ARTICLES

President Biden’s Build Back Better Act (BBBA) has made a significant first step towards passage as the House Ways and Means Committee approves the bill’s tax provisions. As the draft now stands, the legislative proposal may restrict the abilities of higher net worth individuals to shelter assets from tax consequences in their estate planning strategies.

Some of the more commonwealth transfer strategies for estates may have significant impacts due to tax law change proposals on the precipice of being enacted into law. While it is too early to know what will become law, the House Ways & Means Committee tax plan draft indicates that change is coming soon.

Many young adults – even those aged thirty and higher – believe they are too young to think about estate planning. Young adults in their twenties and thirties often believe they don't own enough to constitute an estate.

Estate planning documents such as your will, living wills, powers of attorney, trusts, medical directives, and financial information should be stored somewhere secure, yet easily accessible for your survivors. Additionally, you need to safely store information about birth certificates, marriage licenses, even divorce decrees, as well as medical records and property titles.

Aging well and securely in America takes a significant financial toll on millions of elderly and their loved ones. Long-term care facilities and retirement communities cost staggering amounts of money, as do the high costs of premiums to maintain a long-term care insurance policy.

There are always generational differences of opinion as to how best to live and act in the world. Millennials and Generation Xers have distinctly different priorities and politics than their older benefactors in response to climate change, pollution, over-harvesting nature's capital, and wealth accumulation, to name a few.

Surprisingly, despite the COVID-19 pandemic, overall percentages of older Americans without a will have remained the same according to caring.com. In contrast, younger adults with a will show an increase of sixty-three percent comparative to pre-pandemic times.

While an assisted living community can provide essential care and peace of mind for aging parents, identifying the suitable facility “fit” requires matching your parents' needs, budget, and lifestyle with desirable locations.

A comprehensive estate plan is vital if you want to ensure the successful transfer of wealth to your loved ones. However, all too often we overlook the crucial part of communicating our estate plan to family and heirs.

Back in 2007, a Maltese pup named "Trouble" who was the pet of hotel heiress Leona Helmsley was left a trust fund of $12 million to pay for the dog’s care. Unfortunately, pet inheritances have suffered a dubious reputation ever since.