Why It’s Important to Update Your Estate Plan
April 14, 2023
It is a common misconception that once the estate plan is prepared and executed, it does not require any further attention.
Johnson Law Firm
It is a common misconception that once the estate plan is prepared and executed, it does not require any further attention.
Estate planning isn’t just for the ultra-wealthy, nor is it something you should put off until your golden years.
The Internal Revenue Services has announced the inflation-adjusted figures for estate, gift and generation-skipping transfer (‘GST’) tax exemptions for 2023.
A not uncommon estate planning scenario is an elderly parent who lives with an adult child, either at the parent(s)’s home or at the child’s home.
For most people, pretty much everything they owned could be held, sorted and doled out by their estate lawyer. Today, that’s far less true.
An appointment with your estate planning attorney can address any holes that have developed and ensure that everything is in place.
Although executing a will can seem overwhelming, when the document is signed, you can rest assured that you have given clear instructions to those who will have to handle your estate after your death.
The SECURE 2.0 Act, which was signed into law in December 2022, changes the RMD rules for retirement savers beginning in 2023.
It’s essential to think ahead and consider what important legal documents you should include in your estate plan.
Created to own and control a life insurance policy or policies while the insured is alive, Irrevocable Life Insurance Trusts (ILITs) are tools that are sometimes recommended by estate planners.
