Family Planning

After Tax Reform, Is Estate Planning Still Necessary?

Posted on: February 8th, 2018
The new tax legislation raises the federal estate tax exemption to $11.2 million for individuals and $22.4 million for couples. The increase means that an exceedingly small number of estates (only about 1,800, nationally) will have to worry about federal estate taxes in 2018, according to estimates from the nonpartisan congressional Joint Committee on Taxation. So, you may be wondering, is estate planning even still necessary? To put it simply: Yes!...

Are Payable-On-Death Accounts Right For You?

Posted on: February 1st, 2018
A payable-on-death account, also called a POD account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance faster, privately, and at lower cost. Is a POD account an appropriate solution for your needs? Let’s examine what POD accounts do and how they fit into the overall picture....

High Deductible Health Plan? How Your Health Savings Account (HSA) Works with Your Estate Plan

Posted on: January 29th, 2018
If you’re enrolled in a qualified high-deductible health plan (HDHP), you must consider how your health savings account (HSA) fits into your estate plan—especially to make sure that any hard-earned money left in your HSA when you die goes where you want it....

Estate Planning 101: The Basics

Posted on: January 26th, 2018
In preparation for the upcoming tax season, you may have already begun gathering some paperwork, like you property tax bill, year end mortgage statement, or final pay stubs.. Although filing your income taxes is different than putting your affairs in order, you’re already in paperwork “mode”, so now is the perfect time to reassess your legal and financial situation to create a new plan or update an existing one that no longer suits your circumstances....

Debt After Death: Why You Should Think About It When Estate Planning

Posted on: January 18th, 2018
If you carry debt, do not assume that your death or incapacity will make it automatically disappear. To the contrary, the money you owe may eat away at the assets you were planning to leave to your heirs or -- if you owe a large amount of money -- may wipe out your estate completely. Debt comes in many different forms including credit cards, student loans, car payments, mortgages, and other financial obligations....

Organizing for Tax (and Estate Planning) Season

Posted on: January 15th, 2018
It’s the start of a new year, which means tax season—and this year’s April 17th IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways....
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