Articles

Plan Smart, Live More: Test Your Estate Planning IQ!

In 2025, what is the total amount of money and property you can gift during your lifetime and leave at your death to your loved ones (other than to your spouse) without owing federal estate tax?

a) $5 million

b) $15 million

c) $13.99 million

d) as much as you want

Just Like You Need a Medical Checkup, Your Estate Plan Needs a Checkup

Life is always changing, and your estate plan should change with it. Instead of thinking of it as a one-time chore, understand that it is an ongoing process that must keep pace with your life to ensure that your loved ones and your wishes continue to be protected.

If you have experienced a recent life change or it has been some time since you reviewed your estate plan, we can help ensure that your current plan still works for you and your loved ones as intended. If you do not yet have a plan, we can help you create one that will grow with you over time.

Your Family Is Not One-Size-Fits-All; Your Estate Plan Shouldn’t Be, Either

What comes to mind when you think of the typical American family?

Today’s families take many different forms: Some are blended through divorce and remarriage while others are built through long-term partnerships, adoption, or fostering.

Families may include same-sex or opposite-sex couples; married or unmarried partners; or children from different relationships or no children. Many households also juggle the needs of aging parents or relatives with disabilities.

Have You or Your Loved Ones Used These Excuses to Avoid Estate Planning?

 An estate plan can seem like an inconvenient or unnecessary task. After all, you are not rich. You do not own an “estate.” You have already filled out beneficiary forms on your main financial accounts and talked to your family about your wishes. What else do you need to do?

That depends on what you want to accomplish. However, if you have no comprehensive legally documented plan, you must face the fact that you could be giving up the ability to control your legacy. 

Does Treating Your Children Fairly Mean Unequal Inheritances?

When thinking through their estate plan and how they want their assets (money and property) managed after they pass away, most parents wish to treat their children equally, often out of a sense of fairness.

However, sometimes being fair or doing what is right by your children may mean giving unequal inheritances.