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Legacy Planning: The Ultimate Gift

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How Do Inheritance and Estate Taxes Work?

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.
04/27/23 • by: Law Office of Michelle Adams
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Planning for Long-Term Care with Irrevocable Trusts

With the possibility of needing long-term care in the future, many people are interested in proactive planning.
04/27/23 • by: Law Office of Michelle Adams
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Transferring Real Estate to Children

For many parents, transferring real estate to their children is an important part of their estate planning process. There are several ways that parents can do this, each with its own advantages and disadvantages.
04/04/23 • by: Law Office of Michelle Adams
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The Biggest Mistakes Made with Trusts

Mistakes that are usually ugly, often costly and sometimes fatal – at least to an estate plan.
04/04/23 • by: Law Office of Michelle Adams
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How to Pay for My Funeral

A funeral can cost $10,000 or more, according to the Funeral Consumers Alliance.
04/04/23 • by: Law Office of Michelle Adams
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What’s New with 529 Plans?

An education savings account called a 529 plan is just one of several tools families can use to prepare for the growing costs of higher education. These plans can be beneficial for almost anyone since they let funds saved for education compound on a tax-free basis provided they're used for eligible education expenses. Individuals who live in states with special tax breaks for contributions tend to fare the best.
04/04/23 • by: Law Office of Michelle Adams
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Should You Give Your Children an Inheritance Now?

Retirees should secure themselves first, and if you’re all set there, then consider a few other things, such as the impact on the children and tax issues.
04/04/23 • by: Law Office of Michelle Adams
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Three Ways to Make Trusts Millennial Friendly

If your estate plan benefits Gen Y (also known as Millennials) it’s important to design a trust that supports what makes them thrive.
03/28/23 • by: Law Office of Michelle Adams
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Do I Need a Will If I’m Leaving Insurance Policy to a Beneficiary?

Estate planning is crucial to leaving your beneficiaries with your possessions as you intend.
03/28/23 • by: Law Office of Michelle Adams
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Do Family Secrets Hurt Estate Planning?

A study by the financial services research firm reveals just how big a problem family secrets can be, as reported in Financial Advisor’s recent article “Family Wealth Transfers Undermined by Secrecy.” Most asset holders plan to share their wishes and intentions with family members before they die. However, the research reveals only about half actually…
03/28/23 • by: Law Office of Michelle Adams
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