Trending...
- Hillside Terrace Senior Living Helps Seniors Navigate the Digital World
- Urban League of Detroit to Celebrate Southeastern Michigan Youth at 59th Annual Guild Gala
- Mrs Elemental® USA Rebrands to Empower Married Women Across the Nation
Estate Planning: A Dynamic Process
CANTON, Mich. - Michimich -- As the year comes to a close, it's a great time to review your estate plan and ensure that it's up-to-date and consistent with your long-term family goals. Estate planning is more than just drafting a will, filing it away, and hoping for the best; it's a dynamic process that should be reviewed periodically.
Generally, estate plans should be reviewed every five years or in conjunction with a major life event to ensure that your plan is up-to-date and consistent with your long-term family goals. The following are some updates for estate planning in 2022 and a few tips to keep in mind as you navigate the process:
2022 Estate and Gift Exemption Amounts: Each year, the U.S. Treasury updates for inflation the annual lifetime gift and estate tax exemption amounts along with periodically updating the annual gift tax exclusion amount. The lifetime U.S. gift and estate tax exemption is up to $12,060,000 (an increase of $360,000 from 2021 tax year).
More on Michimich.com
Basic Estate Planning: For most families, a basic estate plan will include a will, possibly trusts (for example, a living trust), powers of attorney (financial and health), and letters of intent. A will discusses what happens to your estate upon passing and who assets go to, along with who you'll entrust to manage your estate as executor or a trustee of a trust. For assets that pass outside a will, for example, retirement accounts, having updated beneficiary designations is also important to review. A good rule of thumb is to review your estate plan every five years or so to assess whether your estate planning documents still reflect your goals. Some of the significant life events listed below can also trigger a review of your estate plan. Above all else, communication is key so that family members are aware of the estate plan in place. If you don't have a qualified estate plan, or need a new recommendation, please contact T.L. Morson and Associates, PLLC. We are happy to help.
More on Michimich.com
Review for Life Events: Life happens, and with that, estate plans should be updated to ensure they reflect your family values and planned legacy. Below are some common life events that may cause a review in your plan:
Contact Us Today!
Generally, estate plans should be reviewed every five years or in conjunction with a major life event to ensure that your plan is up-to-date and consistent with your long-term family goals. The following are some updates for estate planning in 2022 and a few tips to keep in mind as you navigate the process:
2022 Estate and Gift Exemption Amounts: Each year, the U.S. Treasury updates for inflation the annual lifetime gift and estate tax exemption amounts along with periodically updating the annual gift tax exclusion amount. The lifetime U.S. gift and estate tax exemption is up to $12,060,000 (an increase of $360,000 from 2021 tax year).
More on Michimich.com
- Daum Group offers Essential Tips for Millennials Looking to Invest in Ann Arbor Real Estate
- The Bridge Chiropractic Shares the Top 5 Causes of Knee Pain
- Shape the Future of OpenSSL: Election Period Open Now!
- Wilderness Construction Shares the Top 5 Things to Keep in Mind When Selecting a Tub or Shower
- Roofman USA Highlights the Top 5 Reasons Homeowners Should Choose a Local Roofing Company
Basic Estate Planning: For most families, a basic estate plan will include a will, possibly trusts (for example, a living trust), powers of attorney (financial and health), and letters of intent. A will discusses what happens to your estate upon passing and who assets go to, along with who you'll entrust to manage your estate as executor or a trustee of a trust. For assets that pass outside a will, for example, retirement accounts, having updated beneficiary designations is also important to review. A good rule of thumb is to review your estate plan every five years or so to assess whether your estate planning documents still reflect your goals. Some of the significant life events listed below can also trigger a review of your estate plan. Above all else, communication is key so that family members are aware of the estate plan in place. If you don't have a qualified estate plan, or need a new recommendation, please contact T.L. Morson and Associates, PLLC. We are happy to help.
More on Michimich.com
- LIB Empowers Uzbekistan's Automotive Industry: A New Era of Quality Assurance
- Veteran Journalist/Author Berl Falbaum's New Book Covers Trump
- TijaraIQ.com Launches as Iraq's Free Marketplace for Buying, Selling, and Creating Opportunities
- Big News!! Best Sac Homes Group Partners with LPT Realty
- Juventix Regenerative Medical PRP Highlighted in University-Published Research Study
Review for Life Events: Life happens, and with that, estate plans should be updated to ensure they reflect your family values and planned legacy. Below are some common life events that may cause a review in your plan:
- Marriage, divorce, or separation
- Birth or adoption of a child
- Death of a spouse or family member
- Change in financial status
- Change in health status
- Change in residence or citizenship
- Change in business interests
- Change in tax laws
Contact Us Today!
Source: T,L, Morson and Associates, PLLC
Filed Under: Legal
0 Comments
Latest on Michimich.com
- Comerica Bank to Kick Off Detroit Lions "Double The Impact" My Cause My Cleats Campaign with First $17,500 Donation
- Tween Magazine Launches to Empower and Inspire Preteen Girls
- Pure & Natural Body Essentials Launches Handcrafted, All-Natural Skincare and Grooming Products
- IOTAP (Work 365) Earns SOC 2 Type II Compliance, Reinforcing Data Security Leadership
- Lake Norman Philharmonic - Annual Holiday Concert
- "Federal Complaint Filed: David Medeiros Uncovers Medicaid Mismanagement, ADA Violations, and Systemic Failures in Connecticut"
- Introducing Feelness: A Revolutionary Solution for Physical Self-Care Without the Fitness Lifestyle
- Omnitronics Wins Software Combined 2024 AI Innovation Award
- Annual pops concerts bring holiday cheer to Michigan Philharmonic's 79th season
- Mrs Elemental® USA Rebrands to Empower Married Women Across the Nation
- A Family-Centered Approach at Plymouth Terrace Senior Living
- Hillside Terrace Senior Living Helps Seniors Navigate the Digital World
- Trust Your Brakes: A Life-Saving Reminder for Drivers
- Urban League of Detroit to Celebrate Southeastern Michigan Youth at 59th Annual Guild Gala
- Time to Investigate Mental Health Research Waste on Bizarre Animal Studies
- The World's No.1 Superstar Is Celebrating His 21st Birthday for the 28th Time Today!
- Who is Stan Fitzgerald Georgia Veterans for America First state chapter Political Director
- 4th Annual Pompano Fall Festival: Shirley Murdock, Adina Howard, Jeezy, and Plies Headline Broward County's Top Music Festival
- San Francisco Bay Area Songwriting Duo Razteria and Dave Shul Release Retro Rock Pop Album Prowess Blossoming
- Le trio français de Punk-Metal Psychédélique Joe La Truite signe un contrat de management international