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When Do I Need an Estate Plan?

One of the most common questions we receive in our Estate Planning practice is “when do I need a personalized estate plan?”  While there are many factors to consider, you will want a personalized estate plan when there is a significant change in your life, or you do not like the default plan created for

Estate Planning 101: Making Bequests to Charity

Many clients opt to make charitable donations to further charitable intentions and to perhaps help reduce estate tax exposure in the process.  Charities often fulfill needs and perform work that the government does not otherwise provide, and supporting a charity can stretch one’s dollars further as charities can be more efficient with the contributions than

What to Know if You’re Getting Divorced and Your Spouse Holds Power of Attorney

Worried about a financial power grab in divorce?   A power of attorney can be like writing a blank check to your spouse.  Many married couples will sign powers of attorney as part of their estate planning documents, which provide broad authority to act on the other spouse’s behalf.  Estranged spouses have used powers of attorney

It is Now Easier and Less Expensive to File a Late Portability Election via Form 706

On July 8, 2022, the IRS issued Rev. Proc. 2022-32 that simplified the method for obtaining late relief for failure to timely make an estate tax portability election and extending the time for filing portability returns from two years after the death of the first-to-die spouse to five years.  A portability election allows the surviving

Estate Planning 101: Making Exempt Gifts

I have yet to meet a client who wants to pay estate taxes. Tax avoidance is among the primary reasons people meet with estate planning attorneys and develop estate plans. In 2022, the federal gift, estate, and generation skipping transfer tax exemptions are $12,060,000 per person (which is indexed for inflation and will rise through

The Importance of Post-Divorce Beneficiary Planning

When you’re in the throes of a separation or divorce, it is easy to forget the importance of updating your will and your estate plan.  With so much happening in the here and now, things like beneficiary designations and estate planning can feel very much like an “I’ll get to it someday” problem.  However, as