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Estate Planning




Recent Posts in Estate Planning Category

  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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. ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • Building a Comprehensive Estate Plan: Risk Management

    Are you exposed? Risk management is an essential part of financial and estate planning. This strategy anticipates potential elements that can devastate your portfolio and your estate - and, more importantly, it covers the important matters that keep you up at night. The following list addresses key risks that should be managed: Property and casualty loss Healthcare concerns Financial decline or ...
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  • Core Documents and Essential Components to a Comprehensive Plan

    An estate plan is not complete without these 6 core documents. It's important to review your six essential estate planning documents every few years to make sure that they reflect your current needs and circumstances. In light of the tax law changes that are anticipated , it is time to take inventory and determine how the Biden Tax Plan will impact your existing plan. Please read more ... Six Key ...
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  • Building a Road Map for Estate Planning and Financial Success

    Welcome to our first of a six-part series on building a comprehensive estate plan designed to protect you and your heirs for many generations to come. Because as we say, "Where today's plans, become tomorrow's legacy." Part 1 - Building a Road Map for Estate Planning and Financial Success Part 2 – Building Your Estate Planning Team Part 3 - Risk Management Part 4 - Core Documents and Essential ...
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  • What Makes a Great Estate Plan: Introduction to our 6-part series

    If you are reading this article, you are probably curious whether or not you are on the right path with respect to your estate and financial plan. Over the 30 years of being in practice, we have built and executed thousands of estate plans. To help you better understand the key elements of an effective estate plan, we have created metrics to analyze our client’s plans and the resulting outcomes. ...
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  • The "Perfect Storm" Supercharge your Estate Plan

    While it is clear that the pandemic has presented us with many challenges, it is not clear what will take place over the remaining months leading up to an unprecedented election in November. Our goal is to turn these present challenges into long-term opportunities. In this article, we will address a few of the essential factors that will “supercharge” an advanced estate plan. Over the last 24 ...
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  • Important Financial and Legal Documents Are You Ready for a Quick Getaway?

    Are you ready for a quick getaway? Whether going on a vacation or evacuating in the case of a hurricane, being prepared is more than packing suitcases or storing water and supplies. In Part One, we shared our checklist for things to do to prepare for a hurricane and evacuation in the case of an emergency - here we are discussing the important financial, legal and other documents that you should ...
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  • The SECURE Act Special Report

    Create your legacy and shift your tax dollars to your favorite charities while maintaining an income stream for you and your family. After much anticipation, new federal legislation titled, The SECURE Act was recently signed into law on December 20, 2019. Inside of the SECURE Act, one of the big changes is the elimination of a popular tax-deferral strategy known as the "Stretch IRA". Without the ...
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  • Tax Tips for Dealing with YOUR retirement accounts

    Roth it? Really? —— Should I Pay Tax Now on Purpose? Is it time to consider a Roth IRA ? When does it make sense to accelerate your obligation to pay more taxes electively? General answer: NEVER The general rule of income tax planning is to defer income (into the future) and accelerate deductions (into this year) to lower your income tax bill. So, when does it make sense to pay taxes early in ...
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  • Risk Management in Your Estate Plan

    Don't forget to cover your assets! Florida is one of the best states for estate planning and asset preservation. You’ve heard the expression, “a little knowledge goes a long way.” This is very true when it comes to protecting your assets from unforeseen creditors in Florida. While Florida has yet to enact legislation that allows self-settled domestic asset protection trusts, it does have several ...
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