New Clients Please Call239.494.3219 Existing Clients Please Call239.435.1533
Pier

Estate Planning

Recent Posts in Estate Planning Category

  • Think Twice Before Filling Out a Transfer on Death (TOD) Form

    Too often, the way we title newly acquired assets and financial accounts is too casual. The financial advisor or salesperson asks you how you wish to take the title and who you would like to be the beneficiary of the financial account. All too often, they create a TOD, which stands for transfer on death. Therefore, the account will pass directly to your heirs without any aggravation. ...
    Continue Reading

  • How to Build your "TDT" - Trust Dream Team

    Perhaps you have been in control of your finances for the majority of your life. You pay the bills, file the taxes, and make savings and investment decisions. But in the violent, chaotic, and busy world we now live in, it’s becoming more and more difficult to stay on top of the ever-changing stock markets, tax rates, and estate laws. More importantly, your golf handicap needs a bit of work. Now ...
    Continue Reading

  • Empowered Philanthropy: A Testimonial

    This article was originally published on June 15th in the Collier Community Foundation Professional Advisors Council Summer Newsletter Click here to read the entire newsletter Empowered Philanthropy: A Testimonial "As an estate planning attorney and Chartered Advisor in Philanthropy (CAP), I regularly meet with clients eager to contribute to charitable causes but unsure where to direct their ...
    Continue Reading

  • A Critical Decision in Estate Planning: To Fund or Not To Fund Your Trust

    This article was previously published in the Naples Daily News Estate Planning Council Supplement on March 3, 2024 Imagine your revocable trust as an empty box. Funding is the equivalent of placing your valuable assets inside the box to safeguard them for the future. This is achieved by renaming (retitling) ownership of an asset from yourself to the box's manager (trustee). In certain situations, ...
    Continue Reading

  • WGA Client Alert: Corporate Transparency Act In Effect as of January 1, 2024

    The Corporate Transparency Act (CTA) is now in effect. Initial reports are due before the end of 2024, and updates will be required annually. This overview is meant to provide a basic understanding of the law. However, we encourage you to speak with your trust advisors to ensure proper compliance. Immediate Action Required to Avoid Risk Failing to properly file under the Corporate Transparency Act ...
    Continue Reading

  • Navigating Trusts and Wills in Naples, Florida: A Comprehensive Guide

    Imagine you're setting out on a journey, one that impacts not just you but also those you care about deeply. Consider having a tool that not only guides this journey but also ensures your valued assets transfer to your loved ones according to your wishes. This tool is a trust. It's not merely for the affluent; it's a practical resource for anyone aiming to navigate their future with precision and ...
    Continue Reading

  • Charitable Giving: A Legacy at Every Income Level

    “No act of kindness, no matter how small, is ever wasted.” – Aesop Since 2010, over 240 signatories from 29 different countries have joined the Giving Pledge, a global initiative, uniting individuals of diverse backgrounds towards the common goal of a public commitment to philanthropy. You may be familiar with some of its founders, Bill Gates, and Warren Buffet, alongside additional individuals ...
    Continue Reading

  • IRS Issues Inflation Adjustments for 2024

    The Internal Revenue Service recently announced the annual inflation adjustments for the tax year 2024. The following are the most relevant to our clients at Wollman, Gehrke & Associates, P.A. Standard Deduction: For married couples filing jointly for tax year 2024 rises to $29,200. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600, and for ...
    Continue Reading

  • Building a Family Legacy: The Power of a Multi-Life Charitable Remainder Trust (CRT)

    Previously published in the 2024 Collier Community Foundation Connector Imagine a powerful technique that seamlessly combines estate planning, financial planning, and philanthropy into one. The multi-life Charitable Remainder Trust (CRT) takes the benefits of a regular CRT and enhances them by incorporating "multiple lives." In this article, we will explore the unique advantages of a multi-life ...
    Continue Reading

  • Planning to Avoid Probate? Read this first

    Probate avoidance, or reducing the necessity to have your estate administered in the probate court, is a small part of estate administration. This article will address some of the major misconceptions about estate planning and, in particular, avoiding probate. Misconceptions of Probate Avoidance “If I avoid probate, I will not have any expenses when I die.” FALSE - As discussed below, you will ...
    Continue Reading

  • Portability: A Time-Sensitive Estate Tax Planning Tool for Couples With Potential Taxable Estates

    This article was featured in the Naples Daily News Estate Planning Council Supplement on March 12, 2023 When a United States citizen or resident dies, if the decedent’s estate exceeds a certain threshold amount, the estate is required to file a Form 706 Estate and (Generation-Skipping Transfer) Tax Return. This threshold amount, the Basic Exclusion Amount, is $12,920,000 for the year 2023. Even if ...
    Continue Reading

  • SECURE Act 2.0 Highlights

    SECURE Act. 2.0 was signed into law on December 29, 2022, but some of the changes it makes to the operation of retirement accounts will take effect over the next few years. Major changes include: The age at which a person must start taking Required Minimum Distributions (RMD) from his or her retirement account will be increased in the year 2023 from 72 to 73. Starting in the year 2033, the age at ...
    Continue Reading

