Since 2006, the Pension Protection Act has been the only significant change in retirement legislation since the Setting Every Community Up for Retirement Enhancement Act (SECURE). The impact of the SECURE Act on some retirees, near-retirees, and their future beneficiaries…
In most cases, talking about the end of our lives is uncomfortable and easily avoided. Since we don’t want to talk about it, many of us don’t make plans for what we want to happen before or after we pass…
Higher education costs are increasing every year, so families are trying to find ways to save. One option is a 529 plan. These investment plans allow families to put money away for a child's future education expenses and gain tax…
An estate tax is imposed in the US when assets pass from an estate of a deceased individual to an heir or beneficiary. An estate tax is not the same as an inheritance tax. It’s a tax on the total…
We have witnessed an unprecedented shift in our daily lives as a result of the COVID-19 pandemic. From remote working and online schooling to virtual doctor consultations and contactless deliveries, technology enabled us to adapt and continue functioning while practicing…
A parent who is aging often loses the ability to think clearly and make meaningful decisions. This growing inability may occur due to Alzheimer’s disease, other forms of dementia, mental illness, stroke, brain injury, or other severe health or disability…
Despite some overlap, estate planning and elder law serve different purposes, yet both are equally vital to protect yourself and your family. The two terms tend to go hand in hand, but there are some differences. The biggest difference is…
You may need to update your estate plan annually to take into account changes in federal estate tax law, gifts, and GST exemptions. Since 2018, federal tax assessment on estates above $11.7 million, indexed for inflation every year, will default…
Living wills are not last wills and testaments that indicate how you want your assets to be distributed after your death. Instead, it is a mechanism to communicate to your family and doctors how you want medical care conducted when…
It is common for Americans to view estate planning as a one-time task that, once completed, can be filed away until they pass away. However, without being aware of the potential impact, people will make gifts during their lifetime or…
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