Question 1

What is estate planning?

Accepted Answer

Estate planning is the process of arranging for the management and distribution of your assets during your lifetime and after your death. It includes wills, trusts, powers of attorney, and healthcare directives. Every adult needs an estate plan regardless of wealth.

Question 2

How do I avoid probate?

Accepted Answer

Probate can be avoided through a revocable living trust, joint ownership with right of survivorship, beneficiary designations on retirement accounts and life insurance, and transfer-on-death deeds for real estate. A properly funded revocable living trust is the most comprehensive probate avoidance strategy.

Question 3

What is the estate tax exemption in 2026?

Accepted Answer

Under the One Big Beautiful Bill Act (OBBBA), the federal estate tax exemption has been extended and adjusted. Families should consult with an estate planning attorney to understand the current exemption amount and how it affects their planning.

Question 4

What is a private foundation?

Accepted Answer

A private foundation is a tax-exempt nonprofit organization established by an individual or family for charitable purposes. It offers significant tax benefits including deductions for contributions, elimination of capital gains on donated appreciated assets, and the ability to involve family members in philanthropy.

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