A Creative Way to Craft Your Estate Planning Legacy
Takeaways Estate planning isn’t just for the ultra-rich; trusts are valuable tools for anyone looking to structure wealth transfer, protect assets, and minimize conflict, regardless of the inheritance size. Proactive communication is key. Families should discuss estate plans, asset division, and intentions with heirs to set expectations and prepare them for managing their inheritance. The […]
When to Fire a Trustee
Takeaways A trustee is a crucial position with significant responsibilities, and while they are chosen for their trustworthiness, they can be removed if they fail to uphold their duties. The authority to remove them may rest with the creator of the trust, the beneficiaries, or the court, depending on the trust’s structure and state law. […]
Jump-Starting Savings With Trump Accounts
Takeaways Through Trump Accounts, the federal government will provide a one-time seed contribution of $1,000 for eligible American children born between January 2025 through December 2028. The accounts are tax-deferred, and families can contribute up to $5,000 per year per child. Tucked into the One Big Beautiful Bill Act (OBBBA) enacted in July 2025 is […]
What Is the Generation-Skipping Transfer Tax?
Takeaways The generation-skipping transfer (GST) tax applies primarily to very large estates that transfer wealth to grandchildren (or unrelated individuals 37.5+ years younger), ensuring at least one layer of transfer tax is paid. The new One Big Beautiful Bill Act permanently increases the GST exemption to $15 million per person starting in 2026 (up from […]
Protecting Loved Ones From Funeral Debt
Takeaways The median cost of a funeral (viewing and burial) is over $8,000 in the United States and over $6,000 for cremation, according to 2023 data. A recent survey revealed a sharp increase in funeral-related debt, with 37 percent of Americans taking on debt to cover a loved one’s funeral expenses. Most Americans surveyed (57 […]
Probate Law: A Look Across States
Takeaways Probate is a legal process for settling an estate. It can be costly and time-consuming but can often be avoided through various estate planning tools. Probate laws and avoidance strategies, such as transfer-on-death deeds and joint ownership, vary significantly by state, making it crucial to understand local regulations and update plans regularly to prevent […]
Survey Highlights Inheritance Expectation Gap
Takeaways There’s a notable “inheritance expectation gap” between older adults’ plans to leave inheritances and younger adults’ expectations of receiving them, as revealed by a recent LegalZoom survey. Older generations generally plan to leave more in terms of value and variety of assets (money, real estate, personal possessions, investments) than younger generations anticipate receiving. Open […]
Annual Gift Tax and Estate Tax Exemptions for 2026
Takeaways The federal estate tax exemption for 2026 will increase to $15 million per individual, with married couples exempt up to $30 million. The annual gift tax exclusion will remain at $19,000 per individual for 2026, with a lifetime gift and estate tax exemption of $15 million. The Internal Revenue Service (IRS) has released the […]
Will a Revocable Living Trust Reduce Your Estate Tax?
Takeaways Federal estate taxes are not a universal burden. They are only applicable if your combined assets, which include both gifts made during your lifetime and assets transferred at the time of your death, exceed a high threshold ($13.99 million, as of 2025). This means that most estates will not be subject to federal estate […]
Estate Planning: Funding Your Revocable Living Trust
Takeaways A revocable living trust is a valuable estate planning tool that helps manage finances during life and incapacity and provides financial security for loved ones after death – primarily by avoiding the legal process known as probate. “Funding” a trust means transferring ownership of your accounts and property to the trust during your lifetime, […]
Estate Planning During a Divorce: Four Key Considerations
Takeaways Review and update legal documents. Divorce necessitates reviewing and updating existing legal documents such as wills, trusts, health care proxies, and powers of attorney, as well as potentially retitling jointly owned assets. Understand the implications on your life insurance policies. Life insurance policies are crucial during divorce, ensuring continued financial support and providing for […]
8 Estate Planning Myths Debunked
Takeaways Estate planning is crucial for everyone, regardless of age or wealth, to protect your family, money, property, and wishes. Many common myths about estate planning can lead to significant problems. Consult a professional and regularly update your plan to ensure your wishes are honored and loved ones are protected. Many people delay estate planning […]
One Common Estate Tax Error That Could Cost You
Takeaways Many families make the costly mistake of not filing an estate tax return when the first spouse dies, even when no taxes are due. If they fail to file IRS Form 706, the surviving spouse loses the valuable benefit of estate tax portability, which allows them to inherit any unused portion of the deceased […]
What Most People Don’t Know About Durable Powers of Attorney
Takeaways A durable power of attorney is a legal document that allows a trusted individual to make financial or health care decisions on your behalf even if you become unable to handle your own affairs. This document provides long-term safeguards, ensuring your affairs are managed without court intervention. Though you are likely in good health […]
Finding a Reputable Funeral Home
Takeaways Amid past incidents of misconduct, it’s crucial to thoroughly vet funeral homes by checking licenses, reviewing morticians’ credentials, and visiting facilities in person. Federal law mandates upfront cost disclosure, and consumers can file complaints with state agencies, the attorney general, or the Federal Trade Commission for deceptive practices or unreasonable fees. Funeral homes are […]
How to Know When to Update Your Estate Plan
Takeaways Your estate plan should be updated regularly, particularly after major life events (e.g., marriage, divorce, birth of a child, death of a loved one), significant financial changes (e.g., increase or decrease in wealth, real estate transactions), or other notable shifts (e.g., moving states, changes in tax laws, health changes). Regular reviews, even without specific […]
How to Know When to Update Your Estate Plan
Updating your estate plan regularly helps ensure that your assets are distributed as you intend, your beneficiaries are properly provided for, and your chosen decision-makers are still able and willing to serve.
