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Few things can derail your estate plan as quickly as unanticipated long-term care (LTC) expenses. Most people will need some form of LTC — such as a nursing home or assisted living facility stay — at some point in their lives. And the cost of this care is steep. According to a 2021 survey by...
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When planning for the disposition of your estate, it’s critical to understand what happens if a child or other beneficiary predeceases you. There’s no one right way to deal with this contingency, but to avoid unintended results your estate plan should spell out, with precise language, how your estate should be divided among loved ones....
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If you’re reading this, you’ve likely put a great deal of time, effort and expense into designing and implementing an estate plan that meets your goals. But unless your loved ones know that these documents exist — and how to find and access them — your well-laid plans can be derailed. Following are some tips...
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As a business owner, your company is likely your most valuable asset. And you know that you must account for it in your estate plan to help ensure that it remains a valuable asset for your heirs. Thus, a key goal should be to insulate your company and other assets from the claims of creditors...
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In November an amendment related to property tax assessments in Jefferson County was approved. This amendment provides for a “Special Senior Property Tax Exemption”. The exemption will allow property owners to freeze their property tax amount to the assessed value from the year previous to making the exemption.  The deadline for making this exemption is...
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Hedge your bets with a SLAT One of the biggest challenges of estate planning is dealing with uncertainty. For 2022, for example, the federal gift and estate tax exemption is $12.06 million, but it’s scheduled to be cut in half after 2025. And some lawmakers would like to shrink it even more. Given the uncertainty...
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Some assets pose more of a challenge than others when it comes to valuing and accounting for them in an estate plan. Take, for instance, your art collection. If you possess paintings, sculptures or other pieces of art, they likely represent a significant portion of your estate. Here are a few options available to address...
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Setting up an investment account for your minor child can be a tax-efficient way of saving for college or other expenses. And one of the simplest ways to invest on your child’s behalf is to open a custodial account under the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). These...
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Portability helps minimize federal gift and estate taxes by allowing a surviving spouse to use a deceased spouse’s unused gift and estate tax exemption amount. Currently, the exemption is $12.06 million, but it’s scheduled to return to an inflation-adjusted $5 million on January 1, 2026. Some lawmakers have proposed lowering the amount even further. Portability...
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Article co-authored by DFH attorneys Brian Williams and Alex Priester featured in the September issue of the Alabama Lawyer. Click here to read. View Article
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