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 […]
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 […]
Biden’s Budget Bill (and it how it might apply to you)
Recent headlines have been dominated by discourse surrounding Biden’s proposed $3.5 Trillion “Build Back Better” plan, and the recent negotiations looking to trim it. Here’s a quick update on where those negotiations stand, and how the bill may affect you. When first proposed, the $3.5 trillion plan sought to (among other expenses) fund universal preschool, […]
What Does a Trustee Do Anyway?
If a loved one asks you to act as a trustee of their trust, it is because they trust you to be able to handle their affairs in their place. They believe you can exercise strong, fair, and independent judgement when necessary. Although the position of trustee can be a whirlwind of responsibilities and duties, […]
What Californians Need to Know About the Oregon Estate Tax
Of all the states, Oregon has (rightfully) earned a reputation for having one of the most complex and far reaching estate tax structures. Any individual who owns property in Oregon, (even if they have never been a resident of the state!) may unexpectedly be subject to an estate tax at death. Here, we’ll break down […]
What Britney Spears has to do with your Estate Planning
In recent weeks, music icon Britney Spears has been dominating headlines as more and more details about her legal conservatorship have come to light. In her emotional court hearing a few weeks ago, Britney spoke out about the abusive nature of the legal arrangement, describing how every detail of her life一from her social media posts […]