Since the enactment of the Tax Cut and Jobs Act of 2017, the utility of the irrevocable life insurance trust (ILIT) has been in question. The substantial increase in the federal estate tax exemption–$11.4 million for an individual and $22.8 million for a married couple in 2019—greatly reduced the need for estate planning aimed at lessening federal estate tax liability or offsetting estate taxes for many clients. As a result, your clients may be wondering if an ILIT is necessary.
Continue Reading…Income Tax Strategies to Move Your Clients Forward
The 2019 estate tax exemption is $11.4 million per person, up from $11.2 million per person in 2018. According to the Tax Policy Center, only 4,000 estate tax returns were filed this year, with only 1,900 of those returns owing tax. Some industry experts estimate that less than one percent of all estates are taxable. Put another way, over 99 percent of all estates are exempt from estate tax. With the likelihood of clients having a taxable estate being relatively low right now (this is subject to change, of course), it only makes sense that clients focus on income tax planning. As a trusted advisor, you hold a crucial role in ensuring that our clients receive the best comprehensive strategy.
Continue Reading…When Is It Critical to Review Your Estate Plan, and Why?
Just like other important life tasks, your estate plan deserves your time and attention. It’s important that you work with us to review your estate plan at least once a year. Think of this as your estate plan’s annual physical exam, and remember—prevention is the best cure.
An annual exam isn’t necessarily the only time we see a doctor. Similarly, an annual planning meeting isn’t the only time you need to consider your estate plan. The occurrence of special life events may mean it is time to pick up the phone and call us.
If you experience any of these significant life events, get in touch with us, and we’ll make sure you are up to date.
Continue Reading…Niche Trusts: A Chance to Collaborate
If there’s one thing we can all agree on, it is that each client is unique.
Likewise, our approach to counseling these clients should be tailored to each one’s specific needs.
Let’s work together to develop special plans that fit each client’s special circumstances.
One key tool to consider is the niche trust.
Usually, when we speak about a trust, we mean an “express trust.” An express trust is a three-way relationship between the grantor, the beneficiary or beneficiaries, and the third party, or trustee. The grantor has assets he or she wishes to distribute in a specified way to the beneficiary, and the trustee holds those assets on behalf of the beneficiary.
Continue Reading…Your Vacation Checklist
You’ve packed sunblock and a beach novel. You’ve planned your itinerary and bought plane tickets. But have you ensured that your estate plan is up to date?
Don’t leave home without making sure your financial health and the future of your loved ones is provided for. It’s even more crucial than getting a pet sitter and locking the front door.
Creating an Estate Plan
Continue Reading…The Revocable Living Trust: Helping Clients, Growing Your Practice
Prevention Is the Greatest Cure
Your clients trust you with their financial future and the legacy they want to leave behind. They rely on you to anticipate challenges, foresee trouble, and take preventative measures. When it comes to a client’s financial wellbeing, it is up to the trusted advisor to know what problems are likely to arise and to have solutions ready to help avoid conflict in the family, waste of resources, and other common pitfalls.
One crucial tool to keep assets safe and to ensure they are distributed in the way your client wants is through the use of a revocable living trust.
Your Vacation Checklist
You’ve packed sunblock and a beach novel. You’ve planned your itinerary and bought plane tickets. But have you ensured that your estate plan is up to date?
Don’t leave home without making sure your financial health and the future of your loved ones is provided for. It’s even more crucial than getting a pet sitter and locking the front door.
Creating an Estate Plan
If you don’t have an estate plan yet, don’t panic. Now is a great time to connect with a qualified estate planning attorney who can sit down with you and get you started with an appropriate plan for your financial future.
Here are some questions to begin the process:
Want a Greater Sense of Purpose? Plan Your Legacy
When you think about the legacy you’ll leave, what comes to mind? Perhaps it’s security for your family or a positive contribution to your community. It could also be a tribute to the arts. Whatever it is, you don’t have to wait until you pass on to actualize your legacy. Now is the time to begin planning and implementing your wishes.
Portability and Married Couples: A Viable Option
For maximum benefit, estate planning should happen as a team effort, with CPAs, insurance professionals, financial advisors, and attorneys working together strategically and cooperatively. When it comes to helping married couples plan, today’s strategies need to be considerably more thoughtful than in previous years. Although the estate tax exemption is ever increasing, portability is still an important option, particularly for high net worth clients.
How to Coordinate Your Retirement and Estate Plans
We often think of retirement accounts as monolithic resources. It is easy to see why –we spend our working years socking away money for our future. Unfortunately, though, the rising cost of healthcare can quickly deplete even the largest of retirement funds. Because retirement accounts tend to be the largest assets in a person’s estate, it is crucial that proper planning is done to handle one’s retirement fund.
The first thing you need to do is ensure you have the assets you need to take care of yourself and your family. With the increased costs of healthcare, it is crucial you have what you need after you retire and can manage your medical expenses on a fixed income.While we would all hope for a quiet retirement, finances can be unexpectedly stressful. In addition to budgeting out a financial strategy to keep you comfortable during retirement, we can also work with your financial advisor to help you develop a strategy for distributing any leftover funds upon your death.
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