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The estate tax has changed and will continue to evolve over time. The same goes for the estate planning tools available to clients. In 2010, Congress implemented an estate planning tool called a “portability election,” whereby a surviving spouse could use the deceased spouse’s unused estate tax exclusion. This allowed a couple that failed to … Implementing Portability Into Your Estate Planning

The turn of the calendar is a great time to consider whether your estate plan needs updating. With frequent changes in the law, the estate tax exemption, and your own portfolio, even recent plans should be reviewed. Here is a list of the top five items that you should consider when coming in for your … Planning for 2021: Top Five

Prior to the enactment of the SECURE Act on January 1, 2020, the tax deferment benefit for a non-spouse beneficiary of an IRA was substantial. For example, a child could be the beneficiary of an IRA and receive the economic benefit of the payments stretched over their life expectancy. A significant advantage of this stretch … Should I Make My IRA Payable to a Charitable Remainder Trust?

I am writing this article in mid-April. It is likely that by the time this goes to publication, much of it will be out of date. Yet all I can do is put pen to paper and tell you what measures Foley & Pearson has taken to facilitate our clients’ estate planning needs and our … Transitions in the Era of COVID-19

Even if you have an up-to-date estate plan, there are some logistical quirks to be aware of whenever someone passes away.  Clients frequently ask if they need to notify the Social Security Administration of the loved one’s passing.  The short answer is “no.” 

Starting and building a successful business can be a very rewarding vocation. The satisfaction that comes from overcoming obstacles to establish the right business culture with the right people and a quality brand name cannot be fully appreciated unless you have done it. But even successful entrepreneurs often fail to consider their exit plan, even … Business Succession Planning: A Process, Not an Event

Safe deposit boxes are widely used to store important documents, including wills, deeds, birth certificates, savings bonds, stock certificates, and cash. Other common contents of safe deposit boxes are precious metals, jewelry, coin collections, gems, and family heirlooms. Safe deposit boxes often create challenges for family members when the owner of the box passes away. … Safe Deposit Boxes and Your Estate Planning

You cannot completely disinherit children under Alaska law, including the ones you didn’t even know you had.

Most people believe that an estate plan consists of one legal document, the Will, which is more completely known as a Last Will and Testament. However, your Will doesn’t become effective until you pass away. In fact, a Will doesn’t have any legal effect whatsoever while you are alive. This causes some estate planning lawyers … What is a Living Probate?

What a difference two decades makes. In 1998, the federal estate and gift tax lifetime exemption was only $600,000. With a home, a modest IRA, and a life insurance policy, many middle class Americans had estates subject to estate taxes in the late 1990s.