The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual. The IRS’s announcement that the annual gift exclusion will rise for calendar year 2022 […]

We often get the question, “How does a trust protect my assets?”  We must emphasize from the onset that if you have access to your trust assets, your creditors will have access to those assets as well. There are trusts that protect your assets, but the most common trust, the Revocable Living Trust, does not protect your

While everyone should have a durable power of attorney that appoints someone to act for them if they become incapacitated, in some circumstances it is not enough. In these cases, a revocable trust can help. A durable power of attorney allows you to appoint someone you trust to step in for you to handle financial

Being able to make health care decisions for ourselves is so important to us, but what happens if you become incapacitated and are unable to voice your opinion?  If you don’t have a health care proxy or guardian in place, state law chooses who can make those decisions. In an emergency, medical providers can take

Limited Liability Companies (LLCs) are an important tool for small business owners, but they can also be useful in estate planning. An LLC can help you pass assets to your children while avoiding gift and estate taxes. An LLC is somewhere between a partnership and a corporation. Like a corporation, LLC owners are protected from

An executor’s job comes with many legal obligations. Under certain circumstances, an executor can even be held personally liable for unpaid estate taxes. Let’s review the major duties involved, which we’ve set out below. In General, the executor’s job is to administer the estate, i.e., collect and manage assets, file tax returns and pay taxes

Passing assets to your grandchildren can be a great way to ensure their future is provided for, and a generation-skipping trust can help you accomplish this goal while reducing estate taxes and also providing for your children. A generation-skipping trust allows you to “skip” over the generation directly below you and pass your assets to

What is estate planning? Estate planning includes designing a plan which provides for the disposition of assets upon your death.  The issues to be addressed are: who will receive your assets and when, who will handle the distribution of the assets and how this can all be accomplished at the least possible cost, and with

Real estate encompasses not only one’s primary residence but also other real estate such as a vacation home or a rental property. The ideal form of ownership varies depending on the type of real estate you own. Below, we take a look at the different types of real estate and offer advice about the best