For many people today, income tax planning now offers far greater tax-saving opportunities than gift and estate tax planning. A record-high gift and estate tax exemption — (currently $11.18 million per person is up from $5.49 million in 2017, and sunsets in 2025) — means that fewer people are subject to estate taxes. If gift […]

The Tax Cuts and Jobs Act of 2017 (TCJA) is a sweeping revision of the tax code that alters federal law affecting individuals, businesses and estates. Focusing specifically on estate tax law, the TCJA doesn’t repeal the federal gift and estate tax. It does, however, temporarily double the combined gift and estate tax exemption and […]

A Roth IRA can be a valuable estate planning tool, offering the opportunity for tax-free growth as long as the account exists and requiring no distributions during your lifetime. These features allow you to pass on greater wealth to your family. While traditional IRAs are more common, there’s no time like the present to consider […]

If you’re concerned about your family’s financial well-being after you’re gone, life insurance can provide peace of mind. For example, purchasing life insurance to support young children may allow the surviving parent to be more available if the primary wage earner dies unexpectedly. Likewise, having life insurance to pay down an existing mortgage gives the […]