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Crummey Trusts: A Strategic Approach to Gifting for Your Children's

May 10, 2024
Learn how to qualify for the annual gift tax exclusion by maximizing the benefits of a Crummey trust. Understand withdrawal power and more.
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QTIP Trust: Understanding Qualified Terminable Interest

May 9, 2024
Learn how QTIP trusts can benefit your estate plan by providing for your surviving spouse and other beneficiaries. Understand how they work to maximize tax saving benefits.
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Estate Planning Checklist for 2024: A Comprehensive Guide

May 8, 2024
Estate planning is more than writing a will; it’s a plan to manage and distribute assets to your dependents. It documents your healthcare preferences, so a loved one decides on medical care according to your wishes. The National Council on Aging (NCOA) Adviser’s article, “Estate Planning Guide and Checklist for 2024,” offers a comprehensive overview of what to consider when planning your estate. This blog post distills the key points from the article and provides an actionable checklist for 2024. Understanding Estate Planning Estate planning organizes your affairs to fulfill your wishes after you pass away. It encompasses decisions about…
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Do I Pay Taxes on Wedding Gifts?

May 7, 2024
Even if you clearly don't owe taxes, you may have to report gift amounts should you give more than $18,000 in 2024 to a specific individual.
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Do You Need Conservatorship or Power of Attorney?

May 6, 2024
Several high-profile celebrities have recently sought a conservatorship for a family member including Jay Leno, his wife Mavis, and Cher for her son, Elijah Blue Allman, claiming they cannot adequately manage their affairs or make proper medical decisions.
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Wendy Williams’ Guardianship

May 4, 2024
In 2022, the 59-year-old was placed under temporary financial guardianship after her bank, Wells Fargo, claimed in a New York court that she was an ‘incapacitated person’ and the ‘victim of undue influence and financial exploitation,’ according to The Hollywood Reporter.
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Understanding Medicaid Asset Protection Trusts

May 3, 2024
Medicaid Asset Protection Trusts (MAPTs) are a strategic way to qualify for Medicaid benefits and to preserve your assets. This blog explores how MAPTs work and their benefits.
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How Does a Revocable Trust Work?

May 2, 2024
The terms ‘revocable trust’ and ‘living trust’ are commonly heard in an estate-planning context. You may hear people say, ‘My house is in trust for my children,’ or something along those lines.
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Do You Need a ‘Will Contract?’

May 1, 2024
The will contract should address what will happen if there is a future dispute over gifts, interpretation of the agreement, changes proposed to an estate planning document and other possible issues.
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The TCJA’s Higher Exemptions Sunset: A Guide for the Impact on Estate Gift Taxes

April 30, 2024
Plan your asset transfers and tax-free gifting before December 31, 2025, to take advantage of the 2017 Tax Cuts and Jobs Act's higher exemption amounts. Most of the TCJA's tax-related provisions will revert to the provisions in place before the TCJA was enacted.
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