Estate Planning

Betty White—A Financially Savvy Celebrity

By |2023-02-09T09:39:32-05:00February 9th, 2023|Estate Planning, Financial Planning|

Celebrities are often placed on a pedestal because of their success and their extraordinary talent—people like Elvis, Aretha Franklin, Prince, Michael Jackson, Howard Hughes, Pablo Picasso, Bob Marley and Jimi Hendrix. They were gifted and they made boat-loads of money doing what they did best. But making money has no correlation to handling money. And in the case of everyone [...]

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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