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King & Wood, P.A.
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“Due to recent tax law changes, your family may be able to avoid adverse federal estate tax consequences when you leave assets to your adult children.” The unified estate and gift tax exemption increased from $5 million to $10 million, with inflation indexing stands at $12.06 million in 2022. A... Continue reading
Posted 3 days ago at King & Wood, P.A.
“Handled incorrectly, these popular assets could go poof. You need a password-sharing plan, a plan for naming beneficiaries and possibly a trust.” As more people continue to purchase cryptocurrencies and non-fungible tokens (NFTs), digital assets are becoming a bigger part of the investment world and of people’s estate plans. If... Continue reading
Posted 4 days ago at King & Wood, P.A.
“In this article, we will address two terms which some people use interchangeably, but which are very different things: living trusts and estate plans.” There can be some confusion around terms used in estate planning. Unless you are an estate planning attorney yourself, it’s not likely you know all the... Continue reading
Posted 5 days ago at King & Wood, P.A.
“Since we’re all going to die (yes, even those of us who are still in our 20s!), we might as well make things easier for the loved ones who, along with grieving our loss, will have to deal with the financial and logistical pieces of our lives.” Sad but true—we... Continue reading
Posted 6 days ago at King & Wood, P.A.
“When you set up your estate plan it is important to coordinate the legal planning documents that you or you and your attorney create with the document provided by your retirement account custodian and/or your life insurance carrier called a ‘Designation of Beneficiary.’” The beneficiary designation will always supersede language... Continue reading
Posted Jun 24, 2022 at King & Wood, P.A.
“The Treasury Department is on the cusp of changing a taxpayer-friendly regulation regarding federal estate taxes, but there’s no need to panic. As long as taxpayers can show that their gifts are truly gifts, they should not be affected by the revision.” The proposed amendment is designed to fix some... Continue reading
Posted Jun 23, 2022 at King & Wood, P.A.
“For disabled persons receiving financially based government benefits, supplemental needs trusts (‘SNTs’) can safeguard benefits and serve as an effective estate planning tool.” Supplemental Needs Trusts allow disabled individuals to retain inheritances or gifts without eliminating or reducing government benefits, like Medicaid or Supplemental Security Income (SSI). There are cases... Continue reading
Posted Jun 22, 2022 at King & Wood, P.A.
“Certificates of deposit (CDs) are a low-risk way of putting some money aside for the short- to medium-term future and are a popular way for seniors to earn a modest return on their savings.” Because of their relative stability, CDs are often included in estates, where they can be passed... Continue reading
Posted Jun 21, 2022 at King & Wood, P.A.
“Some people draft wills or trusts to ensure that the loved ones they will eventually leave behind own a piece of the properties the former will be leaving behind in case of their death.” A last will and testament is the document used to direct your executor to distribute assets... Continue reading
Posted Jun 17, 2022 at King & Wood, P.A.
“A striking proportion of Americans don’t have one. Nontraditional families are left uniquely vulnerable.” Most studies reveal fewer than half of American adults have an estate plan, including a last will and testament, to detail how they want property to be divided and distributed. Some portion of this group choses... Continue reading
Posted Jun 17, 2022 at King & Wood, P.A.
“When you lose your mate, you lose so much—your best friend, your equilibrium and your future together. Just when you’re at your lowest, it hits you: You could lose a lot of money, too.” Losing a beloved spouse is one of the most stressful events in life, so it’s one... Continue reading
Posted Jun 16, 2022 at King & Wood, P.A.
“Grantor retained annuity trusts, intentionally defective grantor trusts, spousal lifetime access trusts, oh my! If you overhear two estate planning attorneys at a coffee shop, it would not be unreasonable to think that all clients have estate plans filled with trusts.” For the average person, knowing how a revocable trust,... Continue reading
Posted Jun 15, 2022 at King & Wood, P.A.
“Providing for future generations shouldn’t be (overly) taxing. To manage taxes as you pass down your assets, look into UTMAs, 529s, child IRAs and trusts.” Parents and grandparents want what’s best for children and grandchildren. We love generously sharing with them during our lifetimes—family vacations, values and history. If we... Continue reading
Posted Jun 13, 2022 at King & Wood, P.A.
