Your estate plan is one of the most important sets of legal tools you will ever create. An estate plan is designed to protect you, your loved ones, and your money and property. It can minimize taxes and fees and ensure that your loved ones are taken care of. Depending on the...
Category: Changes in tax law
International Inheritance Laws: What US Residents Need to Know
Estate planning can be complicated enough when all your assets (accounts and property) and loved ones are located within one country. But for US residents with international connections, whether through property, citizenship, residency, business interests, or loved ones living abroad, it can become significantly more complex.
Different countries have...
Estate Planning Truths: Debunking Common Misconceptions in Madison, WI
Estate planning often feels complex, leading many people to rely on assumptions that can have devastating consequences for their loved ones and their legacy. From who can make decisions for you to whether you need an estate plan, common myths can stand between you and a secure future. Let’s debunk these widespread...
What Does SECURE 2.0 Have to Do with 529 Plans
By now, you have likely heard about the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (part of the Consolidated Appropriations Act, 2023). These pieces of legislation were created to encourage Americans to save for retirement and provide additional rules about...
Don’t Let Your Estate Plan Go Up in Smoke
Fewer people are creating estate plans today than in years past. Research shows that, in 2024, less than one-third of Americans report having a will.[1]
Every adult—whether they are 19 or 99—should have a will at a minimum. Many people can also benefit from estate planning documents...
Corporate Transparency Act Update
Under the Corporate Transparency Act (CTA), which took effect January 1, 2024, many business entities including small limited liability companies (LLCs) and partnerships are required to file reports with the Treasury Department’s Financial Crime Enforcement Network (FinCEN). In these filings, applicable businesses must disclose important information about their entity. However, recent developments...
Navigating the Fiscal Year 2025 Greenbook: Key Trust and Estate Tax Proposals
The U.S. Department of the Treasury has released its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals. Commonly referred to as the Greenbook, this document lays out tax proposals that would support President Biden’s policy priorities if he is reelected to a second term.
A major focus...
2024 Election Results
The results from the 2024 election are in, and although we still have weeks remaining before the 119th Congress takes office and the new president is inaugurated, there is some clarity about an election that has been called the most important in our lifetime and even in US history.
Navigating the Fiscal Year 2025 Greenbook: Key Trust and Estate Tax Proposals
The U.S. Department of the Treasury has released its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals. Commonly referred to as the Greenbook, this document lays out tax proposals that would support President Biden’s policy priorities if he is reelected to a second term.
A major focus...
Ballots to Beneficiaries: How Potential Presidential Policies Could Shape the Future of Your Estate Plan
Ready or not, we are entering another presidential election season.
If you are like most Americans, the economy is top of mind when it comes to evaluating the candidates. But even if you do not intend to vote, the tax policies of the next administration could have a major...