Barnes Lipscomb & Stewart PLLC

Is There a Limit to Social Security Tax?

“Once your earnings exceed a specific amount, you can stop paying into Social Security for the rest of the year.”

If you’ve got a high salary, you may not need to pay Social Security tax on all of your earnings, according to the article “What is the Social Security Tax Limit?” from U.S. News & World Report. Wage earners pay into the Social Security system until their income reaches the Social Security tax limit for the year.

For 2023, the taxable maximum is $160,200. Once you hit that mark, earnings are not subject to Social Security tax, nor are they factored into Social Security payments for retirement benefits.

Most workers pay 6.2% of their earnings into the Social Security system every year, and employers match this amount. If you’re self-employed, you contribute 12.4% of your income to Social Security. However, high income earners only pay until they reach the maximum.

Once you reach the maximum level, withholdings from your employer end, resulting in an even healthier paycheck. In most companies, the payroll company or department tracks this maximum and ends the withholding.

Wage earners whose salaries exceed $160,200 or more in 2023 contribute $9,932.40 to Social Security, plus their employer contributes a matching amount. Self-employed people must contribute $19,864.80 to Social Security in 2023.

Both self-employed and wage earners should check to be sure the right amount of money is being paid to Social Security, usually by a CPA for the self-employed person and the payroll department for an employee.

The Social Security taxable minimum is adjusted every year to keep up with changes in average wages. In 2023, the tax limit is $13,200 more than the 2022 taxable maximum of $147,000 and $53,400 higher than the 2010 limit of $106,800. For a longer-term perspective, the taxable maximum in 2000 was just $76,200 and in 1990, it was $51,300.

If you earn more than the taxable limit through multiple jobs, each employer must withhold Social Security taxes from your wages until you exceed the tax limit at each individual job. When you file your annual tax return, you can claim a refund for Social Security taxes held over the taxable limit amount for the year.

People who have multiple jobs or change jobs during the course of a year do run the risk of over-withholding, so be sure to claim a refund if too much has been withheld during the year.

While there is a cap on earnings subject to the Social Security tax, there is no limit on the Medicare tax. All covered wages are subject to a 1.45% Medicare tax that’s matched by employers, plus there’s an additional 0.9% Medicare tax on wages exceeding $200,000 in a calendar year. This is not matched by employers.

Reference: U.S. News & World Report (Jan. 17, 2023) “What is the Social Security Tax Limit?”

Presley Estate Battle Heating Up

“Priscilla Presley believes she should be in charge of daughter Lisa Marie Presley's estate. However, a legal document filed seven years ago suggests that wasn't what the singer-songwriter wanted should she die.”

Expect a lot of twists and turns as the Lisa Marie Presley estate gets addressed, as detailed in an article from yahoo! Entertainment titled “Priscilla Presley files to control Lisa Marie Presley’s estate despite Riley Keough being named trustee.”

Priscilla filed paperwork challenging the authenticity of an amendment filed in 2016 seemingly made by Lisa Marie removing her as trustee, and naming Lisa Marie’s adult children Riley Keough and son Benjamin Keough as successor co-trustees and removing Priscilla and her former business manager Barry Siegel. Benjamin died in 2020, so Riley would be the sole trustee.

In a document obtained by yahoo! entertainment, Priscilla asked a judge to determine the validity of the trust provision, claiming Lisa Marie’s signature on the 2016 document appears inconsistent with her usual signature. The amendment was never notarized and Priscilla alleges the document was never delivered to her as required by the terms of the 2010 arrangement. She says the date on the 2016 amendment is suspicious and it also misspells Priscilla’s name. Priscilla wants the court to reinstate the 2010 trust.

Priscilla believes Siegal has or will soon resign as a co-trustee of the trust.

According to the court documents, “In that event, Riley would become a co-trustee with Priscilla. And since Riley is over 30, she could act as a co-trustee of her sub-trust, once she signs a document consenting to act in such capacity.”

What Riley wants is unclear, but one thing is sure—there’s no way Lisa Marie would have Siegel anywhere near her property. She sued him in 2018 and accused him of negligence and mismanaging her finances. According to documents from the $100 million lawsuit, Lisa Marie claimed she only had $14,000 in cash in 2016. Siegel countersued and sought $800,000 in unpaid bills, claiming Lisa Marie spent all her money from her father’s inheritance on a lavish lifestyle.

