Currently, more than 51 million Americans are 65 years or older, and that number continues to rise. Medical and technological advancements allow seniors to live longer and better lives than ever before. The expanding needs of the US aging population…
Would you like to preserve your assets for your children or other loved ones while minimizing tax consequences at the same time? If so, a charitable trust could be a good tool for you to use. Charitable trusts provide individuals…
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…
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