Losing a loved one can be a difficult experience. Yet, during this time, you must complete a variety of tasks and make important financial decisions. You may need to make final arrangements, notify various businesses and government agencies, settle the individual’s estate, and provide for your own financial security. The following checklist may help guide you through the matters that must be attended to upon the death of a family member.Continue reading “Death of a Family Member Checklist”
An estate plan is a map that explains how you want your personal and financial affairs to be handled in the event of your incapacity or death. Due to its importance and because circumstances change over time, you should periodically review your estate plan and update it as needed.Continue reading “Reviewing Your Estate Plan”
The Tax Cuts and Jobs Act, signed into law in December 2017, approximately doubled the federal gift and estate tax basic exclusion amount to $11.18 million in 2018 (adjusted for inflation in later years). After 2025, the exclusion is scheduled to revert to its pre-2018 level and be cut approximately in half. Otherwise, federal gift and estate taxes remain the same.
Technology is advancing at an increasingly rapid pace. The age of the internet has ushered in an unprecedented level of connectivity. In today’s modern world, people accrue vast amounts of digital assets, including digital files, such as photographs, videos, and documents, as well as digital accounts, such as social media, e-mail, websites, financial accounts, etc. As our digital footprint grows more valuable, it would be prudent to consider how these assets are handled after death.