Although there are many estate planning resources online which can help you create a Will on your own, these services cannot replace the guidance and expertise of an estate planning attorney. In my experience, one key shortfall of using online services for your estate plan relates to the actual execution of the documents. If you…
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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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A credit shelter trust (CST) is a type of trust that is used to protect assets from estate taxes. It is typically used by married couples to ensure that their assets pass to their heirs without being subject to estate taxes. The CST works by transferring assets from the first spouse to the trust, which…
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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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We are often asked for referrals to financial advisors and we are happy to make introductions. Occasionally clients hesitate to work with a financial advisor because of confusion about the cost. Many of our clients have heard that they should only work with a “fee only” financial advisor, but they don’t understand what that means. …
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