In estate planning, you often come across the term “fair market value.” However, some assets are easier to value than others. The IRS defines fair market value as “the value at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell […]
Estates and Trusts
Embrace the Season of Change: Estate Planning Tips for Fall
As the vibrant colors of autumn paint the landscape, the fall season invites us to reflect on the changes in nature and consider the changes we can make in our own lives. Estate planning, often overlooked, is a vital aspect of ensuring a secure future for your loved ones. Just as leaves fall and transition, […]
New Life Expectancy Tables for Calculating RMDs
The IRS recently released updated tables for use in calculating required minimum distributions (RMDs) from qualified retirement plans, individual retirement accounts (IRAs) and annuities, and certain other tax-favored, employer-provided retirement arrangements. The updated tables take effect in 2022 and will generally result in smaller RMDs. RMDs for 2021 will be calculated under the current tables. […]