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Category: Estate Planning

Estate planning services refer to the process of managing and distributing one's assets and properties after their death, in a way that ensures the smooth transfer of wealth to the intended beneficiaries while minimizing taxes and other expenses. Estate planning services may include drafting legal documents such as wills, trusts, and powers of attorney, as well as providing guidance and advice on strategies for asset protection and wealth transfer. These services may be provided by lawyers, financial advisors, or other professionals with expertise in estate planning. Effective estate planning can help individuals achieve their long-term financial goals and provide peace of mind for themselves and their loved ones.

Prepare Now for Coming Estate Tax Changes

By: Nick Leydorf
Estate Tax Changes
One of the most significant changes Americans will soon see is the sunsetting of tax laws under the Tax Cuts and Jobs Act (TCJA) of 2017.
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Posted on: June 13, 2023 |
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Do Heirs Have to Pay Debts from an Estate?

By: Nick Leydorf
estate plan debts
Part of estate planning is considering how future repayment of debts, both owed to the person and debts they are responsible for, will impact inheritances received by beneficiaries. A recent article from Lake County News, “Estate Planning: Debts and Estate Planning,” explains how the process works. Assets passing to a beneficiary directly, outside of probate, […]
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Posted on: May 23, 2023 |
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Why Is ‘When’ the Big Question in Estate Planning?

By: Nick Leydorf
People approaching retirement ponder numerous questions. However, I’ve found that many of the most important questions revolve around the word ‘when.’
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Posted on: April 21, 2023 |
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Planning for Long-Term Care with Irrevocable Trusts

By: Nick Leydorf
a notebook with many questions
With the possibility of needing long-term care in the future, many people are interested in proactive planning.
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Posted on: April 20, 2023 |
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How Do Inheritance and Estate Taxes Work?

By: Nick Leydorf
elder couple working on protecting their assets
Federal estate taxes were created in 1916, taxing estates valued at over $5 million. This amount changed to $50 million in 1932. In 1940, it dropped to $10 million, then $5, then $3. In 2002-2007 estates worth more than $2 million paid the tax.
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Posted on: April 18, 2023 |
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Planning for Long-Term Care and Taxes

By: Nick Leydorf
Elder couple with their estate planner
Many families discover that trying to mitigate the cost of long-term care can conflict with another common retirement concern—reducing taxes for retirees and their heirs.
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Posted on: April 17, 2023 |
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Transfer on Death Isn’t Always a Smart Estate Planning Strategy

By: Nick Leydorf
A primary benefit of using TOD/POD designations is that assets held in the account will pass automatically to the beneficiary without having to go through probate.
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Posted on: April 14, 2023 |
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Do Trusts Help with Succession Planning?

By: Nick Leydorf
Most estate planning starts with a will. The legal document covers what to do with your assets and provides important direction on the care for minor children.
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Posted on: April 14, 2023 |
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Protecting Inheritances in a Blended Family

By: Nick Leydorf
As divorce and second marriages become increasingly common, more people find themselves raising children who are not biologically their own. Estate planning for blended families should address this unique situation.
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Posted on: April 13, 2023 |
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Top 10 Estate Planning Myths

By: Nick Leydorf
Everyone needs to worry about estate planning. That planning doesn’t only pertain to what happens when you die but what could happen if you end up incapacitated.
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Posted on: April 12, 2023 |
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