Category: Estate Planning FAQ

If you own your home and are thinking of selling, it can be important to understand the home sale tax exclusion so you can maximize your tax benefits. Did you know your exclusion may be up to $250,000 in capital gains if you are single, or up to $500,000 if you are married? Numbers like …

For many people, pets are like members of the family. Perhaps you have wondered what will become of your beloved companion if you become incapacitated and after you pass away? A pet trust could provide the answer. Let’s take a look at three reasons why you may want to consider a pet trust. First, a …

While a will is one of the most important estate planning documents you can have, there are things that it won’t cover. A will is just one part of a comprehensive estate plan. 

Congress sets the amount that an individual can transfer tax-free either during life or at death. The current estate tax exemption is so high that very few estates will have to pay an estate tax. 

While it remains unclear exactly what tax changes President Biden’s administration will usher in, two possibilities are that he will propose lowering the estate tax exemption and eliminating the stepped-up basis on death.

While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home. 

Don’t assume your estate will automatically go to your spouse when you die. If you don’t have an estate plan, your spouse may have to share your estate with other family members. 

Pets are members of the family, so it is important to consider how to provide for them in your estate plan just as you would the human family members. 

Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. 

Credit shelter trusts are a way to take full advantage of state and federal estate tax exemptions. Although such trusts may appear needless unless you are a multi-millionaire, there are still reasons to create them.