In 2017, the Tax Cuts and Jobs Act (TCJA) substantially raised the federal estate tax exemption to $10 million. This designated sum allows you to gift assets to your loved ones, free from gift or estate tax obligations upon your passing. Any portion of this exemption utilized during your lifetime diminishes the available amount at…
For most of us, our pets become cherished members of the family. Yet, during estate planning, the needs of these beloved animals are sometimes overlooked. Including your pets in estate planning isn’t merely an act of care; it’s a crucial responsibility. Decided Who Will Care For Your Pet in the Event You Cannot During life’s…
Deciding whether or not to share your estate planning details with loved ones depends highly on family dynamics. Most people choose to communicate at least a broad explanation with those involved. However, sharing more explicit information, such as the distribution of wealth or property, might be in the best interest of some but not in…
You may be under the impression that modifying an irrevocable trust is impossible. However, in certain circumstances, even irrevocable trusts can be modified. Factors like errors in the trust document, law changes, or unforeseen circumstances could warrant alterations. It’s important to note that how much you can modify an irrevocable trust largely depends on the…
Many individuals in the United States utilize trust protectors. In short, this is an individual appointed authority over a trust. Trust protectors ensure that trustees maintain the integrity of the trust, make good distribution and investment decisions, and adapt the trust to changes in circumstances. As changes inevitably happen, the trust protector holds the authority…
Aretha Franklin owned four homes at the date of her passing in 2018. The emergence of two handwritten wills several months after her death sparked a dispute between her sons. They disagreed on what their mother’s true intentions were concerning her real estate and other assets. Kecalf Franklin and Edward Franklin sought to establish the…
By Allison C. Gordon, Esq. “All they keep askin’ me is if I’m gonna be your bride…”-Taylor Swift, Lavender Haze More and more commonly, the answer is “no.” However, an increasing number of couples choose to live together and start families without getting married. In fact, according to research conducted by the Pew Research Center,…
Michael Oher’s journey is an incredible story. He had a turbulent upbringing in foster care due to his mother’s struggles with addiction. Despite his difficult childhood, he became a football star at the University of Mississippi, a first-round NFL draft pick, and a Super Bowl champion in 2016. His life inspired the book and Oscar-winning…