Making things more complicated, Lisa Marie was in a contentious legal battle with ex-husband Michael Lockwood.

Priscilla is credited with turning Graceland into a huge commercial success for the family. Elvis’s former estate will go to Lisa Marie’s three daughters.

Reference: yahoo! entertainment (Jan. 27, 2023) “Priscilla Presley files to control Lisa Marie Presley’s estate despite Riley Keough being named trustee”

Estate, Gift, and Generation Skipping Taxes for 2023

“The Internal Revenue Services has announced the inflation-adjusted figures for estate, gift and generation-skipping transfer (‘GST’) tax exemptions for 2023.”

The new year brings new inflation-adjusted figures for many estate planning exemptions, as reported in the article “2023 Estate, Gift and GST Tax Changes” from mondaq. These should be considered when creating or reviewing estate and tax planning documents.

The annual gift tax exclusion amount is the amount which can be given by any person free of gift tax. This has increased from $16,000 to $17,000 per person, or $34,000 for a married couple.

The federal lifetime gift and tax exemption amount is the total amount an individual can give away during their lifetime or at death free of gift or estate tax. This has increased by $860,000 from $12.06 million to $12.92 million in 2023. A married couple could transfer a combined total of $25.84 million without owing any federal estate tax. The top federal gift and estate tax rate remains at 40%.

The federal Generation Skipping Tax (GST) increases to $12.92 million. This is the tax on transfers to grandchildren or more remote descendants or unrelated individuals who are more than 37 ½ years younger than the person making the gift. The GST tax rate remains a flat 40%.

Unlike the federal estate tax exemption, any GST tax exemption not used on the death of one spouse may not be used by the surviving spouse.

The federal lifetime gift and estate tax exemption was increased by the 2017 Tax Cuts and & Jobs Act and unless Congress acts, the exemption will drop by about a half on January 1, 2026.

If the lower levels of federal estate tax exemption are a concern, now is the time to transfer property to use up all or most of the remaining amount and lock in the higher exemption amount. Treasury Regulations were issued in 2019, the “anti-clawback rule,” which effectively approved this strategy. Gifts designed to lock in the current estate tax exemption can be structured in many ways and funded with a variety of assets. Speak with your estate planning attorney to explore various ways to accomplish this.

The SECURE Act passed in 2019 made substantial changes to the rules governing IRAs and other qualified plans. One of the most notable eliminated the ability of most non-spouse beneficiaries to stretch withdrawals from inherited IRAs or other retirement plans over the beneficiary’s lifetime. Instead, these beneficiaries must withdraw all of the account assets within ten years of the plan participant’s death.

The SECURE 2.0 Act passed in December 2022 as a follow up made further changes to retirement plans. Most notably, those who were born after December 31, 1950 may now defer taking Required Minimum Distributions (RMDs) until age 73, and participants born after December 31, 1958, may defer taking RMDs until age 75.

Estate and tax laws have changed a great deal in recent years, making this an important time to evaluate estate plans made before 2020.

Reference: mondaq (Jan. 12, 2023) “2023 Estate, Gift and GST Tax Changes”

Busting Some Estate Planning Myths

“While thinking about legacy planning can be unpleasant because it involves discussions about incapacity or mortality, it's an important aspect of good financial planning that shouldn't be ignored.”

An estate plan consists of four basic documents: a last will, a living trust, a financial power of attorney and a medical power of attorney and advance directive, according to the article titled “Common Estate Planning Myths” from The Street.

These documents need to be well-integrated, funded and aligned with your financial plan. There are many common misconceptions about how these documents work together to create a roadmap for your legacy. Let’s explore them.

A last will is a legal document outlining how you want your assets to be collected and distributed after death. The last will is also used to name an executor, who is responsible for managing assets, paying debts and distributing what is left to beneficiaries you specify. A last will also designates a guardian to care for minor children upon your death.

Myth: “If you have a trust, you don’t need a will.” Fact: Even if you have a trust, you still need a will.

For a trust to be effective, it must be funded, which means transferring assets from individual ownership to the trust ownership. People often forget to transfer assets or something unexpected occurs. For example, if a person creates a trust but becomes incapacitated before assets are transferred, the last will controls the distribution of assets.

Myth: “Trusts are only for ultra-high net worth people.” Fact: Everyone can benefit from a trust.

