If you understand and work with tax laws, your estate plan will be all the stronger for it. Knowing when certain taxes will apply, especially those that occur after your passing, is very important. Planning ahead is the only way to avoid incurring extraneous taxes...
Estate planning can sound inaccessible to some people, as if it’s an elite tool that’s not appropriate for everyone. If financial end-of-life planning isn’t a topic circulating through your peer group, it can seem far-off or irrelevant. However, neither of these assumptions are true. Many people...
The future of the estate tax exemption is not yet concrete. However, we’re getting closer to understanding how wealthy estates may be affected if the bill known as The 99.5 Percent Act becomes law. Currently, the federal estate tax exemption is $11.7 million for an individual...
Some aspects of estate planning can be extremely complicated and lead to headaches—especially tax issues. Whether you’re the estate planner, the grantor, or a beneficiary, the experts at Phelps LaClair can answer all of your questions. You could be in the beginning phases of estate planning...
Taxes play a large factor in developing an effective estate plan. Thanks to the dreaded “estate tax,” if you fail to properly plan, Uncle Sam will take his final cut on your way out the door, and your largest tax bill ever will come when...
It’s getting hotter outside and we are looking for activities to do outside that help keep us cool! Chilling in a mountain stream seems appropriate, right? Grab your tube, and let’s go! At Phelps LaClair, we think it’s important to get out and enjoy nature. Tubing...
aaa Protecting your assets is vital to you. And they face many potential risks during your lifetime, such as: lawsuits, divorce, creditors, or bankruptcy. Some people choose to dissolve a living trust to protect their assets in a divorce. If you’re facing a lawsuit you might be...
When you hear the term estate planning, the first thing you probably think about is a person in their mid-60’s, or older. Well today we’re going to challenge your perception. What if we told you that you should have an estate plan much earlier than...
When making your estate planning checklist, there are three “golden rules” you should follow. These estate planning rules will help you ensure you’re getting the most out of your hard work, and preserving your estate for years to come. Rule #1: Be Clear and Intentional The most...
One major part of your estate may be your retirement account. Placing your retirement funds in a trust account is not possible while you are still living. However, there is one trick you can use to ensure your individual retirement accounts are protected, and the...