In 2023, the IRS issued Revenue Ruling 2023-02, significantly impacting the transference of assets held in irrevocable trusts. If you are the owner of an irrevocable trust—or are planning to set up an irrevocable trust—you should meet with your accountant to assess the impact of this rule change on your

If you turned 73 in 2024 and are the owner of a retirement account, you will likely need to make a minimum withdrawal by April 1 to avoid penalties. What is an RMD? A required minimum distribution (RMD) is the minimum amount that must be withdrawn annually from certain retirement

Last updated on September 20th, 2024One of the primary considerations when developing an estate plan is the taxes that will be due upon a person’s passing. With this knowledge, an estate plan can – and should – proactively include actions to help ensure more of a decedent’s assets go to

True or false? Your will controls who inherits all of your assets upon your death. You may be surprised to learn the correct answer is false when it comes to certain assets that have a beneficiary designation. In those cases, the beneficiary designation takes precedence. A primary beneficiary is an

Last updated on July 23rd, 2024Some sources say anyone with assets needs an estate plan, while others indicate it only delivers value to the wealthy. The truth is it’s not that simple and depends on each individual’s unique situation, as well as tax laws and legal processes in the state

Different types of trusts are available to help ensure your long-term financial legacy is honored and more of your assets go to the people or causes you care about, rather than taxes. At the simplest level, a trust is a legal arrangement that gives you, another person, or an institution

Last updated on May 3rd, 2024In truth, none of us know what type of medical care we’re going to need in the future. Some may need none and some may need care for years. We just don’t know. What we do know is that future healthcare costs can wipe out

An estate freeze is a sophisticated tool often employed in the realm of estate planning and wealth management, especially within family-run businesses. When executed correctly, it can help reduce taxes owed on your estate upon your death and help transition your business to the next generation in a smooth, tax-effective