Estate Tax Reform in the “One Big Beautiful Bill”: What You Need to Know
The House of Representatives recently passed the “One Big Beautiful Bill Act” (OBBBA), a sweeping legislative package with significant changes. The OBBBA would also extend many provisions of the 2017 “Tax Cuts and Jobs Act,” including the federal estate and gift tax laws. Here’s an overview of the proposed reforms to the estate tax and […]
Understanding the Differences Between Wills and Trusts
Estate planning is a crucial step in ensuring your assets are distributed according to your wishes and that your loved ones are protected. Two of the most common tools used in estate planning are wills and trusts. While both serve the purpose of transferring assets, they operate in distinct ways and offer different advantages. What […]
Funding the Trust 2025
A trust avoids probate, but an empty trust does not. What do I mean by that? You have probably heard me say that a trust is like a bucket and you need to fill it with your assets for it to avoid probate. Retitling your assets to your trust is referred to as “funding” your trust. In this […]
Should You Add Your Trust to Your Homeowner’s Insurance Policy?
Recent wildfires have highlighted the importance of making sure you are properly covered by your homeowner’s insurance. If you have placed your home in a trust, you’ve taken a significant step toward protecting your assets from court involvement and ensuring a smoother transition for your beneficiaries. However, many homeowners now wonder whether the trust needs […]
Potential Impacts of the 2024 Election on Estate Planning
The results from the 2024 election are in and we now have just weeks remaining before the 119th Congress takes office and the new president is inaugurated. Each election brings about the possibility of change. Indeed, it is no exaggeration to say that the 2024 election has significant implications for estate planning due to potential […]
Talk To Your Family Over The Holidays About Your Estate Plan
Many of us labor a lifetime to build up our assets and fight for causes that matter to us. Few things are more fulfilling than the thought of sharing wealth and legacy with our family. Of course, it’s impossible to plan for every eventuality, but careful planning can mitigate against the two primary risks. 1) Your intentions […]
What to Do if You Are a Trustee
When you set up a living trust, choosing your trustee is a key decision. The trustee is the “executor” of a living trust. They manage trust assets if you become unable to do so, and after you pass away, they make sure your assets go to the people you’ve chosen (i.e., your beneficiaries). If set […]
Don’t leave your loved ones in a digital bind
You may have planned for your loved ones to eventually inherit your house, the Steinway grand piano, your dad’s 88-year-old Swiss watch, or other family heirlooms, but with life increasingly being lived online, you may be overlooking an increasingly important kind of property: digital assets. If your estate plan doesn’t account for digital assets properly, […]
Should a Donor-Advised Fund Be Part of Your Estate Plan?
A donor-advised fund, or DAF, lets the donor reap tax benefits while also being able to direct how the money is distributed and invested. Many individuals are interested in including charitable giving in their estate plans. This giving can take many forms. Oftentimes, a donor-advised fund can provide a very cost effective and easy way to give […]
IRS waives mandatory withdrawals from certain inherited individual retirement accounts — again
As many of you know, the Secure Act of 2019 drastically changed how non-spousal beneficiaries could inherit an IRA. Since the change, it has been unclear whether beneficiaries have to take out minimum distributions during the 10 year “stretch” period. Unfortunately, the IRS still has not provided guidance on that fact. CNBC published a helpful […]