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Changes Coming in 2024 for High Earners' 401(k) Catch-Up Contributions
Following the passage of the Secure Act 2.0, which has made many changes to the landscape of retirement planning, some workers will have to change how they make contributions to employer-sponsored retirement savings plans beginning in 2024. More >
Put Portability in Your Plan – Changing Gift Tax Exemption Regulations for Spouses
Personal estate plans that reflect yours and your loved ones’ needs can help ease financial burdens for them in the future. New guidance from the IRS takes both yours and your spouse’s estate tax exemptions into consideration, allowing for the option to elect “portability” of your exemptions in certain cases. This opportunity can help to alleviate financial stress for those who have unfortunately lost a spouse, but its implementation is time sensitive, so it’s important to know how and when to act. More >
Give Now, Save Later – Capturing Current Estate and Gift Tax Exemptions
Many people think of an estate plan as a way for their assets to be distributed in the future, after their deaths. However, in some situations, it may be more advantageous to make at least some of those planned gifts now—and help your loved ones avoid some of the financial burden of estate taxes. Especially for individuals with high net worth, taxes could become much greater when the currently increased lifetime exemption amount “sunsets” on January 1, 2026. More >
Revocable Trusts—Are They Right for You?
When it comes to planning for your financial legacy, concepts and strategies tend to be complicated and often overwhelming, so it’s only natural that people look for simple solutions to their not-so-simple problems. Revocable, or “living”, trusts are often touted as a cure-all for estate planning ailments, but no estate planning strategy is “one size fits all,” so it’s best to look carefully at your particular situation and make sure a revocable trust is really the best choice for your estate plan. More >
Divorced? It’s Time to Update Your Estate Plan
Most people create their estate plans while they are married—leaving all of their assets to the surviving spouse and putting the surviving spouse in charge of their affairs upon death or incapacity. However, if you’ve recently gotten divorced and haven’t touched your estate plan since, an update is long overdue. More >
Your Estate Plan Needs a Back-Up Plan
Because few people want to think about the circumstances where their estate plan would come into play, even fewer think about the consequences if their estate plan may not be able to be carried out as they wished. This most frequently occurs in the event that designated individuals are unable to perform the duties allotted to them. Here are a few of the roles for which you should designate a back-up in your estate plan—and what could happen if you don’t. More >
Estate Planning Taxes: No Change…for Now
Last year, with a new administration in Washington, several changes to estate planning tax laws were proposed in Congress that would have significantly impacted the estate plans of high-net-worth individuals. While none of these proposed changes came to pass as initially proposed, those same proposals could be brought to the table again in 2022. Below, we provide you with an overview of what hasn’t changed—yet. More >
Why You Should Create a Living Will and Power of Attorney for Your Eighteen-Year-Old
By the time their child turns eighteen, parents are well-accustomed to being able to advocate for their child in a number of ways and access information that helps them care for their child. However, once their child has reached the age of legal majority, parents must be granted permission by their child to access information such as medical records and bank accounts and can no longer speak or sign for their child in a legal capacity. In the event of an emergency, this can cause some serious complications for parents and children alike. More >
When Virtual is Valuable: Planning for Your Digital Assets
Even in our technology-centric world, people’s estate plans often only account for “traditional” assets, like a car, checking account, house, etc., for example. More and more, however, an individual owns digital assets as well. With this in mind, a reasonable person would then ask: how do you build a strategy for your legacy that ensures your “virtual”—but still very real—assets are also protected? More >
Don’t Misplace Your Trust – Proposed Tax Law Overhaul Targets Grantor Trusts, IRAs, and Other Financial Planning Tools
It’s been clear from the start that the new administration in Washington has its sights set on overhauling the tax code. However, the outline of proposed tax legislation unveiled on September 13 by the House Ways and Means Committee has made those changes all the more likely. Among those affected by the proposals would be high-net-worth and high-income individuals attempting to save for retirement or plan their estates. Here, we give you the rundown on the changes you should be aware of and how they could affect you. More >
