Gift Tax Explained

I encounter many people who don’t understand the rules of the gift tax and even more who have never even heard of a gift tax.  Here are the basics of the gift tax so that you can be aware of the issue, and always consult your estate planning attorney BEFORE making a gift! The Gift …

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Choosing Cohabitation

Cohabitation Agreements: Estate Planning for Unmarried Partners

The number of Americans living together as unmarried partners is on the rise. As reported by the U.S. Census Bureau in 2019, more adults are delaying marriage or forgoing it altogether in favor of cohabiting–reportedly as many as 17 million people cohabit (triple the number from two decades ago). Cohabiting partners who are not planning …

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Change in Tax Laws

How A Change in Tax Laws Can Affect Your Estate Plan

There haven’t been any changes . . . yet. However, there are two proposals on the horizon receiving a lot of attention. Here’s a quick review: Lowering the Estate Tax Exemption Currently, you are only subject to the estate tax if your net worth exceeds $11.7 million dollars (the “estate tax exemption”). President Biden’s campaign …

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Fiduciary

What is a Fiduciary?

The caregiving and supporter role often arises out of crisis. A loved one becomes disabled, or worse, unexpectedly passes away. It’s natural for family members and friends to want to help, but it’s also important to consider the legal obligations underpinning these roles. Defining “Fiduciary” Fiduciary roles often arise out of legal documents and relationships …

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Power of Attorney: How to Avoid Abuse and Financial Exploitation

In estate planning, we often use Power of Attorney documents as a tool to plan for future incapacity. But with great power comes great responsibility. And power of any kind is easily abused. Thus, it’s important to carefully consider the legal effect and consequences of a Power of Attorney document. What is a Power of …

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