While the term fiduciary is a legal term with a rich history, it generally means someone who is legally obligated to act in another person’s best interest. Trustees, executors, and agents are examples of fiduciaries. When you select people to fill these roles in your estate plan, you are picking ...

If you have overheard any estate planning discussions, you have likely heard the words “guardian” or “trustee.” In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. Although there ...

Current Law: The Tax Cuts & Jobs Act, enacted in 2017 and effective for years 2018 through 2025, more than doubled every individual’s exemption from gift and estate tax: the exemption amount was $5.49 million in 2017 and is currently $13.61 million. At death, a 40% tax applies to the ...

Young adults are not known for being the most fiscally responsible people. Yet financial planning is more important than ever for a generation that is struggling with high inflation and debt and has a tendency to prioritize spending over saving. If your advice is falling on deaf ears, try putting ...

As our client—and as a parent—you know that having a comprehensive estate plan ensures that your children will be taken care of if something happens to you. But what if something happens to your child? Should they have a will, too? And if they do not, what happens then? These ...

The long, carefree days of summer are nearing an end. If you have a high school senior at home, childhood is also coming to an end for them as they prepare to graduate, turn 18, and enter the “real world.” You have done everything you can to prepare your child ...

The relationship between spouses is special in all contexts, not the least of which is the estate planning context. In many instances, you can exclude people from your estate plan, including your parents, siblings, and adult children. But there are special protections built into the law that may help protect ...

When most people think about creating an estate plan, they usually focus on what will happen when they die. They typically do not consider what their wishes would be if they were alive but unable to manage their own affairs (in other words, if they are alive but incapacitated). In ...

You have meticulously created your estate plan to ensure that it includes and addresses all of your most important assets (accounts and property). You have reviewed your asset list repeatedly, and everything seems to be accounted for. But what if you have forgotten something? Americans own a lot of stuff. ...

Ready or not, we are entering another presidential election season. If you are like most Americans, the economy is top of mind when it comes to evaluating the candidates. But even if you do not intend to vote, the tax policies of the next administration could have a major impact ...

A vacation property can be one of the most valuable things you can pass down to your loved ones, from both a sentimental and financial standpoint. However, mixing money and family can be tricky. Without a well-thought-out strategy for the ownership transition, hard feelings and disputes could arise, and the ...

You may have spent decades building up your sports memorabilia collection. Maybe you have some rare cards and autographed pictures that have steadily gained value over the years, and now they are worth a significant amount of money. You go to great lengths to keep these items in mint condition. ...

About 90 million Americans depend on life insurance for financial protection and retirement security.[1] An almost equal number say that they either do not have any life insurance or need more life insurance.[2] More than one-third say they plan to purchase coverage in the next year.[3] With very few exceptions, ...

The proceeds from your life insurance policy can benefit your loved ones in many ways, from paying off your outstanding debts to providing supplemental income for your spouse and children to covering funeral and burial expenses. Life insurance policy payouts average $168,000.[1] As the policyholder, you can—and should—name beneficiaries of ...

According to a new study from LIMRA and Life Happens, two nonprofit industry trade associations, a record-high number of American adults—approximately 102 million—either do not have life insurance or do not have enough coverage.[1] Misunderstandings about how much life insurance costs and what type to purchase are the largest barriers ...