Insights: Estate Planning Services

Estate Planning for Digital Assets

August 9, 2023

By: Layne Blasingim, CPA Are you a cryptocurrency investor or an NFT collector? Have you considered how your digital assets, such as Bitcoin, Ethereum, and NFTs, will be managed and/or transferred in the event of your passing? Thinking of cryptocurrency and digital assets is an essential step in estate planning for the 21st century. Here’s…

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Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

August 2, 2023

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death…

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Planning for Elder Care

April 11, 2023

By: Layne Blasingim, CPA What is it? When planning for elder care you must focus on the quality of life the older individual wants to have. Acute and long-term care, surrogate decision-making plans in the event of incapacity, housing and preserving the assets of a loved one are all items that must be planned for.…

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Portability and What is it?

March 14, 2023

Portability is the term used for the Deceased Spouse Unused Exclusion (DSUE). This election allows for any unused lifetime estate and gift exclusion to be transferred over to the surviving spouse.   The lifetime estate and gift exclusion allows for gifts and estates to be transferred to another party tax free. The lifetime exclusion is…

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What Gifts Are Subject to the Gift Tax

February 28, 2023

By: Layne Blasingim The gift tax is an area of taxation that many taxpayers may not be aware of including the related filing requirements.  Though there is an annual exclusion, gift splitting and a large lifetime exclusion, taxpayers should be aware of the possible gifts that could cause filing requirements and possible tax liabilities.  …

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Secure Act 2.0 Updates Retirement Plans Starting in 2023

January 23, 2023

The new Secure Act 2.0 legislation expands upon the Secure Act of 2019 with updates to retirement savings plans across the country. Here’s what you need to know.   Automatic Enrollment Requirements Plan sponsors of 401(k) and 403(b) plans will be required to automatically enroll eligible employees with a starting contribution of 3% of their…

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Does Your Family Business’s Succession Plan Include Estate Planning Strategies?

January 16, 2023

Family-owned businesses (both large and small) face distinctive challenges when it comes to succession planning. For example, it’s important to address the distinction between ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there…

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Probate and How to Avoid it

August 8, 2022

By: Layne Blasingim, CPA & Elaine Daugherty, CPA What is it? Probate is the formal legal process that recognizes a will (if one exists) and appoints a representative/administrator/executor to distribute assets to all intended beneficiaries and creditors. Some states require a “formal” probate where an estate is settled under the supervision of a court. “Formal”…

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Estate Planning with Minor Dependents

July 11, 2022

By Elaine Dougherty, CPA Married and unmarried couples with minor children need to think about their plans for their children’s care if the unthinkable happens. An estate plan can help map out your wishes if one or both guardians pass away. Having the proper legal documents will ensure that your wishes are followed. These documents…

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Documents That Should Be Part of Your Estate Plan

May 25, 2022

People believe that having an estate plan is simply having a will or your assets in a trust. However, there is much more to an estate plan to ensure that your assets are transferred to your heirs upon your death. There are specific estate planning documents that every estate plan should have, and there are…

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