The Law Offices of Brenton C. McWilliams – Blog
The Law Offices of Brenton C. McWilliams
Welcome to our blog. Here, you will find articles on topics relating to estate planning, elder law and probate.
Right of Occupancy Trust: Alabama Estate Planning Guide
What does a right of occupancy trust do? A right of occupancy trust is an estate planning tool that essentially allows a beneficiary to reside in a specified piece of property until their death or an otherwise specified period of time.
Guide to Estate and Gift Tax Portability for Estate Planning
A common concern among our estate planning clients is whether taxes must be paid on their estate once they die. While there is no state-level estate tax in Alabama, your estate could be subject to federal estate taxes. In 2024, the federal estate tax exemption amount for an individual is $13.61 million (this is adjusted annually according to inflation and, as discussed later on may be subject to law changes in the future). In 2010, the IRS introduced the concept of estate tax portability, which, effectively, doubles the estate tax exemption amount for married couples. This means that if your spouse did not use the full $13.61 million exemption amount at his or her death, you may be able to transfer (“port”) your deceased spouse’s unused exclusion (DSUE) to yourself, increasing your own estate tax exemption amount.
How Do I Choose Between a Revocable and an Irrevocable Trust?
Choosing between a revocable and irrevocable trust is akin to selecting the right tool for a job—it all depends on what you’re trying to achieve. This article will help you navigate the nuances of each option, revocable vs. irrevocable trust so you can make the choice that best aligns with your goals.
Estate Planning for Blended Families: Alabama Guide to Estate Planning
The Complex Dance of Estate Planning: Navigating Stepfamilies and Wealth in Alabama According to recent studies, blended families have begun to outnumber traditional nuclear families. This shift towards more complex family structures brings with it a unique set of challenges and considerations, particularly when navigating the...
Estate Planning Checklist and Guide to Getting Your Affairs in Order in 2024
Planning for the future brings peace of mind. But when over 67% of Americans don’t have a will, it leaves loved ones struggling after they pass. Don’t let your family face a maze of legal issues. Get your affairs in order with essential estate planning documents. At The Law Offices of Brenton C. McWilliams, we’ve helped Alabamians...