Estate Planning

Vermont senator Bernie Sanders has introduced legislation that would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently enjoy.  ...

Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Setting up an irrevocable trust may be a better way to preserve assets for the future. ...

If you want to make a gift to family members but have exceeded the annual gifting limit, there is another way. Payments for a family member’s education or health care expenses are exempt from the gift tax. ...

While a will is one of the most important estate planning documents you can have, it only deals with what happens after your death. A comprehensive estate plan also protects you and your family while alive.

Long-term care involves a loss of personal autonomy and comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations.

While it remains unclear exactly what tax changes President Biden’s administration will usher in, two possibilities are that it will propose lowering the estate tax exemption and eliminating the stepped-up basis on death.

Don’t assume your estate will automatically go to your spouse when you die. If you don’t have an estate plan, your spouse may have to share your estate with other family members. Make it clear where your property goes.

While you may not legally require all new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney. State laws can affect how wills and trusts work.

Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. Different types of policies can provide a variety of options and benefits that offer cash and revenue streams.