Probate and Adding Children to Bank Accounts and Deed
Some people believe an easy way to avoid probate is to add your children to your bank accounts and deed. This strategy may not work as planned.
Category: Estate Planning
2021 Year-End Tax Planning Tips
The end of the year always brings possible last-minute tax changes, which is especially true for 2021. New legislation may mean major changes starting in 2022, but other proposed bills, such as new capital gains and qualified dividend tax rates, may take effect retroactively.
Digital Assets, Privacy, and Estate Planning
Estate plans should address the management and distribution of digital assets, such as cryptocurrencies, electronic communications, financial accounts, and documents stored in the cloud. How can you protect digital assets upon your death or if you become incapacitated?
Estate Planning for the High-Net-Worth
President Biden’s proposed infrastructure plan would end the step-up in basis taxpayers often use to minimize tax on inherited wealth. Since assets like family businesses, homes, stocks, and art generally appreciate over time, eliminating the step-up in basis effectively raises the amount of tax on these assets.
COVID-19 Reassessing Estate Planning
COVID-19 caused many changes in our personal and business lives, giving us time to rethink our priorities and expectations. Estate planning is one area that has received a lot of attention. Do you have an estate plan in place?