How to Use an Annuity in Your Individual Retirement Account
Qualified Longevity Annuity Contracts (QLACs) offer people one way to manage their income, reduce risk, and preserve the dream of a comfortable retirement.
How Charitable Remainder Trusts Fit into an Estate Plan
A charitable remainder trust is an estate planning tool that blends philanthropy with financial strategy, allowing you or your beneficiaries to receive income for a set term while remaining assets eventually go to a charity.
What to Do When Someone Is Contesting a Will
If someone contests a will, there are steps both the beneficiaries and the executor (the person named to carry out the terms of the will) can take.
Estate, Long-Term Care Plans Under the ‘Big Beautiful Bill’
Here’s a breakdown of several top-level takeaways from the ‘One Big Beautiful Bill,’ a “once-in-a-generation” piece of legislation poised to shape generational wealth and family plans for decades to come.
Last Wills and Testaments: More Frequently Asked Questions
August is National Make a Will month — a fantastic opportunity to learn more about this essential type of estate planning tool.
Benefits and Drawbacks of Do Not Resuscitate (DNR) Orders
Do-not-resuscitate (DNR) orders have certain benefits, including patient autonomy and avoiding unnecessary suffering, as well as some disadvantages, such as potential for misinterpretations by health care providers.
Estate Planning for Pets? 3 Famous Pet Inheritance Stories
A pet trust is a legal tool that can be put into place to ensure that your dog, cat, or other companion animal receives care even if you are no longer there to provide it. Consider three famous pet trust cases and the lessons you can learn so your furry family members can be protected through your plan.
Beyond Medical Care: Personal Benefits of Advance Directives
Establishing an advance directive can serve as a powerful expression of your personal values and autonomy.
When to Consider Discretionary Trusts for Your Estate Plan
A discretionary trust protects inherited assets from creditors, predators, and divorcing spouses by placing them under the control of a trustee, not the beneficiary.
Can You Give Away Real Property and Avoid Probate Court?
If you plan to pass your home on to a family member through your will, keep in mind that your loved one will likely need to go through the court process known as probate to properly transfer the home into their name.
Unlocking Death’s Door: Dying Alone and Apartment Unsealing
A growing number of Americans are aging and dying alone, leading to complex legal and logistical challenges when accessing sealed apartments and managing estates.
Love Your Wearable Technology? Know What You’re Sharing.
As consumers embrace wearable tech, many are unaware of how their personal data is collected, shared, and used, or whether they’re protected at all under existing laws such as HIPAA.
Estate Planning Is a Show of Respect and Love for Family
No one expects to lose the ability to make their own decisions, but conditions like dementia, strokes, or traumatic brain injuries can strip people of that ability – sometimes earlier in life than expected.
Sharing Your AI Voice With Loved Ones in Your Estate Plan
Voice, especially, is deeply tied to memory and emotion. By incorporating an AI voice model into estate plans, individuals are leaving behind not just a record of their existence, but a sensory, profoundly personal experience of their presence.
Why Estate Plans Need Dementia-Specific Advance Directives
With more than 7 million Americans living with Alzheimer’s, having a “dementia directive” as part of one’s estate plan can serve as a way to help improve their care at the different stages of disease progression.
Shannen Doherty’s Estate Planning Amid Divorce
What happens if you die after you file for divorce but before it becomes final? Television actress Shannen Doherty faced this same question.
