The 2017 Tax Cuts and Jobs Act had doubled the amount for paying estate tax. Now that advantage is dur to expire in 2025, dramatically reducing the tax exemption. While only high not clients will be directly affected, all clients need to review their estate and tax planning.
Estate planning is about decisions, not about documents, and decisions are weighted on a scale of importance in each situation..
Big conversations about money and estate planning need to take place between – and among – grandparents, parents, and children. Family conferences make settling elders’ affairs much simpler and help avoid bitter misunderstandings.
The timing of charitable gifts can make a big difference in both tax planning and gift impact.
The increase in longevity has created many estate planning “dilemmas” and “ethical issues”….
While estate planning includes the topic of death, there is positive psychology involved and benefits for both family members and the person engaged in the process.
It’s important to plan specifically for what will happen to your home after you die.
Estate planning, especially now that life expectancy has increased so much, involves several generations, each with their own needs. Family dynamics are involved in each decision.
Landing and giving money to family members can carry emotional baggage, but is still useful in estate planning.
Three true tales illustrate the important of followup and communication when it comes to helping estate planning documents do their work when the time comes….
