Individual retirement accounts and 401k’s (we’ll refer to all retirement vehicles as IRAs in this article) are a fantastic way for people to save money throughout their lifetime to support their retirement and to transfer wealth to the next generation. Trusts are versatile, effective estate planning tools that can meet a wide range of needs, […]
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Transfer on death and payable on death are two designations used to transfer assets to beneficiaries when an account holder dies without going through probate. Payable on death means that the assets in the account are transferred to the beneficiary. Transfer on death not only transfers the assets to the beneficiary but also ownership of […]
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A prenuptial or prenup agreement is commonly used by one or both partners in a marriage to provide clarity and define expectations for the marriage. A prenup agreement can distinguish between separate and marital property. Separate property is defined as any assets owned by a spouse before marriage, as well as any gifts and inheritances […]
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A gift tax is a tax imposed on the gift giver, not the recipient. Therefore, it falls into a category different from income taxes. At first glance, gift taxes may seem complicated because there is both a lifetime exclusion amount and an annual gift exclusion amount. The current Internal Revenue Service (IRS) lifetime gift tax […]
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A power of attorney is a person who acts on your behalf to handle certain tasks or to make decisions when you cannot. As long as you are of sound mind, you can designate a person called an agent or attorney-in-fact to act on your behalf. As long as the principal or person who created […]
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In most states, to qualify for Medicaid benefits, your total assets must fall under a very small asset limit (along the lines of just a few thousand dollars). For new Medicaid applications submitted in New York, the asset limit in 2026 is $32,532 for a single applicant and $43,781 for a married couple. An irrevocable […]
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Even though 64% of adults view estate planning as important, a 2024 survey conducted by Caring.com reveals that only 32% of Americans currently have a will, marking a 6% decline from the previous year. This is the first decrease in estate planning rates since 2020. Among those without a will, 40% believe they do not […]
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As of the end of 2022, approximately 18.6 million individual taxpayers owed the Internal Revenue Service (IRS) a total of $316 billion in overdue taxes. Yes, you can buy a house if you owe taxes, but getting a mortgage can be more difficult if you owe taxes to the Internal Revenue Service (IRS) or state […]
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Your last will and testament is one of your most important estate planning documents. Although only about 42% of U.S. adults have a will, this critical document enables you to provide instructions regarding how you want to pass on your accounts, property, and other assets and, if you have minor children or pets, how you […]
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Decanting is pouring liquid from one container to another. When decanting wine, the process is supposed to be done carefully to avoid disturbing any sediment or impurities that may have settled at the bottom of the container. Wine exposed to oxygen, over time, becomes vinegar. So, how does this apply to an irrevocable trust? Typically, […]
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