In addition to our newsletter, we would like to wish you a restful holiday season and a happy, healthy start to the new year!
Here’s a brief glance at what you’ll find in the November/December issue…
The gift and estate tax exemption is now “permanent”
The One Big Beautiful Bill Act (OBBBA) has made the gift, estate and generation-skipping transfer (GST) tax exemptions permanent. This brings a great deal of certainty to estate planning. And now even fewer taxpayers need to worry about these taxes. However, this doesn’t mean estate planning isn’t critical. This article details the tax law changes affecting estate planning and offers several strategies to implement in light of the changes. A brief sidebar explores how the use of a nongrantor trust can increase an individual’s charitable deductions.
Are you prepared to inherit a windfall?
For many, the idea of receiving a large inheritance brings feelings of excitement and relief. However, without a clear plan, a windfall can disappear as quickly as it arrived. When handled with care, an inheritance can help a person build long-term financial security, support family members and even create a lasting legacy. But if managed without foresight, it can introduce new risks, unexpected tax liabilities and missed opportunities for growth. This article discusses key considerations for developing a long-term strategy to manage a substantial inheritance.
Address mental health care with a psychiatric advance directive
One aspect of estate planning that may not always get the attention it should is addressing physical incapacity. The estate plan should include detailed instructions if an individual becomes unable to make critical decisions for himself or herself. But what if a family has a history of mental illness? Is there a way to memorialize a person’s wishes in the event of a psychiatric episode rendering him or her unable to make decisions about treatment? A psychiatric advance directive (PAD) may be the answer. This article details how a PAD works and explains which mental health care issues it covers.
Estate Planning Pitfall
You haven’t properly planned for exemption portability
In estate planning, “portability” refers to a provision in the federal estate tax law that allows a surviving spouse to use any unused portion of his or her deceased spouse’s federal gift and estate tax exemption. This option can be especially powerful because it allows wealth to pass more efficiently between spouses without requiring complex trust arrangements. This brief article explains the ins and outs of exemption portability.
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