While it may feel premature to consider your 2023 taxes, now that the year is wrapping up, it’s an ideal moment to examine your finances and make strategic decisions that could reduce your tax burden in April.
Don’t wait until the last minute for year-end tax planning. You can begin taking thoughtful steps now. In this blog series, we’ll outline eight important actions you can take in this final quarter of the year to cut down on your 2023 taxes. READ MORE
In today’s digital age, information is readily available online. However, there remain misconceptions about estate planning. Many of us don’t invest time in understanding it, possibly because we underestimate its necessity and the advantages it offers. There are common misunderstandings about estate planning: assuming a will bypasses probate, thinking that marriage ensures automatic inheritance, and believing that minimal assets mean no need for an estate plan.
Being educated about estate planning is crucial to avoiding potential complications in terms of time, money, and emotional distress. Take a moment to grasp the significance of an updated estate plan – it not only addresses post-mortem matters but also provides protection in the event of incapacitation for both you and your loved ones. READ MORE
When life circumstances change, you may alter the decisions you have made in your estate planning documents. You might choose to revoke your will at some point. But what if you have a change of heart and want to reinstate it? There are different ways to revive a revoked will.
Depending on the laws of your state, you may have several choices for legally reinstating a previously revoked will. This can be done by either revoking the new will that cancelled the old one, expressing your intention to revive the old will, or re-executing the originally revoked will. READ MORE
The fall season is a beautiful time of year, yet it signals the start of flu season, potentially endangering your elderly loved ones. Thankfully, there are ways to guarantee their safety in the colder days ahead, such as being prepared to assist with their health and financial matters.
A Healthcare Power of Attorney (POA), also known as a Medical Power of Attorney, is a legally binding document that grants authority to a trusted individual to make medical decisions on your behalf in the event that you are unable to do so. If your elderly loved one has yet to establish a Healthcare POA, it is advisable to take the necessary steps to create one promptly. READ MORE
You can make your estate plan whenever you’d like, but many opt to start earlier. Why? Because unexpected health or financial crises might arise, necessitating someone to handle your affairs while you’re alive. When Should You Start? The right time to begin estate planning depends on your aims and the extent of your assets. If READ MORE
As a responsible parent, you may have contemplated the crucial task of designating permanent legal guardians for your child in the event of unforeseen circumstances. If you have not yet taken this step, consider this a timely reminder to do so, ensuring your child’s well-being and security should the unexpected occur.
However, there are situations where designating permanent legal guardians for your child may not suffice to ensure that your children receive the care and upbringing you desire from the individuals you trust. In some instances, there may even be a potential risk of your children coming under the care of unfamiliar or undesirable individuals. READ MORE
As a business executive, your daily life revolves around strategizing, setting goals, and ensuring the success of your organization. However, have you ever considered applying these skills to protect your personal assets and provide for your loved ones in the future?
In this article, we will explore various strategies and goals that business executives should consider when looking ahead to safeguard their hard-earned wealth and ensure their family’s financial well-being. READ MORE
Are you surprised to see a Trust on our list before a Will? Here’s why a Trust is next on your to-do list. If you are newly married, there’s a strong likelihood that you are relatively young in your life and your career, which means there will be many changes in your assets, family, and wishes as the years go by.
Or, you might be re-marrying or getting married later in life and already have a well-established home, financial portfolio, and family that you are now combining with your partner’s life. READ MORE
Co-buying a home with a partner, relative, or friend can reduce the costs of the down payment, mortgage payments, utilities, and other household expenses for each buyer, while allowing them to build home equity. Some co-buyers may not even want to live in the home. Their goal may be to rent it out or flip it for a profit.
Home co-ownership can present problems as well. If one buyer has a bad credit score, it can negatively affect another buyer’s mortgage terms. And if one party cannot meet their financial obligations, the other party could be on the hook for the budget shortfall. READ MORE
Wedding season is winding down, and if you are a newlywed or are planning to tie the knot soon, it’s time to make your first legal move as a married couple – creating an estate plan. With all the joy and happiness a new marriage brings, planning for your potential incapacity and future death may feel out of place, but creating your estate plan as part of your post-nuptial to-do list is the greatest gift you can give your new spouse.
A lot changes once your marriage is official, but how you and your spouse want your finances to be managed or how you would want medical decisions to be made for each other are not automatically documented when you say “I do.” READ MORE
Unfortunately, rifts sometimes arise between family members that are much more serious than just temporary squabbles. The result may be estrangement, defined as “the state of being alienated or separated in feeling or affection; a state of hostility or unfriendliness” or “the state of being separated or removed.” Estrangement does not mean that the relationship has come to an end legally, however.
A husband may move out of the home he shared with his wife and have limited or no contact with her or their children. A child who has been abused may live with a relative and avoid contact with their parent. A parent may choose not to associate with a child who has committed crimes or abused their trust. These types of situations are unfortunate and occur more often than we would like. READ MORE
You don’t have to be a famous producer or household name to own intellectual property. If you create music, own a business, write stories, or build gadgets in your garage, you almost certainly have intellectual property. However, because intellectual property is intangible, it’s often overlooked in estate planning.
And if you do have intellectual property, it may hold significant sentimental and even monetary value for you and the people who love you. Without properly planning for these works in your estate plan, your family could lose these valuable assets forever. READ MORE
People often engage in transactions that result in money being owed to them, such as loaning money to a friend or business partner or renting a house to a tenant. But what happens if someone passes away before they receive the money owed to them? Can someone else collect these debts? If your loved one has died and you think they were owed money at the time of their death, keep the following information in mind.
The fact that someone dies does not mean that the outstanding debt owed to them disappears or is no longer owed. The debt survives the death of the creditor and is then owed to the deceased creditor’s estate. In fact, a debt that is owed to the estate is considered an asset (i.e., money and property) of the estate. READ MORE
Imagine opening your inbox to an urgent email from a seemingly legitimate source – perhaps your bank, a popular online retailer, or even a social media platform. The message claims there has been suspicious activity on your account and urges you to click a link or provide sensitive information to verify your identity. This is the classic phishing email – a crafty attempt to deceive you into revealing your personal data.
Phishing has been around since email became mainstream, but what has changed is the depth to which scammers feign legitimacy. Even if you or your parents are familiar with phishing email schemes, new approaches and advances in technology are making it harder than ever to detect a phishing email. READ MORE
A benefit of working hard is sharing the fruits of your labor with your loved ones. However, gift or estate tax consequences may impact high net worth clients when they share their wealth. By crafting a comprehensive estate plan, we can address these concerns and protect high net worth clients and their loved ones. The following three types of trusts may assist high net worth clients in sharing their wealth in a tax-advantageous way.
A grantor retained annuity trust (GRAT) is an irrevocable trust you can use to make large financial gifts to your loved ones while also minimizing gift tax liability. These financial gifts remove future appreciation from your estate, reducing the amount that will be subject to estate tax at your death. However, there may be gift tax liability, which would be owed and paid at the trust’s creation. READ MORE