An estate plan with wealth preservation, long-term care and medical directives strategies provides clarity and guidance to loved ones on aging parents’ wishes, while retaining control for aging parents over financial and health-related matters.
Use tax season to review income and expenses from 2023 and set new financial goals for 2024 to maximize opportunities.
In 2024, the federal estate tax ranges from 18% to 40%, depending on how much the value of the estate exceeds the current exemption limit of $13.61 million.
Like your preventive doctor visits, you should regularly check in on your estate plan to ensure that it’s in good shape for when it’s needed.
Know what to expect if you inherit an IRA and how to establish a plan for taking distributions.
Estate planning is not as simple as executing a will.
The loss of a loved one is a difficult time, often compounded by the necessity of addressing estate settlement and the liquidation of assets. In this guide, we’ll explore the key steps involved in liquidating assets after death, focusing on estate settlement processes and related legal considerations. Understanding the Role of…
In an era where living to 100 is becoming increasingly likely, financial planning for retirement takes on a new level of complexity. The Yahoo Finance article, “Retirement Planning: Here’s How Much You’ll Need To Save If You Live to 100”, offers a comprehensive look at this challenge, highlighting the need for a radical shift in our approach to life and financial planning. Understanding the Longevity Revolution The “longevity revolution” concept discussed by Laura L. Carstensen, director of the Center for Longevity, suggests a significant societal shift. This revolution impacts various aspects of life, including health care, personal finance and retirement…
The sweeping tax overhaul enacted in 2017, known as the Tax Cuts and Jobs Act (TCJA), provided a number of income and estate tax reductions and changes.
It’s nobler to give than to take, the saying goes, and giving assets to loved ones while you’re still alive is a great way for them to enjoy the benefits right away—and for you to delight in seeing them enhance their lives.
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