The superrich call them “trust reveals” — meticulously planned events where the next generation learns who inherits the ski lodge … or the money needed to buy and board horses. According to a recent article in the Wall Street Journal,…
The estate tax gets many headlines and was a focal point in recent negotiations over President Trump’s One Big Beautiful Bill Act (OBBBA). But if you plan to leave property to a grandchild, there’s another tax you should know about…
Many terms have been used to describe the intergenerational wealth shift expected as baby boomers, the richest generation in history, reach the end of their lives and pass on the fortunes they’ve accumulated over decades of rising home values, stock…
What Is a Durable Power of Attorney? A durable power of attorney is an extremely important estate planning tool, even more important than a will in many cases. This crucial document allows a person you appoint – your “attorney-in-fact” or…
Many older adults plan to pass on their hard-earned assets to their children. In fact, trillions of dollars are expected to be passed down from Baby Boomers to future generations over the next few decades as part of the so-called…
The Internal Revenue Service (IRS) has released the gift tax and estate tax exclusions for tax year 2026. These exclusion amounts are adjusted annually to account for changes in the cost of living. The following updates become effective January 1,…
Minimizing Estate Taxes Many people assume that when they establish a revocable living trust, property held in the trust will completely avoid federal estate taxes after their death, when in fact living trusts do not provide any unique estate tax…
Many people delay estate planning because they believe it’s only for the wealthy, the elderly, or those with complex assets. Unfortunately, these misconceptions can lead to costly and painful consequences for loved ones left behind, or even for you while…
Deciding to end a marriage as an older adult is increasingly common. If your marriage ended later in life, you could be part of the “gray” divorce trend. AARP reports that Baby Boomers, those born between 1946 and 1964, are…
In estate planning, there is a surprisingly common misstep that can have costly consequences for some families. A recent Wall Street Journal article highlighted this error: the failure to file an estate tax return upon the death of the first…