Stressed? Why a Little (Estate) Planning Can Go a Long Way
Consider the impact that stress has on your life and how to embrace strategies to manage it more effectively.
Generation Gaps Among Americans in Retirement Planning
Financial concerns and preparation strategies vary among different generations of Americans. From baby boomers entering retirement to Gen Zers just beginning their careers, members of each generation face unique obstacles and approaches while planning for their retirement years.
Congress Considering Full Repeal of Estate Tax
The Death Tax Repeal Act of 2025, introduced in the House of Representatives and the Senate this past February, is the latest GOP-led effort to permanently repeal the taxation of property transfers at death.
How Estate Plans Can Help Family Members Avoid Legal Battles
There are so many ways that family problems can become legal problems when a loved one needs end-of-life care or passes away, leaving an inheritance.
Charitable Remainder Trusts: “Test-Drive” Charitable Giving
Charitable remainder trusts (CRTs) allow donors to provide for themselves and their loved ones while supporting a charity, offering the opportunity to “test-drive” a charity before making a long-term commitment.
What Is a Last Will and Testament, and Do I Need One?
Although a will is one of the most common estate planning tools available, many are often unsure of what it is or what it does. Learn more about why you should have one.
Per Stirpes vs Per Capita: What Do These Mean in a Will?
Takeaways
“Per stirpes” and “per capita” are terms used in estate planning that refer to the distribution method for the assets of a deceased person to their heirs.
The distinction can significantly affect how assets are shared among family members. When…
Spring Cleaning for Your Estate Plan: Review and Revise
Takeaways
Regularly reviewing and updating your estate plan is crucial to ensure that your money and property will be managed and distributed according to your wishes and that your health care preferences are followed.
Changes in life events, financial status, health, and…
Green Burials, Eternal Reefs, and Your Estate Plan
Takeaways
The evolution of burial practices reflects shifts in cultural values, religious beliefs, environmental awareness, and technological advancements.
Eco-friendly and innovative body disposition methods, such as green burials, reef burials, and space burials, are gaining popularity.
As societal attitudes continue to evolve, the…
Wealth Building With Cryptocurrency: A Generational Divide
Takeaways
Many older Americans shy away from cryptocurrencies as an investment vehicle for their retirement.
Millennials and Gen Z also view cryptocurrencies as risky — but as a risk worth taking.
We’re living in an increasingly digital world where virtually all areas of…
Estate Planning in the Face of Natural Disasters
Takeaways
Natural disasters such as wildfires, floods, and hurricanes highlight the importance of disaster preparedness in estate planning.
Such events can destroy crucial estate planning documents, leading to complications like probate delays, disputes, and difficulty accessing medical care. Proactive steps that include…
When, Why, and How to Talk About End-of-Life Care
Takeaways
Having an open, honest discussion with your loved ones about what you would prefer for your end-of-life care can be helpful in preparing for the unexpected.
Talking about death, especially one’s own death, remains a topic that most people avoid thinking…
Transfer-On-Death Accounts: A Useful Estate Planning Tool
Takeaways
A transfer-on-death (TOD) account may be a simple and straightforward way for you to pass your wealth or property on to your loved ones after your death.
TOD accounts can help your loved ones receive your financial assets upon your death…
Will You Owe a Gift Tax This Year?
The rules surrounding taxes on gifts often create confusion. With the 2025 tax season kicking off, be sure you understand the nuts and bolts of the gift tax, including when a gift tax form needs to be filed.
What Is the…
Love Your Pet Day: Estate Planning and Your Companion Animal
Having a pet comes with many benefits. Pets may offer companionship and loyalty while quality time with your pet can decrease your stress levels. They can teach your children about responsibility and emotional skills. Their presence can also encourage you…
Estate Planning for a Vacation Home
If you are fortunate enough to own a vacation home, you need to figure out what will happen to it after you are gone. Many people in this situation hope to keep vacation homes in the family. Guaranteeing that can…
What Is a Family Limited Partnership and Should I Form One?
A family limited partnership (FLP) is a business structure that allows family members to pool assets for business and investing purposes. Family limited partnerships can also protect personal assets, reduce taxes, and be used for estate planning and business succession.