Trusts are used to retain privacy, control assets, plan for incapacity and avoid probate. Trusts can also be useful when family dynamics are challenging, or if you want to assert control over assets even after death. Consider a married couple with a net worth of $1 million who die prematurely with two children in their 20s. Each child inherits $500,000. Twenty-somethings may not be ready to handle large sums of money. A trust would allow the heirs to receive smaller amounts over the course of years and not all at once.

Myth: “I have a trust, so I don’t need a power of attorney.” Fact: You need a power of attorney.

Some assets cannot be owned by a trust, including IRAs, which must be owned by an individual. If you became incapacitated and do not have a power of attorney, there will be no one able to oversee investment management, Required Minimum Distributions or pay bills. Your spouse or other family member will have to petition the court to appoint a conservator to manage financial affairs.

Myth: “My loved one is in the hospital. However, I’m their spouse/daughter/sibling, so of course the hospital will tell me about their medical status and let me make decisions for them.” Fact: Protecting patient confidentiality is the law and healthcare facilities are very mindful of adhering to all state and federal guidelines.

An 18 year old who suffers an illness or injury is legally an adult, and parents have no legal right to medical information or decision-making without a medical power of attorney and a HIPAA release form. They cannot speak with the insurance company, doctors or make decisions about their loved one’s care.

A comprehensive estate plan, including a last will, financial power of attorney and health care proxy is something every adult should have. Speak with an experienced estate planning attorney to protect those you love and prepare for the future.

Reference: The Street (Jan. 6, 2023) “Common Estate Planning Myths”

Can a Revocable Trust Protect Assets from Creditors?

Can a Revocable Trust Protect Assets from Creditors?

“With a revocable trust, you are typically both the founder and the trustee. This means that you both create the trust and manage its assets and operations.”

Revocable trusts, sometimes referred to as “living trusts”, do not protect assets from creditors. They are subject to collections actions and lawsuits, and can be included when third parties evaluate personal assets, as explained in a recent article titled “Will Revocable Trusts Protect My Assets From Creditors” from yahoo!

There are many different types of trusts. However, the overwhelming majority fall into one of two categories: revocable or living trusts and irrevocable trusts. With a revocable trust, the grantor has full access to the trust’s terms, beneficiaries and assets at all times. They can change how the trust operates, who benefits from it and even dissolve the trust as they wish. They can also take assets out of the trust.

Contrast this with an irrevocable trust, where the grantor can’t take any of these actions. A revocable trust is considered a legal entity existing as an extension of a person’s financial and estate plan, while an irrevocable trust is an entirely independent legal entity. Once it has been created, the grantor can’t easily change the terms of the trust or access its assets.

What then is the purpose of a revocable trust? As a legal entity, the revocable trust survives the grantor’s death. Assets can then be distributed to heirs without having to go through probate. A revocable trust is also useful in case the grantor becomes incapacitated or is otherwise unable to make decisions about the assets in the trust.

Creditors can access a revocable trust. While the revocable trust is extremely useful as a planning tool, the level of access means the grantor is the legal owner of the trust and its assets. Courts and creditors alike can fully access the contents because its assets are indistinguishable from that of the grantor. If the grantor owes money, any assets in a revocable trust are considered part of their net worth.

A court can order a grantor to pay debts based on what’s in the trust. They are considered part of the grantor’s total assets during a bankruptcy proceeding.

Some irrevocable trusts can be used protect assets. An irrevocable trust is an entirely separate legal entity from its creator. Therefore, the grantor loses control of any assets placed into it, subject to the terms of the trust. However, those assets are then legally considered no longer owned by the grantor.

This depends upon the jurisdiction and the nature of the trust, as state laws vary. Some trusts don’t work for protecting assets, especially not if the grantor has been named as a beneficiary. Some jurisdictions don’t recognize this at all, but it is a viable option under the right circumstances. But if a court determines the grantor moved assets around to keep them away from creditors, it would be considered fraud.

If you’re considering using trusts in your estate plan, speak with an estate planning attorney who can determine which type of trust is best suited to your needs.

Reference: yahoo! (Jan. 27, 2023) “Will Revocable Trusts Protect My Assets From Creditors”

How Does an ABLE Account Work for a Special Needs Child?

“If you have a child or grandchild with disabilities, one of your biggest worries is what will happen when you are no longer around to provide aid.”

