You may need to update your estate plan annually to account for changes in federal estate tax law, gifts, and generation-skipping transfer (GST) tax exemptions. Since 2018, federal estate tax exemptions have allowed estates above $11.7 million (adjusted annually for…
Most people can communicate their wants and needs, but some people lose that ability when they are ill, injured, or afflicted. When this happens, they need someone they trust to advocate for them. You can prepare the proper legal documents…
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, this approach can create problems. Without being aware of the potential impact, people may make…
Planning for succession and estate planning for farm and ranch land, livestock, equipment, and other personal property can be challenging. There is a common misconception that federal estate taxes threaten farm or ranch property, preventing assets from getting to rightful…
Upon your death, your will addresses who will inherit your assets and properties. Wills are legally binding when properly filled out. Your will names a personal representative (executor) who will carry out your directives. In addition to asset distribution, your…
When you lose a spouse or long-term partner, it is difficult to think beyond your grief. However, it is crucial to understand there are important and timely decisions you need to make regarding your finances and personal estate plan. In…
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