  • 11 Year-End Tax Tips & So Much More

    The following is our checklist of year-end tax strategy items and matters we believe you should consider addressing between now and the year’s end. Many of these helpful tips require a discussion with your financial and tax advisors, and we are available to collaborate. Before we begin, remember that your CPA and financial advisor have invaluable information that is a simple phone call away, be ...
    Continue Reading

  • GENERATIONS Newsletter Summer 2022

    Dear Clients and Friends, Recently, many of our clients are approaching a time in their lives when they are making major transitional decisions. At these critical milestones, many will face having to address challenging issues/conversations - starting with themselves. - When are you going to stop driving? - When will you have the conversation with your children/heirs about your finances and ...
    Continue Reading

  • 2019 Risk Management Self-Audit: Extended Version

    Today’s world presents new and old dangers to individuals and families. Information technology, now essential to our work and private lives, makes it easier than ever for bad actors to reach out and harm us. A parade of novel financial products bid us to invest, lest we miss out on the next big opportunity, but the modern, algorithm-driven market may tank for reasons the average investor is not ...
    Continue Reading

  • Back to Basics: A Self-Evaluation of your Estate Plan

    People traditionally think of estate planning and tax savings as one and the same. Today, it is evident that saving taxes is just the tip of the iceberg. Often, estate planning documents are well-drafted but rarely reviewed after leaving the attorney’s office. However, estate planning is a dynamic process requiring continuous care and annual reevaluation. As you go through the following ...
    Continue Reading

  • Life Insurance Policy Self-Audit

    Clients often ask us about their life insurance policies and their value to their estate plans. We often hear, "Should I go or should I stay?" "Should I keep my existing policies, or should I buy more life insurance to replace the wealth that may be needed in the future to pay taxes and other expenses?" "How do you know if you have too little or too much life insurance for your estate and ...
    Continue Reading

  • 2022 SECURE Act Regulations - Navigating the Proposed Regulations for IRA Owners

    The Setting Every Community Up for Retirement Enhancement Act (or “ SECURE Act” ) was enacted on December 20, 2019. The SECURE Act modified the rules for how retirement accounts, including IRAs, are distributed to beneficiaries after the death of the original owner of the account. In February of 2022, the Department of the Treasury released proposed regulations to clarify the application of the ...
    Continue Reading

  • When Should I Review My Estate Plan?

    With so much uncertainty in the world this past year, you may be asking the question, “Do I need to review my estate plan?” and perhaps “When is the right time to review my estate plan?” If you ask these questions, you have already taken the most challenging step; getting started. Once you have designed an estate plan to meet your needs, the next step is ensuring that your documents are up to date ...
    Continue Reading

  • Special Report: Build Back Better Plan Stuck In Neutral

    As of this writing, Congress has not passed legislation to accelerate the decrease in the lifetime estate and gift tax exemption, increase taxation of capital gains, or eliminate the “step-up in basis” on capital assets upon death. Regardless of any pending legislation, it is important to note that the historically high Trump era lifetime estate and gift tax exemption will automatically decrease ...
    Continue Reading

  • PRESS RELEASE – Edward V. Smith Named Partner

    Naples, FL: Wollman, Gehrke & Associates, P.A., a boutique estate planning firm based in Naples, FL, announced that Edward V. Smith has been named Partner with the firm. Prior to joining the firm, Mr. Smith led the estate planning team at Woods, Weidenmiller, Michetti & Rudnick, LLP. Smith’s practice focuses on Estate Planning, Estate Administration, Probate, Elder, and Special Needs Planning. ...
    Continue Reading

  • Customization of Trusts in Your Estate Plan

    As we have discussed, there have been several significant tax law changes, including the Tax Act, SECURE Act & CARES Act, not to mention the effects of the pandemic. Additionally, we anticipate that there will be numerous changes in the law under the current administration. Have you had any changes in your financial or personal circumstances that warrant changes to your estate plan? Is your ...
    Continue Reading

  • Building Your Estate Plan’s Legacy Component

    This is the sixth of a six-part series on building a comprehensive estate plan designed to protect you and your heirs for many generations to come. As our mantra states, “Today’s Plans Become Tomorrow’s Legacy.” Part 1 - Building a Road Map for Estate Planning and Financial Success Part 2 - Team Building: Original building of estate planning team Part 3 - Risk Management Part 4 - Core Documents ...
    Continue Reading

  • Proposed Federal Gift, Estate, and Generation-Skipping Tax Exemptions

    Running The "What-If" Scenarios In Step 1 of our Guide to Evaluating Your Tax Exposure, we invited you to know your situation inside and out—what your estate would look like with a 40% or even a 45% estate tax rate. Now, in Step 2, we highlight the importance of “running the ‘what-if’ scenarios” and using flexible strategies within your estate plan. This technique will help you maintain and retain ...
    Continue Reading

  • 2021 WGA Special Report: Guide to Evaluating Your Tax Exposure

    “If you fail to plan, you are planning to fail!” – Benjamin Franklin. If you implemented your tax law action plan this past fall, you likely took one of these initiatives: Left your estate plan “as is” after review and completed your year-end action checklist, Designed and implemented an estate tax freeze, or Transferred your remaining exemptions. The following is a comprehensive guide into the ...
    Continue Reading
Page of 3