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Our Practice Areas
Estate Planning
Estate Planning
Estate Planning
Business
Estate Planning
Estate Planning
Family Law
Estate Planning
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Motorcycle Accident
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Our Team Members
William "Nick" Jenkins, J.D., CFP®
William "Nick" Jenkins, J.D., CFP®
William "Nick" Jenkins, J.D., CFP®
Brenda Jenkins
William "Nick" Jenkins, J.D., CFP®
William "Nick" Jenkins, J.D., CFP®
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Frequently Asked Questions
Why Estate Planning Matters
Estate Planning isn’t just about writing a Will. It involves organizing your assets, making decisions about their distribution, and considering tax implications. Without a well-crafted estate plan, your loved ones could face unnecessary financial and legal challenges during an already emotional time.
Estate Planning is important for families, even young families. Although you may not have accumulated a lot of assets, it's important to have a plan in place should you pass away earlier than expected, leaving behind a spouse and young children, so that your family is taken care of.
For retirees, Estate Planning is especially critical. Many have accumulated a lifetime of assets, from retirement accounts to property, that require thoughtful planning to ensure they are passed on efficiently and equitably.
Addressing Financial and Tax Considerations
While an estate planning attorney is essential for creating a legally sound plan, financial planners also play a key role in this process. Many Estate Plans involve financial components that require careful consideration, such as:
- Asset Allocation: Ensuring assets like retirement accounts, investments, and real estate are distributed according to your wishes.
- Tax Implications: Understanding how estate taxes, inheritance taxes, or capital gains taxes could affect your heirs.
- Beneficiary Designations: Coordinating with your financial planner to confirm that beneficiary designations on accounts align with your overall plan.
- Trust Funding: If you’ve established a trust, your Financial Planner can assist with funding it properly to ensure its effectiveness.
The Importance of Collaboration
An Estate Plan works best when your attorney and financial planner collaborate. Your attorney ensures the plan is legally sound, while your financial planner provides insight into the financial implications of your decisions. Together, they help you create a comprehensive plan that protects your legacy. When you work with us, it's easy to have your financial planner and your attorney present and working together for you just by scheduling a single meeting.
It' Never Too Early to Start the Estate Planning Conversation
Althought sometimes hard, it's important to make or find time to begin discussions about Estate Planning and consult with professionals to ensure your plan is clear, thorough, and aligned with your goals.
Schedule an appointment with us, and together, we’ll create a plan that supports your wishes and protects your loved ones.
When it comes to estate planning for blended families, key issues include ensuring fairness between biological children and stepchildren, managing potential conflicts between spouses and their previous families, and addressing wealth disparities. Solutions often involve utilizing trusts to distribute assets strategically, open communication within the family, and clearly outlining inheritance plans in a will to avoid confusion.
Main Issues:
- Unequal distribution: Distributing assets equally between biological children and stepchildren can be challenging, especially if there are significant differences in wealth or age between the family units.
- Stepparent concerns: A stepparent may worry about their contribution to the family not being recognized in the estate plan, especially if they are not legally considered a guardian.
- Family tension: Discussing inheritance plans can bring up past family dynamics and create tension between family members, especially if there are pre-existing conflicts.
- Lack of clarity: Without a well-defined estate plan, there may be confusion about who inherits what, leading to disputes after the primary caregiver passes away.
Potential Solutions:
- Trusts: Establishing trusts allows for customized distribution of assets, ensuring that specific portions go to biological children and stepchildren according to the individual's wishes.
- Clear communication: Open and honest discussions about estate planning are crucial to address concerns, manage expectations, and prevent misunderstandings within the blended family.
- Marital deduction: Utilizing the marital deduction in the estate plan can allow the surviving spouse to inherit a significant portion of the estate without immediate tax implications, providing financial security.
- Life insurance policies: Designating beneficiaries on life insurance policies can provide immediate financial support to specific family members upon the primary caregiver's death.
- Power of Attorney: Establishing a power of attorney allows a designated person to manage financial affairs in case of incapacitation, which is especially important in blended families.
Specific Considerations for Blended Families:
- Addressing stepchildren's needs: Clearly state whether stepchildren will receive inheritance and if so, what provisions will be made for them.
- Estate planning professional: Consult with an experienced estate planning attorney to navigate complex family dynamics and ensure the plan aligns with state laws.
- Regular reviews: Update the estate plan periodically to reflect changes in family situations, assets, and legal requirements.
You should review your estate plan every three to five years, or after significant life events. You should also review your plan if there are changes in laws that affect your investments or taxes.
When to review
- When you experience a major family event, such as a marriage, divorce, birth, adoption, or death
- When you move to a different state
- When your assets increase or decrease significantly in value
- When you or your spouse receives a large gift or inheritance
- When you or your spouse's financial goals change
- When you have an IRA or 401(k) that requires you to start taking distributions
Why to review
- To reflect on changes in your financial or personal situation
- To consider how recent life events may affect your wishes
- To ensure your plan still aligns with your values and long-term goals
- To address any changes in estate law that might affect your strategy
What to do
It's important to have your estate plan reviewed by an experienced estate planning attorney. Schedule an appointment with us to discuss any potential changes to your plan.
Taxes play a significant role in shaping your investment returns, thus making it essential to implement strategies that reduce your tax burden while fostering growth. A tax-efficient investment plan helps ensure that more of your hard-earned money stays invested and working for you.
1. Maximize Tax-Advantaged Accounts
Leverage investment accounts that provide tax benefits:
- 401(k) and IRA Accounts: Traditional 401(k)s and IRAs reduce taxable income now, while Roth accounts allow for tax-free withdrawals in retirement.
