Both private foundations and donor-advised funds can be effective personal charitable vehicles. While they both allow for strategic giving and an opportunity to create a charitable legacy, they have important differences to consider when deciding which type of charitable vehicle may be right for you and your family.

A common question for a grantor or a beneficiary of a trust is: “How will income in my trust be taxed?” The answer to that question can be complex and dependent on many factors, but there are some general rules for the federal income taxation of trusts that may help answer this important question. 

The SECURE Act and subsequent guidance from the IRS significantly changed how inherited individual retirement accounts (IRAs) must be withdrawn after the owner’s death. Understanding the key rules associated with inherited IRAs is important to anyone who is a beneficiary – or may become a beneficiary – of an inherited IRA.

Items of tangible personal property – jewelry, artwork, household furniture and the like – are often collected over a lifetime. Because of the sentiment these items might represent and the inability to easily divide certain pieces, personal items in an estate can often create the greatest source of conflict among beneficiaries. Fortunately, there are several actions you can take today to help avoid – or at least minimize – conflict later. 

Budgeting means creating a unique plan for spending and saving your money: it involves analyzing your income, expenses and financial goals to ensure that your spending aligns with your priorities. There are several steps you can take to create a custom budget for yourself.

The Corporate Transparency Act is a law that goes into effect on January 1, 2024, and will impact many limited liability companies, limited partnerships and corporations. If you own or control an entity — whether for estate planning purposes or as an active business — it is important to know how this new law impacts you and how you can comply.

A philanthropic mission statement can provide clear direction to you, your family and others about your charitable intentions and motivations. Considering your motivations for giving, giving styles and causes can help you craft that philanthropic mission statement, which will guide and inform your philanthropy – today and into the future. 

The current high cost of housing and interest rates can make it difficult to purchase a home. Not surprisingly, individuals often wonder how they can assist a loved one in home ownership. Fortunately, there are several strategies to consider. 

When a married couple owns property, state laws may dictate how their property may be distributed at death or divided in a divorce. It is important to understand how your state of residence treats property ownership of spouses, especially if you are moving to a new state. 

There are many factors that prompt a move to a new state, including location of family, better climate and, of course, taxes. If you are moving from a higher-tax state to a lower-tax state, it can be particularly important to effectively establish your domicile in your new state.