Virtual Reality and Palliative Care
You’re walking along a coastline where forest meets sea. You hear the rhythm of crashing waves and see gulls swooping down from a crystal blue sky. A light breeze ruffles your jacket. You take a deep breath of the salty,…
Can Money Buy Happiness? Actually, It Depends
Does having more money lead to greater happiness? Some people will say yes, and others will say no. The answer is actually more nuanced. The effect income has on happiness can vary greatly depending on factors such as how much…
The Great Wealth Transfer: Managing Your Inheritance Wisely
We are in the midst of one of the most substantial intergenerational transfers of wealth in history. Referred to as the “Great Wealth Transfer,” it is expected to continue for another couple of decades. Baby boomers are the primary source…
IRS: Request an IP PIN to Protect Against Identity Theft
In 2023, consumers across the United States lost a total of more than $10 billion to fraud, according to the Federal Trade Commission. More than a million of them were victims of identity theft, with reports of these and other…
Who Holds Your Will and Other Estate Planning Documents?
Once you’ve taken the step to create a will and get your estate plan in order, you need to figure out what to do with the will itself.
Inheritance Tax: What States Have It and When It Applies
Inheritance tax is a state-level tax that beneficiaries pay when they receive assets from an estate after somebody has passed away.
Estate Planning Checklist: 5 Initial Steps You Can Take
Here are some steps you can take to get started with the estate planning process, even before you meet with an attorney to work on any legal documents.
IRS Announces 2025 Gift and Estate Tax Exemptions
The Internal Revenue Service (IRS) has released its tax inflation adjustment figures for tax year 2025.
Cybersecurity Awareness Month: Maintain Your Online Safety
Our devices offer so many benefits and have become such an integral part of our lives that we often forget how much easier they make it for people to steal our information or take advantage of us.
10 Do’s and 1 Don’t for the Trustee of a Trust
Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out?
Who Needs a Trust Instead of a Will?
While simple estate plans may just use a will, more complex plans may benefit from also employing a trust.
What Is a Trustee in Estate Planning?
A trustee is the person or institution appointed to manage a trust on behalf of beneficiaries of the trust.
Proper Estate Planning Reduces Issues of Probate
Sound estate planning can make the probate process run efficiently and smoothly, protecting your estate’s value and legacy and preserving your family’s well-being. An attorney can help mitigate the risks.
IRS Finalizes 10-Year RMD Rules for Inherited IRAs
After much anticipation, the Treasury Department and the Internal Revenue Service (IRS) have issued final regulations relating to the 10-year required minimum distribution (RMD) rule for people who inherit individual retirement account (IRA) assets.
11 Reasons You Need to Create an Estate Plan
Many people think that estate plans may be for someone else, but certainly not them. Here are 11 compelling reasons to set up an estate plan, no matter what your age or net worth.
Estate Planning for Entrepreneurs and Business Owners
If you’ve created a business, you know that success doesn’t happen overnight. But do you know what will happen to your business if something unexpected impacts you or when you decide to step away?
7 Common Inheritance Mistakes to Avoid
Avoid making these common mistakes that can rapidly affect your inheritance and future plans.
Blended Families and Wills in Estate Planning
Estate planning for blended families is key to a smooth inheritance process, especially since probate rules and intestate succession law do not treat step and biological children the same when it comes to inheriting.
Why Trusts Are Important Estate Planning Tools
Trusts can offer many benefits, including allowing assets to pass directly to beneficiaries and charitable organizations without going through probate, minimizing taxes, and protecting your legacy from creditors.
How Life Insurance Is Involved in Estate Planning
Life insurance can be an integral and important part of a well-drafted estate plan. There are numerous benefits to owning a life insurance policy aside from providing a large sum of money to beneficiaries.
Avoid Guardianship With a Durable Power of Attorney
A guardianship or conservatorship protects the interests of an adult who can no longer make decisions for themselves. A guardian or conservator is someone (or several people) with the legal authority to make decisions and act on behalf of another.
Their…
What Is a Contingent Beneficiary?
When making a will, you’ll work with an estate planner to designate those who will inherit from you. The persons (or entities, such as a charity) you choose are the beneficiaries of your will.
Probate Process: A General Timeline
In general, the probate process moves quickly if the estate has minimal assets and little debt. Larger estates can take anywhere from nine months to a few years, especially with problematic family dynamics.
7 Things to Know About Living Wills
What would happen if you became seriously ill or injured and were no longer able to make your health care decisions? A living will can outline your wishes so your loved ones can make informed decisions about your care in an emergency.
Medicaid Planning Protects Your Home
Your most valuable property may be your home. You likely want your children to inherit that value when you pass away. However, you may also have concerns about planning for the future, especially if you need long-term care.
A Seniors Guide to Estate Planning
Most older adults acknowledge that estate planning is essential. Yet, nearly half of Americans age 55 or older do not have a will. Even fewer have designated powers of attorney, a living will, or health care directives.
