Start 2023 Prepared: Reassess What Matters Most
If we have learned anything these past few years, it’s that life is fleeting. Amid such uncertain times, many of us have realized what – and who – truly means the most to us. Estate planning allows you to reflect on your family, your priorities, and what actions you can take now to secure your […]
IRS Raising Annual Gift Tax and Estate Tax Exclusions in 2023
Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases. Gift Tax Annual Exclusion Effective January 1, 2023, the gift tax annual exclusion will increase from $16,000 (2022 […]
IRS: You Can Contribute More to Retirement Starting in 2023
In October 2022, the Internal Revenue Service (IRS) announced contribution limitation adjustments for employee retirement plans in response to inflation. The IRS issued Notice 2022-55, which describes cost-of-living adjustments for retirement and pension plans. The changes are effective January 1, 2023. Increases to Contribution Limits for Retirement Plans in the New Year Beginning in 2023, workers’ […]
No Will or Living Trust? You’re Putting Your Kids at Risk
Many people delay the conversation or thoughts of having to prepare a will. Confronting the possibility of one’s death is not easy. However, as the recent death of Anne Heche shows us, not having a will can place a significant burden on your children and cause undesirable complications. Even if difficult, planning may be a […]
What Are Survivor Benefits?
The Social Security Administration provides four types of Social Security benefits: retirement, disability, dependents, and survivor benefits. Survivor benefits are available to the children and spouses of deceased individuals who qualify. If you qualify for retirement or disability benefits, your spouse and children have the right to obtain survivor benefits when you pass away. You […]