“Ben Franklin once said, ‘… nothing can be said to be certain, except death and taxes.’ For all certainties in life, the best thing you can do is plan for their eventual occurrence.” Let’s get this out of the way: preparing for death doesn’t mean it will come sooner. Quite... Continue reading
Posted Jun 13, 2022 at King & Wood, P.A.
“Soaring inflation, interest rate hikes and the war in Ukraine have sparked ongoing stock market volatility. However, there may be a bright spot: the chance to save money on a Roth conversion.” A stock market downturn may be a prime time for a Roth IRA conversion, reports CNBC’s recent article... Continue reading
Posted Jun 10, 2022 at King & Wood, P.A.
“It is quite a tragedy when a loved one passes away. You may want to remember them by keeping sentimental objects from their home, or perhaps they wanted you to inherit a specific item.” Probate law does not allow anyone to take items from a loved ones’ home after they... Continue reading
Posted Jun 9, 2022 at King & Wood, P.A.
“Some problems can be avoided by proper planning, others by good practices during the estate administration process.” Estate administration is the process of managing the estate when a loved one has passed. For the inexperienced executor, there are pitfalls to be avoided, warns the article “Top 5 Probate and Estate... Continue reading
Posted Jun 8, 2022 at King & Wood, P.A.
“One of the most overlooked and misunderstood tax laws–available to married farming couples–is an opportunity called portability.” When one spouse dies, the surviving spouse can choose to make a portability election. This means that any unused federal gift or estate tax exemption can be transferred from the deceased spouse to... Continue reading
Posted Jun 8, 2022 at King & Wood, P.A.
“Dying intestate—without a will—may impose costs and delays on your loved ones. It can dynamite your estate plan, unless you made other plans.” If you die without a valid will, your state may keep more of your assets than if you have a will. Your family won’t have any control... Continue reading
Posted Jun 8, 2022 at King & Wood, P.A.
“Which tax-free transactions will trigger an estate tax, if the taxpayer dies after the higher exemption amount sunsets?” It is possible the proposed clawback regulations from the Treasury may undermine the estate planning you’ve done to address the reduction in estate tax exemptions coming on January 1, 2026. These proposed... Continue reading
Posted Jun 3, 2022 at King & Wood, P.A.
“Establishing a joint revocable trust can be an ideal estate planning tool for the benefit of your children, grandchildren and beyond.” If you’re married, you are eligible to use a joint trust instead of having individual trusts. This recent article, “Joint Revocable Trust: Estate Planning” from aol.com, looks at the... Continue reading
Posted Jun 2, 2022 at King & Wood, P.A.
“Many well-off pet owners have left millions of dollars to their cats, dogs and even chickens—perhaps most notoriously Leona Helmsley, who left US$12 million when she died in 2007 to her white Maltese dog Trouble.” You don’t have to be a billionaire to want to protect your pets. However, you... Continue reading
Posted Jun 1, 2022 at King & Wood, P.A.
“More Americans are now getting married over the age of 65 than ever before. Even though this may be a second or third marriage for many, caregivers should nevertheless be aware of certain aspects that shouldn’t be ignored amidst all the wedding plans and celebrations.” For seniors enjoying the romance... Continue reading
Posted May 31, 2022 at King & Wood, P.A.
“It’s not pleasant to think about death or a medical emergency that could put you out of commission, even temporarily. However, one of the greatest gifts you can give to a loved one is preparing for those scenarios.” Traditional estate planning is step one, from creating a will to setting... Continue reading
Posted May 30, 2022 at King & Wood, P.A.
“The law sometimes appears to contradict itself. Specifically, the words ‘anything and everything’ do not always legally mean ‘anything and everything’.” A power of attorney is an estate planning legal document signed by a person, referred to as the “principal,” who grants all or part of their decision-making power to... Continue reading
Posted May 27, 2022 at King & Wood, P.A.