What Is MAID (Medical Aid-in-Dying)?
Some people may wish to decline life-saving treatment if facing a terminal illness. Others opt to seek out a physician’s assistance in dying. Acting to end life before its natural course has run poses grave moral issues for many.
Baby Boomers: Inheritance Conversations With Your Children
Not talking to your adult children about their inheritance comes at a cost. Do what you can to manage expectations for adult children as they forge their financial plans. Knowing their general inheritance situation can change their decision-making process and lead to better outcomes.
Report: The Current and Future State of Estate Planning
In a survey published this past fall, more than 1,000 participants aged 18 to 99 shared insights on their estate plans – or lack thereof. In fact, more than half said they have not consulted an estate planner regarding a trust or will.
New Year’s Resolution: Get That Estate Plan Done
Visiting an attorney to get your estate plan done is one New Year’s resolution that you should definitely keep. None of us knows whether or when we may find ourselves seriously injured or sick.
Estate Planning: Should I Divide My Assets Equally?
Even if your children get along well, the distribution of your assets can require conflict resolution skills. Without previously experiencing any significant conflicts, even close siblings can struggle to maintain happy family relationships when settling your estate.
Using a QTIP Trust in Estate Planning
Qualified terminable interest property (QTIP) trusts enable individuals to maintain control over the assets they leave their spouse while preserving wealth and leaving a meaningful legacy for children and charities.
Should My End-of-Life Care Plan Include a Death Doula?
A death doula, or end-of-life doula, is a person who serves as a companion for a dying person and typically assists their loved ones in providing comprehensive and supportive care.
2024 Annual Gift and Estate Tax Exemption Adjustments
With the arrival of the new year, revisions to the annual gift tax and estate tax exclusions will be going into effect, as recently announced by the Internal Revenue Service.
14 Essential Questions to Ask Aging Parents This Holiday
With multiple generations getting together for holiday meals, gift exchanges and quality time, these annual gatherings present an opportunity to broach sensitive but important topics with your aging loved ones.
What to Know About Creating a Living Will
Creating a living will ensures your future health care decisions and plans are respected. A living will is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself.
What Does Incapacitated Mean in Elder Law & Estate Planning?
Someone who is incapacitated cannot make personal decisions or understand legal documents. An incapacitated person requires a surrogate decision-maker, such as an agent under a health care power of attorney or a guardian.
6 Ways the Sandwich Generation Can Plan for The Future
Many couples in their 30s and 40s are providing for their families and balancing care duties between the needs of children and parents. Managing it all takes preparation, organization, and communication.
Should a POLST Be Part of Your Care Plan?
By creating Physician Orders for Life-Sustaining Treatment (POLST), individuals with long-lasting or terminal conditions can ensure they receive their desired treatment should their health decline.
Inherited Retirement Accounts: Minimizing Tax Consequences
The SECURE Act changed how beneficiaries of inherited retirement accounts must withdraw these funds. Its passage made it more difficult for individuals to pass their retirement savings on to their heirs without tax liability.
What Is a Gun Trust?: Estate Planning Q&A
If you own a firearm of monetary or sentimental value, you may wonder how to transfer ownership to your loved ones after you die. In addition to creating a will, you may want to make special arrangements for your weapon.
Ashes to Ashes, or Ashes to Soil? Is Human Composting Real?
As more people look to adopt environmentally sustainable practices not only in life, but now also in death, ‘green’ alternatives may become more of a norm in the future.
Mitigating the Impacts: Sunsetting the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, estate tax rules, capital gains rules, and much more. The TCJA is scheduled to sunset at the end of 2025. This will lead to significant changes for taxpayers.
Lady Bird Deeds: A Different Kind of Life Estate
If you are a property holder, you may use a Lady Bird Deed to transfer real property to a specific beneficiary while retaining certain rights to the property.
What Are the Drawbacks of Naming Beneficiaries?
Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions.
8 Frequently Asked Questions on Last Wills and Testaments
Last wills and testaments (also known simply as wills) are not just for the wealthy.
Do You Need a Spendthrift Trust?
Creating a spendthrift trust for your loved one can limit their spending and your protect wealth.
Do You Need a HIPAA Release?
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that protects patients’ privacy.
3 Common Probate Questions: Estate Planning Basics
Some assets transfer directly to heirs after a person’s death. Other assets must go through a process known as probate.
Modifying an Irrevocable Trust Through Trust Decanting
Many individuals are concerned when they hear the term “irrevocable” trust, as they equate the permanency of the term “irrevocable” with the idea that such a trust can never be changed.
