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The Great Wealth Transfer: Managing Your Inheritance Wisely

Posted by Nina Whitehurst | Dec 09, 2024 | 0 Comments

We are in the midst of one of the most substantial intergenerational transfers of wealth in history. Referred to as the “Great Wealth Transfer,” it is expected to continue for another couple of decades. Baby boomers are the primary source of the wealth being transferred to younger generations across the United States. Some estimates put the amount of assets that will be transferred at over $68 trillion.

IRS: Request an IP PIN to Protect Against Identity Theft

Posted by Nina Whitehurst | Dec 06, 2024 | 0 Comments

With identity theft and taxpayer fraud on the rise, the Internal Revenue Service (IRS) is encouraging taxpayers to take extra caution when filing tax returns. One simple way to help safeguard your identity is to create an identity protection personal identification number (IP PIN) through the IRS. An IP PIN is a six-digit number that helps the IRS verify your identity when you are filing your tax return.

Who Holds Your Will and Other Estate Planning Documents?

Posted by Nina Whitehurst | Nov 28, 2024 | 0 Comments

Once you've taken the step to create a will and get your estate plan in order, you need to figure out what to do with the will itself. Keeping track of the location of your current will – as well as any old wills – can be crucial. Old wills should usually be destroyed, but there are rare circumstances under which you might want to preserve the originals or just copies.  You want to ensure that your loved ones know how to find the most recent versions of your will and other estate planning documents. This way, they can easily access important information they may need to manage your affairs when you pass away.

Inheritance Tax: What States Have It and When It Applies

Posted by Nina Whitehurst | Nov 21, 2024 | 0 Comments

Inheritance tax is a state-level tax that beneficiaries pay when they receive assets from an estate after somebody has passed away. The inheritance tax is distinct from estate taxes, but planning tools for avoiding or minimizing it, such as lifetime gifting and placing assets in a trust, can be used for both types of so-called “death taxes.”

IRS Announces 2025 Gift and Estate Tax Exemptions

Posted by Nina Whitehurst | Nov 18, 2024 | 0 Comments

Effective January 1, 2025, you will be able to make individual gifts of up to $19,000 in the calendar year (an increase from $18,000 in 2024) tax-free. In other words, giving more than $19,000 to any individual in 2025 means you may have to file a gift tax return. For a married couple filing jointly in 2025, the annual gift tax exclusion will be double that: $38,000. Meanwhile, the IRS has announced that the federal estate tax exemption will jump to $13,990,000 per individual in 2025, up from $13,610,000 million in 2024. Again, married couples’ exemption will be twice that, at $27,980,000 million. Over the course of your lifetime, you would therefore be able to give away up to $13,990,000 (as of 2025) before you owed a federal gift tax.

Qualified Medicare Beneficiary (QMB) Program: A 2024 Update

Posted by Nina Whitehurst | Nov 06, 2024 | 0 Comments

The Qualified Medicare Beneficiary (QMB) Program is one of four types of Medicare Savings Programs. The QMB Program is also the most comprehensive of the four, as it helps individuals with limited income and assets pay not only for Medicare Part A and B premiums, but also for deductibles and co-payments. This fall, a new rule will ensure that many more people gain access to this valuable program.

What Is a Trustee in Estate Planning?

Posted by Nina Whitehurst | Sep 23, 2024 | 0 Comments

Being a trustee is a significant responsibility. Those serving in this role must always act in the best interests of beneficiaries when carrying out their trust management duties, which include locating and protecting trust assets, investing assets prudently, distributing money and property to beneficiaries, keeping track of income and expenditures, and filing taxes.

Proper Estate Planning Reduces Issues of Probate

Posted by Nina Whitehurst | Sep 20, 2024 | 0 Comments

Probate is a legal process that happens after someone dies. While probate can be complex, lengthy, and expensive, an estate planning attorney or probate attorney can help mitigate unwanted risks. They will be able to anticipate what might happen and prevent issues before they arise.

"My Social Security" Transitions to Login.gov

Posted by Nina Whitehurst | Sep 03, 2024 | 0 Comments

On July 12, 2024, the SSA announced a change affecting many account users. Those who created a my Social Security account before September 18, 2021, must transition to a different type of online account known as a Login.gov. With a Login.gov account, you can continue to access to the SSA’s online services.

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