Divorce can nullify certain factors of your estate plan, particularly those directly associated with your former spouse. For example, in a lot of jurisdictions, a divorce may automatically nullify any stipulations in your will that are going to favor your former spouse, unless your will expressly states otherwise. Nevertheless, this doesn’t mean you should rely…
Changes in life happen, and so should your estate plan. Significant events—such as marriages, divorces, having a baby, or changes in financial standing—can all impact on how your assets should be overseen and allocated. When you don’t update your estate plan as a reflection on your present wishes, it could create needless complications for your…
One of the most important steps you can take for your spouse and your new family is updating your will. Although it takes a little planning – the rewards of security for your family are more than worth the effort. In this article we will look at what you need to consider and help point…
Having a detailed plan for the future is crucial, especially when it relates to protecting your assets and valued loved ones. Survivorship life insurance policies can play an important role in estate planning by covering estate taxes, offering liquidity for estate expenses, and providing long-term financial security. What Is Survivorship Life Insurance? Also referred to…
Estate planning can be difficult with complicated legal documents, tax ramifications, and discouraging questions. Nevertheless, it is an important part of a versatile financial plan. Everything you own—your home, your investments, and your assets —is a part of your estate. Even though it may be awkward to consider, you should have a plan in place…
Asset protection is a collection of methods and planning strategies used to legally protect individual or business assets from legal judgments, taxes, seizures, lender claims or unwanted beneficiaries like ex-spouses. These protection methods can comprise of trusts, limited liability corporations (LLCs), general liability insurance and pre-nuptial agreements. Asset protection is particularly vital if you’re in…
Prior to 2018, the IRS did allow itemized deductions on eligible estate planning fees until the Tax Cuts and Jobs Act of 2017 (TCJA) changed that rule. This means that estate planning fees are no longer deductible from your taxable income. However, these changes will be up for renewal in 2025. Is Estate Planning Tax…
Many people consider estate planning and creating a will the same, however one is just part of the other. Basically, an estate plan is a more widespread plan of action for your assets that may apply throughout your life in addition to after your passing. A will, however, dictates where your assets will go after…
Essentially, portability in estate planning is a tax provision that allows the surviving spouse to add any unused estate tax exemption of the deceased spouse to their own. What Does Portability Mean In Estate Planning? As mentioned above, portability is an estate planning tax provision that allows the surviving spouse to add any unused estate…
In an estate plan, the executor of the estate is an individual responsible for administering the last will of a deceased person, ultimately carrying out the instructions to manage the affairs. What Is An Executor? The executor is appointed by either the testator or the court. Their role is to ensure all assets in the…
