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Category: Estate Planning

The Power of Coordination

By Lineweaver Financial Group
April 18, 2019 Category: Coordination, Tax, Legal, Insurance, Financial, Wills, Estate Planning, Taxes, Retirement

At the Lineweaver Companies, we believe a team approach to coordinating all your financial, legal, tax, and insurance needs helps save you time, money and worry. For example, we had clients who were both close to retirement, and unfortunately the husband had been diagnosed with terminal cancer. The first thing we did was to work with them to make sure his pension was triggered in such a way that the wife could receive a greater lifetime benefit - almost a million more dollars than she would have otherwise received. At the same time, in this sort of situation, you have to consider powers of attorney and other basic estate planning documents that everyone should have, like wills, and even if trusts make sense for your particular situation. There were also huge student loan balances of more than $120,000. But, because they kept the loans entirely in the fathers name, when he passed, the debt was forgiven. But what many people dont know is that the forgiveness of debt in this

What the New Trump Tax Law Means for Your Estate Plan

By Lineweaver Financial Group
April 02, 2018 Category: New Tax Law, Estate Planning, 529 Plans, Charitable Giving

When the Tax Cuts and Jobs Act of 2017 passed and was signed into law late last year, it was the most sweeping overhaul to the tax code in more than 30 years. While there are many estate planning strategies that have remained in place, this also opened the door to new opportunities, and so it may be wise to revisit your estate plan. Increased Limits on the Estate Tax The Tax Cut and Jobs Act temporarily doubles the exemption amount for estate, gift and generation-skipping taxes from the $5 million base, set in 2011, to a new $10 million base, good for tax years 2018 through 2025. The exemption is indexed for inflation, so an individual can shelter $11.2 million in assets from these taxes. Another federal estate law provision called portability lets couples who do proper planning double that exemption. So, a couple could exclude $22.4 million for 2018. The laws sunset provision means that, absent further Congressional action, the exemption amount would revert to the $5 million base, indexed. 529

Is Your Estate Plan Up to Date?

By Lineweaver Financial Group
April 11, 2016 Category: Estate Planning, Education Programs, Newsletter

Prepare for the Inevitable Theres a saying that goes something like this.When you are dead, you dont know you are dead. It is difficult only for the others. When you pass away, it will be difficult for family members to deal with. Do not make it more difficult by not having your affairs in order. That is not the legacy you would like to leave.a mess someone else had to clean up. The decisions you make now about where your assets go after your death can affect peoples lives profoundly. If you dont have the proper plans in place, chances are things will not go as you think. Transfers of your assets could be stressful, complicated, expensive, and create unnecessary taxes. Most people avoid thinking about, let alone planning for, their death. And yet making arrangements can be a liberating experience. Relieving your families of the burden of having to do it for you is also a demonstration of consideration, kindness and love. Estate-planning advice often revolves around the choice and creation

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