In North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust, a beneficiary received a tax bill from the state for over $1 million.The problem? She had not received the income the state was attempting to tax. The state was attempting to apply a...
In most cases, due to short life spans, your pet will pass away before you. In the instance of a possible tragic event or sudden illness that could eventually lead to your death, it would be wise to prepare for your pet's future without you. There are a few steps to...
The Internal Revenue Service (IRS) is considering a new rule that will impact retirement plans. The rule specifically addresses IRAs. What piece of legislation? The SECURE Act is gaining momentum within Congress. The proposal passed the House of Representatives in May...
Your will protects your personal wishes and your family's legacy. That will you made five or 10 years ago needs some changes. Like a house, your will needs minor updates and changes as time progresses. At home, the paint on your wall may have started to chip or the...
The dogs, cats and other animals we share our homes with become more than just pets. For many, these furry, feathered or even scaled companions become family members. As such, an increasing number of pet owners are taking steps to better ensure their pets receive a...
The Tax Cuts and Jobs Act (TCJA) increased the estate-tax exclusion rate. The rates increased from approximately $5.5 million to $11.4 million per person to or $22.8 million for a married couple. As a result, it is wise to consider putting certain estate planning...
The family cabin up north, right on the lake and away from the hustle and bustle of the city, is a source of treasured memories for parents and children. It's natural to want to pass that gift on to ensure future generations can enjoy it in the same way.So how do you...
Planning for the future can be a daunting task, especially when you don't even know where to start. One question to remember to ask is who makes decisions for you if you can't make them for yourself?One of those decisions could be related to advanced directives....
Long-term care can be very costly. Those who need to plan for this expense may find themselves trying to figure out how to pay for a loved one to receive the care they need without depleting the assets the family has worked for generations to accumulate. This may...
Don't have an estate plan? You are not alone. A 2017 study done by Caring.com found that only 42% of Americans have an estate plan. Unfortunately, the consequences of not having an estate plan can wreak havoc on your loved ones. Why? Because the state of Connecticut...
