It is inevitable. Change is coming for 2021 and beyond. The problem is no one knows for sure exactly what that change will be. There are several things we have a good hunch will happen, and we will discuss a few key notes. No matter, the big question is how do you plan around a…
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You finally got your Will done. So, your estate plan is complete, right? Well… maybe not. Donna was a widow for many years before she died. She had updated all of her legal documents just a couple of years beforehand. Her goal was to make sure everything went equally to her three kids and to…
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$400,000 and $3.5 Million A few weeks ago, we were working with a family that could have severe estate tax issues in the future. When this risk was first exposed, the immediate response was this: We have until 2026 before anything can be changed, right? Unfortunately, this is a misconception. The tax code can be…
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According to the IRS: Estate Tax is a tax on your right to transfer property at your death. Due to what might be owed at your death, the government realized that estates comprised mostly of small businesses, farms, and ranches could face ruin after the death of the owner. So, in 1997 Section 2032A of the tax code…
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Beyond grief, one reality that loved ones must face when someone passes is the responsibility of dealing with the departed’s estate. This undertaking can be quite cumbersome, especially due to the seemingly “foreign” language of the law. One aspect, the probate process, is public. It is filed in the city or county in which the…
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Bruce Schneier wrote an article in March of 2007 titled Why the Human Brain is a Poor Judge of Risk. Looking back, the timing is fine irony. Had more investors read his article, perhaps they would have lowered their overall risk in the markets prior to the Financial Crisis – which began in August of…
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All of their fame and money may be one thing, but when they die – as we all do – celebrities are not so different from the rest of us. The same estate planning blunders they make are the same ones we see on an every day basis. Here are the top ten lessons to…
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I have a confession to make: I love watching the talent on some of today’s reality shows. It is absolutely wonderful to see every day people working to fulfill their lifelong dreams of turning their passion into a career. Several years ago, on The Voice, Danielle Bradbery, a young lady from Texas who was 16…
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Wow! Where has 2019 gone? There are only two months left—the busiest two months of the year with the holidays in full swing. The funny thing is that most people try to cram everything they intended to do all year into this hectic, compact time-frame. I guess the old adage is true—done beats perfect every…
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Wisdom isn’t something you are born with. Yet wisdom, once gained, can be the most valuable thing you achieve and maintain – second only to your relationships with God and those you love most in life. Wisdom is achieved through years of watching, listening, observing and experiencing. Much of the value we provide doesn’t come…
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