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Death Tax Tips to Consider Now

It’s time to get your affairs in order. If you are 40 and still running marathons, it’s not too early to think about estate taxes. If you are 80 and confronting a terminal illness, it’s not too late.

The phrase “it’s never too late” applies to many areas of life, such as changing your habits, your relationships, and your goals. So keep this phrase in mind in regards to protecting your assets and inheritances with proper planning for end-of-life taxes.

Forbes recently addressed this matter in an article titled “Deathbed Tax Dodges: Take These Steps Now To Save Later,” identifying certain fundamental tax moves to make even at life’s end.

The article highlights three basic steps: (1) ensure that your spouse has been granted your power of attorney, (2) create separate investment accounts for you and your spouse, and (3) remember the annually-renewing power of gifts to beneficiaries other than your spouse.

The article describes how these steps work together to maximize your estate tax savings, as well as reduce the size of your estate subject to such taxes. To take full advantage of these steps, the advice and assistance of competent legal counsel should be retained. It’s never too late to start planning for the future!

You can learn more about  estate tax planning  on our website. Be sure to sign up for our complimentary e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning. 

Reference: Forbes (August 27, 2012) “Deathbed Tax Dodges: Take These Steps Now To Save Later

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Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.