529 Savings Plans: For Education Expenses and Estate Planning

A 529 plan is a state-sponsored tax-advantaged plan designed for saving for future education expenses authorized by Section 529 of the Internal Revenue Code. If used for education, the assets grow tax-free. According to the College Savings Plan Network, since 529 plans came into existence in 1996, they have grown to $425.2 billion in 14.83 million accounts. […]

12 Estate Planning Must-Dos

Many of you already have estate documents, probably executed many years ago. You need an estate attorney to look over your documents every 10 years or so. Here are a dozen points to review. Do you have a will and powers of attorney for health care and property? These are part of every complete estate […]

Estate Planning & Income Tax Basis

Income tax basis can be an important factor in deciding whether to make gifts during your lifetime or transfer property at your death. This is because the income tax basis for the person receiving the property depends on whether the transfer is by gift or at death. This, in turn, affects the amount of taxable […]

Key Estate Planning Documents You Need

There are five estate planning documents you may need, regardless of your age, health, or wealth: Durable power of attorney Advance medical directives Will Letter of instruction Living trust The last document, a living trust, isn’t always necessary, but it’s included here because it’s a vital component of many estate plans. Durable power of attorney […]