You haven’t reviewed your estate plan since. . . . . ? You need to update your plan if: 1. Your net worth or the value of certain assets substantially increases or decreases. 2. Your family circumstances change (for example, marriage, divorce, or birth of a child or grandchild). 3. A beneficiary dies or his [...]

One notable change to estate tax law from last year’s Tax Relief act is the “portability” of gift and estate tax exemptions. For the first time, when one spouse dies, the surviving spouse can take advantage of the deceased spouse’s unused exemption. The objective of portability is laudable — namely, to allow married couples to [...]

With the gift and estate tax exemptions currently at $5 million ($10 million for married couples), you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, there are several good reasons to determine the value of your assets. First, you may be [...]

The selection of a guardian can have a profound impact on a child, so it’s important to choose carefully. If a person is hesitant to name a guardian for his or her children, a court will name one. Thus, it’s one of the most important estate planning decisions a person can make. Take inventory. Make [...]