Category: Estate Planning FAQ

If you own your home and are thinking of selling, it can be important to understand the home sale tax exclusion so you can maximize your tax benefits. Did you know your exclusion may be up to $250,000 in capital gains if you are single, or...

For many people, pets are like members of the family. Perhaps you have wondered what will become of your beloved companion if you become incapacitated and after you pass away? A pet trust could provide the answer. Let’s take a look at three reasons why you may want to consider a pet trust. First, a...

Congress sets the amount that an individual can transfer tax-free either during life or at death. The current estate tax exemption is so high that very few estates will have to pay an estate tax. In 2017, Republicans in Congress and President Trump doubled the federal estate tax exemption and indexed it for inflation. In...

While a will is one of the most important estate planning documents you can have, there are things that it won’t cover. A will is just one part of a comprehensive estate plan. 

A will is a legally-binding statement directing who will receive your property at your death. It is also the...

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. 

If you die without an estate plan, the state will decide where your assets go. Each state has...

While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home. The Constitution of the United States requires that states...

A new administration usually means that tax code changes are coming. While it remains unclear exactly what tax changes President Biden’s administration will usher in, two possibilities are that he will propose lowering the estate tax exemption and eliminating the stepped-up basis on death. The first would affect only multi-millionaires,...

Pets are members of the family, so it is important to consider how to provide for them in your estate plan just as you would the human family members. While we may think of pets as part of our family,...

Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. There are two main types of life insurance: term and permanent. Term life insurance is the simplest: You buy a policy for...

Credit shelter trusts are a way to take full advantage of state and federal estate tax exemptions. Although such trusts may appear needless unless you are a multi-millionaire, there are still reasons for those of more modest means to do...