As the cost of college tuition skyrockets, parents and grandparents can take advantage of tax-efficient 529 plans and higher limits on gift and estate taxes.
The federal gift, estate, and generation-skipping transfer (GST) tax exemptions and the annual exclusion from gift tax are historically high due to a temporary increase under the Tax Cuts and Jobs Act.
In the realm of estate planning, a common adage rings true: “Failing to plan is planning to fail.” As an experienced estate planning attorney, I’ve witnessed firsthand the turmoil and heartache that can ensue when individuals neglect the crucial step of…
Residual income, especially prevalent in the entertainment industry, refers to ongoing payments received for work done in the past. This income can stem from royalties in TV shows, movies, music, or books. A notable example is the late Matthew Perry, whose role in Friends brought him substantial residuals, as highlighted in a CNBC article. The Importance of Estate Planning for Residual Income For individuals with significant residual income, estate planning is crucial. It ensures that their assets are distributed according to their wishes and can help mitigate complex legal and financial issues after their passing. Case Study:…
The sandwich generation, a term for individuals juggling the care of their children and aging parents, faces unique challenges. This demographic, typically in their 30s and 40s, is experiencing a rise due to later childbirth and an aging population, compounded by the recent pandemic’s impact on long-term care facilities. Effective estate planning for the sandwich generation is critical in managing these dual responsibilities. Understanding the Demographics and Trends Significant societal trends influence the increasing numbers of the sandwich generation. Understanding these trends is essential for tailored estate planning strategies. The Importance of Estate Planning for the Sandwich Generation Estate planning…
Estate planning is a vital aspect of financial management, ensuring that your assets are distributed according to your wishes after your passing. Incorporating charitable giving into your estate plan can be a fulfilling way to leave a legacy, while reaping tax benefits. This article delves into the intersection of charitable giving and estate planning…
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