So much of our life is spent online. We access our bank accounts, send emails, connect with friends, store family photos, and spend hours on social media. Have you considered what happens to these online accounts when you’re gone? Who will have access to your email? Will your family be able to post on your Facebook page? Will your heirs be able to find the money you’ve worked hard to accumulate? Our increasing dependence on computers causes questions about digital assets to constantly expand.
At the time of this writing President Trump’s proposed tax plan is still uncertain. Along with tax reform, the proposal calls for a complete elimination of the estate tax in 2023 and an increased estate tax exclusion amount beginning January 1, 2018, through 2023. There is also a proposal to eliminate the generation-skipping transfer tax.
The most common phrase I hear is, “I need to do estate planning. I just haven’t gotten around to it.” Whether you are creating your estate plan for the first time or your current plan needs a review, you now have a round “TUIT.” With the end of the year upon us, this is the right time to get organized for 2018. Having your plan in place brings peace of mind for you and it provides protection for your family when you become ill or die.Read More
There is no federal law regulating access to digital properties as of now: however, many states have established estate planning laws or legislation for protecting the digital assets of people when they die. Read More