Estate Planning Blog - Bernard Estate Planning

Can a Vacation Home Be Kept in the Family for Generations?

These vacation homes may also comprise a significant portion of the family’s wealth. Therefore, it’s understandable that homeowners want to pass their properties and family traditions to future generations.

Posted on: April 18, 2022

Is Estate Planning Affected by Property in Two States?

When it comes to owning property in two different states, you may wonder how to manage these in your estate plans.

Posted on: April 15, 2022

What are the Current Gift Tax Limits?

In 2017, Congress doubled the exemption starting in 2018, and the amount will continue to rise with inflation through 2025. This expansion helped reduce the number of taxable estates to about 1,300 for returns filed in 2020 from about 5,200 in 2017, according to the latest IRS data.

Posted on: April 14, 2022

Can I Pay Less Taxes on My Retirement Funds?

You don't get to use all the money in your traditional 401(k) and IRA for retirement because you still have to pay taxes on it.

Posted on: April 13, 2022

How to Handle Digital Assets in a Will

The rapid rise in circulation and growing popularity of cryptocurrencies is prompting attorneys and estate planners to adjust, as digital assets are inherited through wills, trusts and estates, according to experts who warn of the danger of lost or misappropriated assets.

Posted on: April 12, 2022

No Will? What Happens Now Can Be a Horror Show

It's hard for a family to recuperate when the patriarchs and matriarchs have gone to glory, leaving a battle for who will carry the family's leadership role and manage the family's transition of wealth.

Posted on: April 11, 2022

Why Shouldn’t I Wait to Draft my Will?

It’s an important task that is easy to procrastinate. However, here is why you shouldn’t:

Posted on: April 8, 2022

Common Estate Planning Mistakes

Your last will and testament is one of the most important legal documents that you will ever make. It allows you to direct where you want your property, guardianship and debts to go after you die, and allows you to appoint an executor to act out your wishes.

Posted on: April 7, 2022

How Does Gift Tax Exclusion Work?

In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.

Posted on: April 6, 2022

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