You spend the first half of your adult life trying to achieve financial security and the second half of your life trying to maintain it. This adage is why many people spend substantial time and effort maximizing their legacy goals in their estate plan, ensuring their...
Serving as a trustee of a trust can be a huge responsibility, so trustees are entitled to compensation for their work. The amount of compensation depends on the type of trustee and the complexity of the trust. Depending on the trust, a trustee’s duties can include...
While everyone should have a durable power of attorney that appoints someone to act for them if they become incapacitated, in some circumstances it is not enough. In these cases, a revocable trust can help. A durable power of attorney allows you to appoint someone you...
Elder law and estate planning serve two different — but equally vital — functions. One main difference is that elder law is focused on preserving your assets during your lifetime and managing health care issues that arise or incapacity issues, while estate...
The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual. The IRS’s announcement that the annual...
Limited Liability Companies (LLCs) are an important tool for small business owners, but they can also be useful in estate planning. An LLC can help you pass assets to your children while avoiding gift and estate taxes. An LLC is somewhere between a partnership and a...