For many families, a plan for the future includes an Achieving a Better Life Experience, or ABLE, account to allow those with disabilities to set aside extra money without interfering with their federal aid. All but four states—Idaho, North Dakota, South Dakota, and Wisconsin—provide ABLE accounts, according to a recent article titled “ABLE Accounts Give Help For People with Disabilities” from AARP.

Other states, including California and Pennsylvania, allow people from other states to invest in their ABLE program.

Account owners are permitted to invest their money and shield earnings from taxes. Withdrawals are tax-free, as long as the money is used for approved expenses related to the account owner’s condition. Much or all of the money in an ABLE account does not count against asset limits which impact eligibility for safety-net programs, like Medicaid and Supplemental Security Income (SSI).

To be eligible for an ABLE account, the person must have a disability which began by the time they reached age 26 and in most cases, be receiving SSI or Social Security Disability Insurance (SSDI). If a person has reached the age requirement but isn’t receiving SSI or SSDI benefits, they may still be able to open an ABLE account if they meet Social Security’s disability definitions and can get a letter of disability from a doctor certifying their condition.

A person with disabilities may only have one account. However, anyone can contribute to it. The maximum contribution is 2023 is $17,000. However, those who work may deposit an additional amount up to their annual gross salary or the individual Federal Poverty Level (FPL). For an individual, the FPL in 2023 is $13,590. In some states, contributions are deductible from state income taxes.

Account owners may keep $235,000 to $550,000 in an ABLE account, depending upon state limits. If there is more than $100,000 in an ABLE account, the excess could cause SSI to be suspended, assuming they had $2,000 in other accounts. SSI can be reinstated if assets fall below the cap. The $100,000 ABLE limit does not apply to benefits from Medicaid or the Supplemental Nutrition Assistance Program, formerly known as food stamps.

Without an ABLE account, many people with disabilities face a choice between building savings and keeping benefits. If ABLE money is spent on a qualified disability expense, such as food, housing, transportation, and other things that improve health, independence or quality of life, withdrawals are free from federal and state taxes.

When the ABLE account owner dies, their estate may use funds from the account to pay for any qualified disability expenses, funeral and burial costs. The state may file a claim on the account equal to the amount the state spent on the individual’s Medicaid program. Any remaining amount passes to the owner’s estate.

Each state’s plan is different, so it makes sense to look at ABLE accounts offered by other states. Several states offer state income tax deductions for in-state residents who make contributions to an ABLE account.

Reference: AARP (Jan. 4, 2023) “ABLE Accounts Give Help For People with Disabilities”

What Is a Beneficiary Defective Inheritor’s Trust?

“A Beneficiary Defective Inheritor’s Trust, also known as a ‘BDIT,’ is a specific type of estate planning trust.”

The purpose of a Beneficiary Defective Inheritor’s Trust is to allow an individual with a federal estate tax problem to maintain control of the assets to the maximum extent allowed by law. The assets placed in a BDIT will not be included in the individuals tax estate when they pass away. This type of trust, as explained in the article “Special trust helps protect inheritance funds” from Times Reporter, is an excellent estate planning technique to consider when creating an estate plan.

This type of trust will be most beneficial to anyone having an estate tax issue upon their death. While the current tax exemption is $12,920,000, the exemption is expected to drop to $5 million to $6 million in 2026. The estate tax rate is 40% of any asset over those estate tax exemption amounts. The BDIT helps reduce the estate tax.

How does a BDIT work?

The BDIT is created by an independent settlor and a different independent person is named as trustee. The settlor executes the trust agreement and gives the trust a check for $5,000.

The person with the estate tax problem is the beneficiary of the trust and has the right to move the $5,000 from the trust.

As the result of the right to remove the $5,000 from the trust, the beneficiary is considered the owner of the trust assets for income tax purposes. However, not for estate tax purposes.

The trust also has a protector, an independent individual who has various responsibilities, including the right to remove and replace the trustee.

The BDIT allows the beneficiary as much control as they can have without including the assets in the beneficiary’s estate.

The beneficiary reports all income on the beneficiary’s individual 1040 tax return.

The beneficiary then sells assets—they could be stocks or units of a closely held business—in exchange for a promissory note. Thus, the BDIT owns the securities and/or the closely held business.

The BDIT then receives distributions from the business and in return, makes payments to the beneficiary on the promissory note.

