Say goodbye to 2023 and hello to 2024. It’s New Year’s Eve!
Estate Panning for the New Year
Tomorrow starts the New Year. Is one of your resolutions to get a new estate plan? It should be, or, at least Forbes thinks so. They also offer some considerations for your new documents including the federal estate tax exemption amount dropping in 2026, planning for retirement, planning for loss of capacity, and family business succession. Not sure what an estate plan even entails? Check out this estate planning checklist. The only thing we’re not so keen on: they make references to getting your estate plans checked on every decade- we recommend closer to the five year mark.
Gifts
‘Tis the season for gift giving. And here at Fleming & Curti, PLC, we have talked about gifts a lot. If your assets are close to the federal estate tax exemption, you may want to make a gift during your lifetime. But, be careful because some gifts may not be advisable, or they may have tax consequences. If you want to wait until you die to give a gift, you may be planning on using a will to make a special gift or a beneficiary designation. But, there may be a problem with that too.
The Cost of Long-Term Care
According to Federal Data, around 2/3 of Americans will need some sort of long-term care as they age. Not only that, but the same data shows that on average, people are using long term care for 3 year. Long term care isn’t cheap though. This calculator shows the cost of elder care in each state. Compared to other states, Arizona is on the cheaper end for nursing homes and assisted living facilities, but more expensive than other states when it comes to home health aides and adult day cares. If you want to know if your income will be enough to meet your needs and age in place, this index may be of help. The New York Times also explored the high cost of long-term care and discussed different calls to bring costs down as they continue to rise.
In other news:
- In October we told you the story of a reclusive millionaire in Chicago and the mysterious will that popped up. Well, they’re allowing the will as evidence. This doesn’t mean that the will is valid, but it does mean that the heirs will have to wait on receiving their inheritance.
- Moore v. United States could have significant implications for estate planning.
- Thinking of leaving something special to someone? Kiplinger wrote an article on the worst assets to inherit. And, here are some of the best assets to inherit.
- Sandra Day O’Connor, the first female Supreme Court justice, passed away at the age of 93 on December 1, in Phoenix, Arizona.
- It’s your choice who you disinherit, but, consider carefully before you do. The New York Times essay writes about the emotional burden of being disinherited over a family fight that had since been resolved.
