MONEY NEWS YOU CAN USE
Knowledge is power, and that’s why we created ‘Money News You Can Use’. I pick the five best articles I read each month and post them here so you can stay informed of the latest financial news and arm yourself with knowledge when preparing for retirement. I know most people don’t have time to sift through hundreds of articles to find the most relevant and helpful ones, which is why I do it for you!
This month, we will focus on estate planning. You don’t need to be a billionaire to benefit from having an estate plan. Baby Boomers will transfer trillions in wealth to their heirs over the next 25 years, and there are several actions to take to be prepared. You’ll face many important decisions when creating and updating an estate plan, from choosing between a will and a trust to deciding on a tax minimization strategy.
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Premiere Wealth Advisors Founder
Jeff Vogan – RFC, CEP
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MONEY NEWS YOU CAN USE : estate planning
How Much Is the Death Tax Exemption?
The Tax Cuts and Jobs Act doubled the Estate Tax Exemption limit, but this legislation expires at the end of 2025. Taxes could be higher in the future, so have a plan for minimizing taxes on your estate.
Estate Planning Decisions
Some basic estate planning decisions include choosing either a will or a trust, naming and updating retirement account beneficiaries, and thinking about a healthcare and financial durable power of attorney.
Follow Through On Your Estate Plan
Estate planning failures are all too common – and avoidable. Common reasons include failure to update estate plans for events like marriage, divorce, and the birth of a child or grandchild, or after a tax policy or law change.
Preparing Heirs to Inherit Wealth
An estimated $68 trillion will transfer from Baby Boomers to their heirs over the next 25 years. It’s important to educate younger heirs about their finances and discuss your legacy goals with them.
The Basics of Estate Planning
You don’t have to be a billionaire to benefit from having an estate plan. Start by reviewing important documents and thinking about your legacy goals.