The beneficiary continues to receive payments on the promissory note until the note is paid off. The promissory note is included in the beneficiary’s estate. By paying off the note, the assets in the individual’s estate are being reduced.

The BDIT also provides that the beneficiary is to receive income and principal for health, education, maintenance and support, so when the note is paid off, the individual still receives these payments from the BDIT.

On the death of the beneficiary, the contingent beneficiary can be the beneficiary’s descendants. The assets in the BDIT are never included in anyone’s taxable estate.

This is a somewhat complex estate planning technique and should be considered only after a thorough review of your unique situation with an estate planning attorney.

Reference: Times Reporter (Jan. 8, 2023) “Special trust helps protect inheritance funds”

What’s the Best Way to Organize Your Estate Plan?

“Does somebody else know where it is in the event of your death or incapacity?”

If you already have an estate plan, congratulations. However, do you remember where you put it? Does anyone but you know where it is? According to a recent article from The Press-Enterprise, “2023 check list: How to organize your estate plan,” most people take their estate plan and put the binder or file folder someplace they deem safe and then never look at it again.

Your estate plan should include a set of documents—a will, trust, health care directive, HIPAA form and a power of attorney—to be reviewed and updated regularly over the years. If you don’t remember where these documents are, you’re more likely to forget about having regular updates done.

Powers of attorney and health care directives are needed in emergency situations, like when there’s been an accident, health care crisis or dementia. If the people caring for you can’t find the documents, they’re not of much use.

Start by locating the documents and determining when they were completed. If they’re more than three to five years old, it’s time for a review with your estate planning attorney. The same goes for any trusts created before 2012. There have been many changes to laws about trusts since then and your trusts may no longer serve their original purpose.

Who needs to know where the documents are located? Someone besides you and your spouse. At your death or incapacity, the person you’ve named to act in your will or power of attorney will need the original documents.

In the past, estate planning attorneys kept wills in their offices, in safes. However, with the advent of digital documents, this is no longer the case. If your will or trust was done a long time ago and is in the attorney’s office, you should contact the office and obtain the originals.

Most estate planning attorneys provide documents to clients in an organized binder and often they also put documents on a thumb drive. However, where should you keep your original estate planning documents?

Don’t put them in a safe deposit box at your bank. If the bank’s not open and you’re in the Emergency Room, your health care proxy won’t be able to help you. A safe at home is an option, but only if the person can get into your home and access the safe. A filing cabinet could work. However, the person will need to get into your house and know where to look.

One idea: put the binder on a bookshelf or in a drawer, and make sure to tell the person where the documents are. Some people put the binder in an upper shelf in their hall closet so it can be quickly grabbed as needed. In some situations, a health care proxy or DNR is posted on the refrigerator or kitchen bulletin board so it’s immediately available to first responders.

What about fires or floods? If there’s a fire and the documents don’t survive, the fire will be evidence of the documents not being revoked and then the copies you’ve placed in other locations can be used.

When you have your own estate planning documents organized, it’s a good time to check in with your family members. Do you know where your parent’s estate planning documents, wills, trusts, powers of attorney and health care directives are, and do you know if they are updated?

Having the documents is step one—ensuring they are readily at hand is step two. Once these documents are updated and in the right place, you can focus on other tasks, like cleaning out the long-overlooked sock drawer.

Reference: The Press-Enterprise (Jan. 8, 2023) “2023 check list: How to organize your estate plan”

What Is a Tax Reimbursement Clause?

“Tax reimbursement clauses are a common clause in many trusts. Why are they used? Why are they important for you to understand?”

To understand a tax reimbursement clause, you must first understand what a grantor trust is, and how it works. A grantor trust means the person creating the trust, also called a trustor or grantor, is responsible to pay the income tax on income earned by the trust.

According to the article “Tax Reimbursement Clauses: What They Are And Why You Need To Know” from Forbes, these clauses were established when marginal income tax rates were much higher than they are today and taxpayers tried to save taxes by shifting income to a trust which paid a much lower income tax. Congress reacted by creating rules to cause the income of some trusts to be taxed to the grantor. However, tax experts reimagined the new laws and found a way to use the clause to benefit estate plans.

In 1986, when non-grantor trusts were taxed in a harsher way, grantor trusts were used for estate tax planning purposes. When assets were shifted into a trust, the goal is to have them grow rapidly and be protected by the trust. An increase in value of assets in the trust means less value in your taxable estate and outside the reach of creditors.