- Health Savings Accounts (HSAs): If eligible, HSAs offer tax-deductible contributions, tax-free growth, and tax-free withdrawals for medical expenses.
- 529 Plans: Designed for education savings, these accounts provide tax-free growth and withdrawals for qualified expenses.
Contributing as much as possible to these accounts helps lower taxable income while boosting investment growth.
2. Smart Asset Placement
Different investments have varying tax implications, so choosing the right account type for each asset is key.
- Tax-Deferred Accounts: Ideal for income-generating assets such as bonds, REITs, and actively managed funds that may produce taxable distributions.
- Taxable Accounts: Best suited for tax-efficient investments like index funds, ETFs, or stocks intended for long-term holding to benefit from favorable capital gains tax rates.
3. Use Tax-Loss Harvesting
Offset capital gains by strategically selling underperforming assets at a loss. This technique can help reduce taxable income and may allow for up to $3,000 in deductions per year, with unused losses carried forward for future tax benefits.
4. Hold Investments for the Long Term
Short-term capital gains are taxed at higher rates than long-term gains. By holding investments for over a year, you can take advantage of reduced tax rates and maximize returns.
5. Regularly Review Your Strategy
As tax laws and personal financial situations change, revisiting your tax strategy annually helps keep your investment plan optimized.
Take Control of Your Investment Strategy
Implementing a thoughtful tax strategy allows you to grow your wealth while keeping more of your earnings. Schedule an appointment with us for a personalized consultation with expert advice on creating a tax-efficient investment approach. Our goal is to use informed strategies to help you achieve your goals.
Marriage is a significant milestone in life, bringing together two people in a legally recognized partnership. However, significant shifts in society have led to declining marriage rates over the past several decades. From fear of divorce to simply not recognizing the need for marriage, many singles are avoiding the topic altogether.
Beyond the emotional and social aspects of a permanent union, marriage actually offers several financial advantages that can contribute to greater economic stability and security for couples.
1. Tax Benefits
One of the most notable financial advantages of marriage is the potential for tax savings. Married couples can file jointly, which often results in lower tax rates and higher standard deductions. This can lead to substantial savings, especially for couples with disparate incomes. Additionally, married couples may benefit from various tax credits and deductions, such as the Earned Income Tax Credit and the Child and Dependent Care Credit, which can further reduce their tax liability.
2. Social Security and Pension Benefits
Marriage can enhance Social Security benefits. Spouses are eligible for benefits based on their partner’s earnings record, which can be particularly beneficial if one spouse has significantly lower lifetime earnings. Additionally, surviving spouses may receive their deceased partner’s Social Security benefits, providing financial support in times of need. Many pension plans also offer spousal benefits, ensuring that the surviving spouse continues to receive income.
3. Health Insurance Savings
Married couples often have access to better health insurance options. Many employers offer family health insurance plans that cover spouses, which can be more cost-effective than individual plans. Additionally, if one spouse has access to superior health insurance through their employer, the other spouse can join that plan, potentially saving money on premiums and out-of-pocket expenses.
4. Estate Planning and Inheritance
Marriage simplifies estate planning and inheritance issues. Spouses generally inherit assets tax-free, avoiding hefty estate taxes that might apply to non-spouses. This legal benefit ensures that the surviving spouse can maintain financial stability without the burden of substantial tax liabilities.
5. Financial Planning and Joint Investments
Married couples can pool their resources and plan their finances more effectively. Joint investment accounts, shared savings goals, and coordinated retirement planning can lead to better financial outcomes. Combining incomes also makes it easier to qualify for loans and mortgages, as lenders often view married couples as lower-risk borrowers.
For personalized insights on managing your finances as a married couple, contact us or schedule an appointment, and we’ll be happy to help you navigate the complexities and maximize the benefits of your marital status.
While sharing your wealth can bring joy, it’s essential to be mindful of federal gift tax rules. Properly planning your gifts not only ensures compliance with tax laws but can also serve as a strategic way to manage your estate and reduce future tax burdens for your heirs.
What Is the Gift Tax Exclusion?
The federal gift tax exclusion allows individuals to give a certain amount to others each year without incurring gift tax or affecting their lifetime estate tax exemption. In 2024, the annual exclusion is $18,000 per recipient for individuals or $36,000 for married couples who give jointly.
For example, if you’re a parent, you can gift $18,000 to each of your children, and if you’re married, you and your spouse can give $36,000 together. These gifts are tax-free for both the giver and the recipient, and they don’t need to be reported to the IRS if they fall within the exclusion limits.
Gifts as a Tax Strategy
Annual gifts can be a smart way to pass on a portion of an heir’s inheritance while avoiding potential tax implications later. By reducing the size of your estate through these gifts, you can minimize future estate taxes while providing financial support to your loved ones now.
Charitable Giving and Income Tax Benefits
If you’re considering gifts to qualified charitable organizations, you may also benefit from an income tax deduction. Charitable gifts must be made by December 31 to qualify for deductions in the current tax year. These contributions can reduce your taxable income while supporting causes close to your heart.
Consult Your Financial Planner
While the gift tax exclusion rules provide valuable opportunities for tax-efficient giving, they can be complex, especially if you’re making larger gifts or have questions about your overall estate plan. A financial planner can help you navigate the nuances, align your giving with your financial goals, and ensure compliance with tax laws. Schedule an appointment with us to discuss how gifting fits into your estate and tax situation, and we’ll help you decide upon a thoughtful giving strategy.
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