In May 2021, the Biden Administration announced its “Green Books” which includes a summary of the administration’s tax proposal. Even though this is just a proposal and not actual legislation, it’s critical to understand that the administration is focused on taxing high net worth individuals at a higher rate than…
If you’re planning on making the most of estate planning, you should focus on what your goals are as well as how you can best achieve them. Life insurance plays a critical role in the estate plans of many people. To make the most of life insurance, however, it’s a…
Whether it’s the internet or on television, estate planning strategies and offers are common to encounter. Whatever strategy you end up selecting, your intentions should be captured in your estate planning documents. It’s also a good idea that no one takes advantage of you and you do everything possible to…
Estate planning is a fundamental aspect of any thought-out financial plan, but when it’s your loved ones who need to create a plan, it can be challenging to discuss this issue. One reason it’s difficult to discuss estate planning with a loved one is that this often involves confronting sensitive…
Transfer on death accounts pass on assets to an appointed beneficiary when the account holder passes away. When you establish a “transfer on death” account, assets pass directly to beneficiaries at the time of the account owner’s death. While assignments of this kind can help to avoid probate, account titling…
Many people were forced to think about how to adequately manage their estates in 2020. While a will and last testament was for many years the most common estate planning, trusts have grown in popularity. As part of a will, a person must specify how his or her properties should…
As we proceed into 2021 and emerge from the COVID-19 pandemic, many fundamental aspects of daily living have been challenged. Among many lessons people learned from the pandemic, one of the most critical ones is the importance of asset protection. Private placement life insurance provides individuals with the opportunity to…
Many people realize that life insurance can play a valuable role if someone unexpectedly passes away. What a much smaller group of people is that life insurance can play a critical role in estate planning because it can be utilized to provide liquidity when needed. With adequate estate planning,…
Business owners led hectic lives. Understandably, some things on business owner’s “To Do” lists end up getting delayed. Estate planning, however, should not be something that ends up postponed. Not only is estate planning critical for business owners, but some unique issues arise. This article reviews just some of the…
The Covid-19 pandemic has placed an increased focus on legacy planning because it has highlighted the need to make sure that your estate plan is in order. Besides the fact that more people are realizing the value of adequate estate planning, other advantages like all-time high estate tax exemptions make…