If you pay the income tax on the income earned by the trust, it grows faster because the value of the trust is compounding on a tax-free basis. Tax free compounding growth is considered one of the most powerful ways to build wealth.

As you pay income taxes on trust income, the trust grows faster and the assets in and value of the remaining estate is reduced. This also reduces the assets subject to the estate tax.

The purpose of a tax reimbursement clause is to provide funds to the grantor to pay the income tax on the income earned by the grantor trust. What if the grantor trust tax becomes too much of a good thing, or if you don’t want to keep paying the income tax on the trust’s income?

If the trust can reimburse you for the income tax, it may help with cash flow concerns.

Talk with your estate planning attorney about the pros and cons of including a tax reimbursement clause in your trust. Some estate planning attorneys insist that a tax reimbursement clause must be included in every grantor trust, while others never use them. They are concerned that they may increase the risk of all trust assets being included in your estate as a result of the tax reimbursement clause being viewed as a retained right in the trust, or you as a beneficiary of the trust.

The decision depends upon your situation and your state laws. The improper use of a tax reimbursement clause might cause estate inclusion, in which case great care needs to be used before including this provision. However, there have been so many cases of taxpayers misusing tax reimbursement clauses that not including them may also make sense.

Every trust has its own language and the exercise of any tax reimbursement clause must comply with the terms of the trust.

Talk with your estate planning attorney about whether a tax reimbursement clause is used in your state and if it is appropriate for you.

Reference: Forbes (Jan. 8, 2023) “Tax Reimbursement Clauses: What They Are And Why You Need To Know”

What You Need to Know About Inheritance

“Heirs receiving an inheritance can expect the process to take time. Having a plan for the money and consulting with professionals are also things to keep in mind.”

Receiving an inheritance is a mixed blessing. It usually comes after a loved one has passed, while you are grieving and trying to figure out how to navigate finances. If you have received or anticipate receiving an inheritance, a recent article titled “Getting an Inheritance? Here are 4 Things to Consider” from Kiplinger, has some helpful information.

It takes time to settle an estate and distribute assets. When a decedent’s affairs weren’t prepared properly in advance, it takes even longer. A recent Gallup poll found less than half of all Americans have a will.

The probate process can be avoided if assets are held in trust. However, even trust distributions may have time-consuming complexities. It can take several months to a year or more to settle an estate.

Being aware of this will help manage heirs’ expectations. Plans for a big purchase should never be keyed to an inheritance, until after the assets are received.

The executor, the person named to administer the estate, must notify beneficiaries and interested parties, pay outstanding bills, close accounts, make an inventory of assets and discern how many of the assets must pass through probate.

They also have to file tax returns with the IRS for the estate and for the decedent’s last year of life. Only after all of this is completed can assets be distributed.

Getting an inheritance often leads to spending the money, not always wisely. Factors such as where the money came from and its intended use influence how it’s spent. However, every dollar inherited should be valued as much as every dollar you earn. Many people treat their inheritances like “fun money” and spend it without careful consideration. Consider using it to bolster your emergency fund, pay off high-interest debt and put some towards long-term savings goals. If there’s still money left over after you’ve covered the basics, then it may be time to spend it on a family trip or support a cause you believe in.

Seek professional advice. Inheritances often come with complications. For instance, there are times when an heir may have a step-up-in-basis provision for taxes. This allows heirs to have the valuation of their inheritance property be equal to its fair market value at the date of death, instead of the lower price at which it was first purchased. This helps minimize capital gains taxes on inherited assets that have appreciated over time. An estate planning attorney will be able to confirm whether this potential benefit applies to you, and what you’ll need to do to navigate any tax issues.

Take time to review your own estate plan. As an heir, or as an executor, you’re likely to be learning a lot about the estate planning process. This should motivate you to address your own estate planning and make it as easy as possible for your own heirs.

This includes keeping clear records of all accounts, along with creating any necessary estate planning documents, including wills, trusts, powers of attorney and advance health care directives. Keeping documents in a place accessible to those administering your estate will help your heirs, as will talking with your family while you are living about your finances, your estate plan and your wishes. The best inheritance of all is one that results from proper planning with an experienced estate planning attorney.

Reference: Kiplinger (Jan. 3, 2023) “Getting an Inheritance? Here are 4 Things to Consider”