Estate Planning Archives - Page 3 of 4 - Law Offices of Clifford M. Cohen

D.C. Estate Tax Exemption Reduces Significantly in 2021

Posted on December 10, 2020

Have you heard that a significant change in D.C.’s estate tax exemption is coming for 2021? Back in August of 2020, the mayor of the District of Columbia signed into law the Estate Tax Adjustment Act of 2020. While the current 2020 D.C. estate tax for...

Using Your 529 Savings Plan as an Estate Planning Tool

Posted on September 24, 2020

Were you aware that many parents use 529 savings plans as a way to let their child’s college funds grow tax-free? These plans, however, may not be just for parents, and they do not have to be used by a specific beneficiary. There are potentially huge benefits to using your 529 savings plan as...

Ways Leaving Money to a Charity Can Benefit Your Estate

Posted on September 23, 2020

If a charitable cause is near to your heart, it may be likely that you will donate time and money during your lifetime. Giving while you are living also comes with the benefit of a charitable tax deduction. Although this may be what many people focus on when making donations, there are many other...

Potential Estate Planning Opportunities in 2020 to Implement Now

Posted on September 22, 2020

With the stock market soaring and diving and the news in 2020 overtaken by Covid-19, a presidential election, and natural disasters nationwide, estate planning may be the furthest thing from your mind. But now may actually be a great time to plan for the future. Here are some things to consider: The annual gift tax...

Doctors Increasingly Urge Americans to Create Living Wills

Posted on July 27, 2020

Despite CDC guidelines, face mask requirements, and lockdowns, COVID-19 continues to spread aggressively in America. Doctors are seeing patients in all age groups suffer from horrible complications, and they are urging them to create...

Deciding Between a Trust and a Will During the Pandemic

Posted on July 20, 2020

Knowing what will become of your assets and making the grieving process easier on your loved ones will give you peace of mind during a time of uncertainty. If you’re considering whether to draft a will or establish...

How State Laws Are Limiting Estate Planning During COVID-19

Posted on July 13, 2020

As COVID-19 continues to spread and take lives, an increasing number of people are thinking about estate planning. The threat of COVID-19 is causing more people to worry about having their estates in order and authorizing people...

Does your Estate Plan Cover Incapacity During lifetime?

Posted on August 31, 2017

Most of us think that we have created a comprehensive estate plan if our plan covers all occurrences that may arise after our death. Unfortunately, this is a dangerous mistake. Estate planning is not limited to death planning. There are several ways in which your estate plan can drastically impact you and your loved ones’...

Estate Planning Deficiences of “I Love You” Wills

Posted on June 7, 2017

No aspect of estate planning brings out as much emotional decision-making as the division of assets. Many people think, "I love you", so I will leave you everything. In order to understand why "I love you" wills are, contrary to their name and not the most caring...

Estate Planning and Asset Protection for Retirement Accounts

Posted on April 25, 2017

For many estate planning clients, their retirement account represents the majority of their wealth. Typically these accounts are held in "tax qualified plans" such as a 401(k), or an IRA. Because they are not subject to income tax until withdrawn -- typically at age 70 1/2 -- they provide the ability to accumulate large amounts of wealth during one's lifetime. In...