by Kristen Terranova In recent years, California introduced a new estate planning tool that gives homeowners another way to pass on residential property upon their death without going through probate. When used correctly, a Revocable Transfer on Death Deed can simplify the estate planning process, reduce administrative costs, and make the transfer more straightforward for...
A durable power of attorney is a legal tool that allows you to appoint someone (known as your agent or attorney-in-fact) to act on your behalf and make decisions about your financial affairs and property in the event that you become incapacitated. What powers does it grant? The powers you grant to your agent through...
Author – Peggy Lennon The IRS has announced the 2023 annual inflation adjustments impacting the estate, gift, and generation-skipping transfer taxes (in addition to many other tax provisions). These can be found in Revenue Procedure 2022-38, published on October 18, 2022. Starting January 1, 2023, the estate and gift tax basic exclusion amount and the...
Author – Kristen Terranova Americans are living longer, with many enjoying active, vibrant lives well past retirement. With longer lifespans, however, have also come longer periods of chronic health issues and home assistance needs for many seniors. An estimated 70 percent of adults will need some form of long term care. At the same time,...
Author – Aubrey E. Lerner If you have a disabled beneficiary in your life, you should consider these planning options: 1) Special Needs Trust Any person with a disability can benefit from a special needs trust (also called a supplemental needs trust). A special needs trust is a trust established for a person with a...
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