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Category: Estate Planning

27 posts categorized as "Estate Planning"

Politics and the Estate Tax

Oct 24, 2019

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

Regardless of which study you choose to follow; the estate tax has generated a tiny amount of revenue for the federal government since World War II.  Just after the war the tax generated its highest percentage of revenue, almost 2.6%, but since then it has swayed between 1-2% of total government revenue, typically near the 1% mark. 

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With Historically Low Interest Rates, Some Planning Ideas May Soar

Oct 22, 2019

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

Interest rates have become a hot topic these days.  Many people complain there aren’t any bonds paying a good enough rate.  Meanwhile, President Trump complains that the Fed’s interest rates are too high.  Credit card rates, home mortgage rates, you name it, and interest rates are everywhere.

While not often top of mind, there are also interest rate issues in the estate planning world. 

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estate planning text on notepad

National Estate Planning Week is October 21-27th

Oct 21, 2019

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

National Estate Planning Awareness week has come around again.  This is a week founded by the National Association of Estate Planners and Councils.  The goal of the week is to remind everyone of the importance of having a comprehensive estate plan.  Whether we like it or not, we all need to plan for our incapacity and our own demise. 

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IRS Announces an Early Christmas Present for Wealthy Taxpayers

Dec 5, 2018

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

In a recent announcement, the IRS has confirmed it will not pursue “clawback” for large gifts made under the current estate and gift tax regime. What that means is that individuals may use the new, higher gift tax exclusion amount (currently $11.18 million per person) without a fear that the IRS may look to “clawback” any taxes that could be owed if/when the exclusion goes down in the future.

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Incredible Artists, but Horrible Planners

Oct 19, 2018

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

As we wrap up Estate Planning Awareness Week, we turn to two famous, but unfortunate, examples of what happens if you fail to plan.  On April 21, 2016, the recording artist Prince died.  On August 16, 2018, the Queen of Soul, Aretha Franklin, passed away.  These two amazing artists had incredible musical talents.  Unfortunately, they also had another similar trait,

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Planning for Your Digital Assets

Oct 18, 2018

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

Continuing with Estate Planning Awareness Week brings us to a new area of the law.  Apple. Twitter. Gmail. Netflix. Pandora. Shutterfly. Amazon. These online accounts may be a part of your daily life, but have you thought about how you’d like your digital assets handled after you die?

There’s a good chance you’ve already made that decision. 

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Consider a “Pet Trust” to Care For Fido

Oct 17, 2018

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

As we continue National Estate Planning Awareness week it’s time to consider your fuzzy family members.  I’m not talking about your unique uncle, though, I’m talking about your pet.  People love their animals, sometimes more than their human family.  Historically, though, the law considered pets “property” that had to be disposed of similar to a couch or a ring. 

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Review Your Successor Appointments

Oct 16, 2018

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

For round two of National Estate Planning Awareness week, we are going to focus on your successors.  If you have a will, you have named a personal representative to serve.  If you have a trust, you have named a successor trustee to serve on your behalf.  If you have a power of attorney, you’ve named an agent to serve for you. 

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National Estate Planning Week is October 15-19th

Oct 15, 2018

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

It’s that time of year again, National Estate Planning Awareness week.  This week is led by the National Association of Estate Planners and Councils, and is an effort to remind everyone of the importance of having a comprehensive estate plan.  To support this cause Benjamin F. Edwards will provide a blog every day this week regarding various planning ideas.

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Celebrating Senior Citizen’s Day

Aug 21, 2018

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

Today is officially Senior Citizen’s Day.  With that, it seems like as good of a day as ever to remember it’s important to get your estate planning organized and efficient.  You should know where your estate planning documents are located, and what they say.  Often times people may have a will or trust “somewhere,” whether that’s in a file cabinet or a safety deposit box. 

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