Recent News & Blog / Estate Planning
Should you “park” your vehicle in a living trust?
Using a revocable trust — sometimes referred to as a “living trust” — is a common estate planning strategy to manage one’s assets during life and to avoid probate at death. For the trust to be effective, you must “fund” it, meaning transferring ownership of your assets to the trust.
Estate planning when time is short
The novel coronavirus (COVID-19) pandemic has caused some people to contemplate their own mortality or that of a family member. For those whose life expectancies are short — because of COVID-19 or for other reasons — estate planning can be difficult.
Drafting your will using online tools can lead to unwanted outcomes
If you don’t have a will, drafting one should be your first step in developing a comprehensive estate plan. It may be tempting to turn to online do-it-yourself (DIY) tools that promise to help you create a will (and other estate planning documents). Even though this may be a relatively cheap option, using these online tools is risky except in the simplest cases. Contact the estate planning advisors at SEK with questions.
Your legacy: Charitable giving is vital during the COVID-19 crisis
The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations.
Review your estate plan in the midst of a major life shock
Generally, it’s recommended that you review your estate plan at year’s end. It’s a good time to check whether any life events have taken place in the past 12 months or so that affect your plan.
IRS confirms large gifts now won’t hurt post-2025 estates
The IRS has issued final regulations that should provide comfort to taxpayers interested in making large gifts under the current gift and estate tax regime. The final regs generally adopt, with some revisions, proposed regs that the IRS released in November 2018.
3 pitfalls to avoid when naming a beneficiary of a life insurance policy
Life insurance can be a powerful financial and estate planning tool, but its benefits can be reduced or even eliminated if you designate the wrong beneficiary or fail to change beneficiaries when your circumstances change. Common pitfalls to avoid include:
Have you considered making direct payments of tuition and medical expenses?
With the lifetime gift and estate tax exemption at $11.40 million for 2019 ($11.58 million for 2020), you may think you don’t have to worry about gift and estate taxes.
Parental priorities: How to choose a guardian for your child
If you have minor children, arguably the most important estate planning decision you need to make is choosing a guardian for them should the unthinkable occur. If you haven’t yet made this decision, formalize your choice as soon as possible. Contact the estate planning advisors at SEK for your estate planning needs.
Flex plan: In an unpredictable estate planning environment, flexibility is key
The Tax Cuts and Jobs Act (TCJA) made only one change to the federal gift and estate tax regime, but it was a big one. It more than doubled the combined gift and estate tax exemption, as well as the generation-skipping transfer (GST) tax exemption. This change is only temporary, however.