estate planning Archives - Crawford Ellenbogen

Nov 30, 2023

Naming a guardian is critical for parents of young children

By Victor Dozzi
Estate
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If you’re like most parents of young children, you’ve put a lot of thought into raising your kids. But have you considered what would happen to them if you (and your spouse if you’re married) should suddenly die? You can avoid a worst-case scenario by appointing a guardian in your will. This can be done

Aug 8, 2023

Yes, you still need an estate plan even if you’re single, without children

By Joan Ellenbogen
Estate
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There’s a common misconception that only married couples with children need estate plans. In fact, estate planning may be even more important for single people without children. Why? Because for married couples, the law makes certain assumptions about who should make financial or medical decisions on their behalf should they become incapacitated and who should

Jun 21, 2023

If you’re married, ensure that you and your spouse coordinate your estate plans

By Victor Dozzi
Estate
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Estate planning can be complicated enough if you’re single. But things can get more difficult for married couples. Even if you and your spouse have agreed on most major issues in the past, you shouldn’t automatically assume that you’ll both be on the same page when it comes to making estate planning decisions. Thus, it’s

Jun 8, 2023

Ease the burden of being a member of the Sandwich Generation with these action steps

By Joan Ellenbogen
Estate
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If you’re currently taking care of your children and elderly parents, count yourself among those in the “Sandwich Generation.” Although it may be personally gratifying to help your parents, it can be a time-consuming and financial burden. How can you best handle the financial affairs of parents in the later stages of life? Incorporate their

Oct 4, 2022

If you’re moving out of state, review your estate plan

By Victor Dozzi
Estate
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Are you planning to move to a different state? It may be due to a change in jobs, a desire for a better climate, an opportunity to downsize or to be closer to your kids. In any event, you’ll have to cope with some hassles, including securing motor vehicle registrations, finding new physicians and updating

Jul 27, 2022

Woman sitting at dining table looking out a window

Estates now have an additional three years to file for a portability election

By Joan Ellenbogen
Estate
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Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability election on a timely filed estate tax return. Unfortunately, estates that aren’t

Jul 20, 2022

4 estate planning documents your college-aged child should have

By Joan Ellenbogen
Estate
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Does your college-aged child have a basic estate plan? In more cases than not, the answer is “no.” The good news is that the summer months are the perfect time to enlist the help of an estate planning advisor to create a plan, as your child will be available to sign the documents before heading

Jul 5, 2022

When should you turn down an inheritance?

By Joan Ellenbogen
Estate
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If you expect to receive an inheritance from a family member, you might want to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass your estate and go directly to the next beneficiary in line. It’s as if the successor beneficiary, not you, had been named as the beneficiary

Mar 2, 2022

Use the net gift technique to reduce your gift tax rate

By Victor Dozzi
Estate
0 Comments

If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones. A net gift is simply a gift for which the recipient agrees to pay the gift tax, thereby reducing the value of the gift for tax purposes. It may also be possible to reduce its