The stock market over the last ten years has increased the valuation of many retirement accounts. Consequently, many people interested in estate planning are focused less on internal growth necessary for succession planning than at other times. Inflation is much like gravity. Both rise and fall. With inflation occurring at…
New York’s estate tax cliff can lead to heirs in the state paying estate tax at a rate that surpasses 100%. The existing per-person New York state estate tax exemption is $6.11 million. This is the amount that a person can pass on to heirs at his or her time…
If you’re creating a plan for what will happen to your estate after you pass away or become incapacitated, you’ve likely familiar with the advantages you can realize by creating a living trust. Items positioned in a trust do not pass through probate, which can be a costly and time-intensive…
Estate planning relies on a countless number of assumptions. One assumption is that assets only flow in one direction: from older person to younger person. In reality, this does not always have to be the case. By making the most of some unconventional estate planning techniques, people can realize some…
Estate planning is not written in stone. Instead, estate plans should be reviewed and reconsidered when various major life events occur. This article reviews some of the big life changes that should cause you to review the terms of your estate plan. This article reviews some of the things you…
Even if you’ve already abandoned your New Years’ resolution, you should still do your best this year to focus on your loved ones and what’s best for your future. One of the best things that any of us can do during times of uneasy political or economic times is to…
You might have considered utilizing a living trust. Often, these trusts are a good idea if a person wants to maintain assets for loved ones without subjecting assets to significant taxes or probate. In reality, however, people often forget a whole range of other types of trusts including revocable and…
The South Dakota Supreme Court recently reversed a circuit court’s order denying a petition pursuing appointment of a special administrator to seek a wrongful death claim for a deceased man’s estate. The Supreme Court held that the circuit court abused its discretion in failing to address certain discovery motions before…
In the recent case of Rickard v. Coulimore, the plaintiff purchased the subject residential real estate from a living trust. The plaintiff then initiated against the trust owners over damages connected to defects in the property that they had failed to disclose. The Oklahoma Supreme granted certiorari to assess an…
In 2022, the annual exclusion for federal Gift Taxes was increased to $16,000 per individual annually. Even though a near-universal acceptance exists that gift-giving can play an important role in estate planning, a person should consider various issues before making gifts. The way that gifts are made can have a…