There are rumors that the current administration intends to cut the $11.7 million estate and gift tax exemption to either $5 million or $3.5 million. While these proposals are always subject to change, it is worthwhile to consider if you should make a gift.
A Power of Attorney (“POA”) is a very useful and inexpensive document to obtain. If you do not have a POA, in order for your spouse or loved ones to make financial decisions for you, they must institute a guardianship proceeding.
This year, it’s more important than ever to have your children prepare a Living Will before going back to college.