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Estate Planning & Tax Update:

• Current estate tax exemption rate: $12,920,000.00
• Current Texas estate tax percentage: 0.00% (we don’t have one!)
• Massachusetts estate tax: 16% (graduated tax maximum)
• Current federal gift tax rate: maximum of 40%
• Federal gift tax exemption: $17,000 for 2023
• DJIA as of July 3: $34,395.93
• DJIA one-year high: $34,712.28
• DJIA 52-week increase: 10.58%

Explainer: Testamentary Trusts

People often ask us “what is a testamentary trust?” Testamentary trusts are simply trusts that are created in a will. They take effect after someone has died and are designed to help manage an asset.

Why might these be useful? Well, let’s say that someone has minor children who may inherit large financial assets. Testamentary trusts are one method that someone could use to insert some “guardrails” into a child’s inheritance, by establishing rules in the trust that will govern distribution of the asset.

So why does the Slaton Schauer Law Firm, PLLC generally disfavor this method? From our perspective, it’s more efficient (for most people, anyway!) to simply create a living trust than to try to rely on one that is created after you pass away. This can help avoid issues of implementation that may occur after the creator has passed away.

This issue’s articles include:

• Fair May Not Be Equal
• Exploring the World…from Home
• Taking Care of Aging Parents
• What the ‘Brady Bunch’ Never Discussed
• Can You Guess this Legacy?

This issue’s articles include:

• Telemedicine Grows Increasingly Popular
• The Many Faces of Retirement
• Staying Fit at home
• Is Your Estate Plan Up to Date?
• Can You Guess this Legacy?

This issue’s articles include:

• The Science of Happiness
• The Advantages of Being Over 50
• Loneliness Can Actually Be Toxic
• When Time Is Short

This issue’s articles include:

• Teaching Children the Value of Money
• How One Word Can Boost Your Mood by 25 Percent
• Combating Ageism in the Workplace
• Do You Have an IRA?

This issue’s articles include:

• Need to Provide for a Loved One with a Disability?
• Helping a Loved One Cope
• The New Faces of Giving
• Planning for the Possibility of Long-Term Care
• Can You Guess this Legacy?

This issue’s articles include:

• How to Be Your Own Healthcare Advocate
• How to Create Your Own Advisor Network
• Sleep Deprivation Won’t Just Leave You Tired
• Estate Planning for Blended Families
• Can You Guess this Legacy?

This issue’s articles include:

• Family Get-Togethers Could Be the Perfect Time to Talk About Your Estate Plan
• Want to Leave a Lasting Legacy?
• Tips for Healthier Recipes
• The 7 Goals of an Effective Estate Plan
• Can You Guess this Legacy?

This issue’s articles include:

• Celebrity Estate Planning Mistakes Everyone Can Learn From
• The Benefits of Lifelong Learning
• Want to Improve Your Memory?
• The Grey Divorce Epidemic
• Can You Guess this Legacy?

This issue’s articles include:

• Avoid the Opioid Addiction Epidemic
• Safe Traveling Tips for Seniors
• Retirement Planning
• Taking Retirement Distributions
• Can You Guess this Legacy?

This issue’s articles include:

• When is the Best Time to Start Planning for Next Year’s Taxes?
• The Ins and Outs of 529 Plans
• Scent Preservation Kits? They Really Work
• Does a Child You Love Have Special Needs?
• Can You Guess this Legacy?

This issue’s articles include:

• Social Media Friends Versus Connecting in Person
• The Stress Factor
• Avoid Family Disputes Over Asset Distribution
• Different Beneficiaries, Different Trusts
• Guess This Legacy

This issue’s articles include:

• Retirement Isn’t Time to Slow Down
• 4 Things You Need to Live a Happy Life
• 8 Reasons to Focus on Estate Planning Now
• Estate Planning for Blended Families
• Legacy: Monty Hall
• The Best Way to Learn Anything (Optional)

This issue’s articles include:

• To Downsize or Not to Downsize
• With Age Comes Medications
• Walking is Great for Seniors with Dementia
• Will You Become a Parent’s Caregiver?
• Legacy: Roger Moore
• Therapy Dogs in Funeral Homes (Optional)

This issue’s articles include:

• How to Protect Yourself from Identity Theft
• Ready to Move to an Adult Community? If You Had Dementia
• 7 Things Your Trust Can Do
• Legacy: Jerry Lewis
• Trying to Find Highly Rated Health Care? (Optional)

This issue’s articles include:

• Student Loans and… Seniors?
• Want to Enjoy Your Retirement Years with Less Stress?
• How to Work Well with Younger Colleagues
• Prepare Because You Care
• Legacy: Debbie Reynolds
• Science Says Reading Is Great for Your Health (Optional)

This issue’s articles include:

• When Interest Rates Are Low
• Are You at Risk of “Polypharmacy”?
• 3 Surprising Things That Increase the Risk of Dementia
• Planning a Charitable Donation
• Legacy: Gene Wilder
• Children Are Often Caregivers (Optional)

This issue’s articles include:

• Is Someone You Love Depressed?
• Preserving the Legacy of the Greatest Generation
• No Longer Able to Drive? No Problem
• Your Service Animal is There for You
• Legacy: Bea Arthur
• The Best Smartphones for Seniors (Optional)

This issue’s articles include:

• Safety for the 21st Century
• Creating an Alzheimer’s Friendly Home
• 9 Habits of People Who Don’t Get Sick
• Estate planning solutions for dementia
• Legacy: Dick Van Patten
• Aging: When Is It Time to Give Up Guns? (Optional)

In this issue, articles include:

• Estate Planning Is Incredibly Important for Young Families
• Managing Your Medications
• How to Dispose of Prescription Drugs Properly
• The Flexibility of Trusts
• What’s in a Legacy?
• Avoid the Lost and Found