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 ...

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 ...

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 ...

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 ...