indexed for inflation. Five years later, Congress decided the exemption was not large [...]

Gifting Just Got More Generous for 2023

By |2022-10-05T13:40:28-04:00October 5th, 2022|Estate Planning, Financial Planning|

If you’ve been gifting money each year to people you love, or using gifting as a planning tool, it’s about to get even better. In 2023, the amount you can give away takes a healthy jump and as long as your generosity doesn’t exceed the limit, you should stay off the IRS radar. In 2023 the new annual exclusion moves [...]

Inherited Health Savings Accounts—Not a Beneficiary’s Best Friend

By |2022-06-22T12:09:46-04:00June 22nd, 2022|Estate Planning, Financial Planning|

The Health Savings Account has been a wonderful addition to the financial landscape of people who are eligible for one.  They’re often thought of as a way to pay for qualified medical expenses with pre-tax money during your working years for things like deductibles, copays, and non-covered items—in other words, things not covered by insurance. You can’t make contributions to [...]

Preparing for Diminished Capacity—Just in Case

By |2022-06-13T11:35:18-04:00June 13th, 2022|Estate Planning, Financial Planning, Retirement|

It’s been pounded into us that having a successful retirement requires advance planning—financial planning, Social Security planning, retirement income planning, and estate planning. And now, there’s another component to be considered—planning what happens in the event you have a decline in mental capacity. The Administration for Community Living estimates there are 54.1 million Americans who are 65 years old or [...]

Revocable vs Irrevocable Trusts

By |2022-05-09T11:56:13-04:00May 9th, 2022|Estate Planning, Financial Planning|

My, how things have changed. When I was growing up, if you found out someone had a trust, well, that person must be rich—they must be a millionaire (that’s back when a million dollars was really worth something). Today, though, trusts of all kinds are a common planning tool providing specific benefits to a multitude of situations. But boil it [...]

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