When it comes to estate planning, a revocable trust is one of the most versatile and beneficial tools you can use. This article will define what a revocable trust is, explain how it works, and discuss its many benefits, including the significant advantage of avoiding probate.

Family dynamics play a critical role in the estate planning process. As you prepare to meet with an estate planning attorney, it is essential to understand how these dynamics impact your estate plan and why candor and transparency with your estate planning attorney is vital. This article aims to help you better understand the importance of preparing a family tree, the attorney’s ethical obligations, and how to prepare for your initial meeting with an estate planning attorney.

Estate planning is an act of love that gives families peace of mind. However, people often misunderstand what an estate plan is, what it does, and who needs one. Today, I am helping to debunk five of the most prevalent myths about estate planning, so individuals can better understand the importance and breadth of estate planning in securing their futures and their loved ones' well-being.

Maximizing your time is crucial when preparing for your initial meeting with an estate planning attorney. You can ensure a productive discussion and a smoother estate planning process by bringing the correct information. Here are five essential items to bring to your first meeting...

Are you the owner of a traditional individual retirement account (IRA)? Are you aged 70 ½ or older concerned about the required minimum distributions (RMDs) increasing your taxable income? RMDs are the minimum amount you must withdraw from your IRA each year based on your age and the value of your account. These withdrawals are then subject to income tax. Do you enjoy making contributions to your favorite charities each year? If you answered yes to all three questions, then a qualified charitable distribution (QCD) may be an excellent option for you.

The federal estate, gift, and generation-skipping transfer (GST) tax exemption amounts have been increased temporarily (i.e., these all-time high exemption amounts are set to expire at the end of 2025). As of 2024, each individual has an exemption amount of $13,610,000 (or $27,220,000 for a married couple), reduced by any prior taxable gifts. This increase in exemption amounts presents a unique opportunity for you. Suppose you took full advantage of the previous federal gift tax exemption amounts. In that case, you now have additional amounts to give away free of any federal estate, gift, and GST taxes, empowering you to manage your wealth more effectively.