Monthly Archives: February 2021

Making the Most of Federal Estate and Gift Exemptions

As of January 2021, a person in the United States is permitted to pass on $11.7 million and a married couple can distribute $23.4 million without being subject to any estate or gift taxes. A sunset clause written into the Tax Cuts and Jobs Act of 2017 as well as the results of the 2020 elections, however, place this amount in danger of being substantially reduced.  If financial circumstances justify utilizing this exemption, you should consider taking these actions now so you do not end up facing substantial estate taxes on your assets in the future. The Risk that These Exemptions Will Disappear These current exemptions are in danger of going away both due to exiting tax law as well as the aftermath of the 2020 elections. Not only is it critical for those impacted by these exemptions to understand they will go away, but it is also necessary to perform adequate estate planning. The Tax Cuts and Jobs Act which was passed in the final days of 2017 increased the exemption from $5 to $10 million.  The Act contains a sunset provision, as well. Provided that no actions are taken to extend the length of or keep this exemption, [...]

2021-02-08T17:58:09+00:00Tags: , , , |

Three Things to Remember About Accessing a Deceased Person’s Digital Accounts

We have all become more reliant on digital living. We use the internet for things like banking, communication, storage, taxes, and many other critical aspects of our lives. Unfortunately, if a loved one dies without adequate planning, accessing the digital assets of a loved one after they have passed away can be fraught with difficulties. The introduction of new cybersecurity methods like fingerprint technology has resulted in even more difficulties in accessing deceased loved ones’ digital accounts. Effective January 2021, the Revised Uniform Fiduciary Access to Digital Assets Act helps address frequent challenges encountered by fiduciaries in accessing a deceased person’s accounts. The following is some helpful information for those trying to access their loved ones’ digital assets after death.  Follow Some General Steps Different digital accounts have different requirements, but that there are some general guidelines that you can follow to prepare to access this information. Some of these helpful steps include: Contact either the county clerk or state office where the loved one died so you can obtain a copy of that person’s death record. Sometimes, a fee is required. Check the access rules of the digital site that you plan on accessing. Many digital services have automated [...]