As we turn over the calendar to a new year, many of us partake in an end of the year clean out ritual to rid ourselves of the things that no longer serve us. I decided to start my clean out with a box of jewelry I inherited from my mother and grandmother. I personally…
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Last year we provided some advice for gifting during your lifetime. See this link https://legacystudiolaw.com/should-you-consider-gifting-money-to-family-or-friends-during-your-lifetime-as-part-of-your-estate-plan/ The numbers have been updated for 2023. You can now give an individual gift of up to $17,000 a year to as many individuals as you want without having to file a gift tax return. Additionally, each individual’s lifetime gift…
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The IRS has increased the maximum amount we can gift to individual family members and friends tax-free from $15,000 to $16,000 per recipient per year. This means you can now give an individual gift of up to $16,000 a year to as many individuals as you want without having to file a gift tax return.…
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One of the main facets of your job as an executor or administrator is to protect and preserve the assets of an estate. When the estate includes property of value, including a house, car, jewelry, art, etc., you should find out how that property is insured and maintain that insurance while that property remains an…
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The simple answer is yes! All businesses should have a succession plan in place. Most large businesses have some structure that would sustain the business if a key manager were to become incapacitated or die. However, small business owners typically do not have a plan for how the entity will continue in this situation. Who…
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While it is great that you have your estate plan in place, it is important that you review it from time to time to be sure it is up to date and still does what you want it to. An annual review is recommended and at the very least you should review your estate plan…
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Often our clients ask if they should add their adult children to the deed for their house so that the house can pass automatically to the children as joint tenants with right of survivorship when both parents are gone. The considerations are the same whether you are a single parent or a couple considering adding…
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