Estate Planning

No Tax on Homes? New Bill Could Exempt More of Your Profit from Taxes

If you’ve owned your home for several years, there’s a good chance the value of your property has increased over that period (especially in a high-demand area). Selling a home with a large capital gain can eat into years of equity by way of taxes to the IRS, which is why some homeowners choose to stay in the same home indefinitely.

Hiring a Financial Advisor

Life’s big moments—buying a home, starting a family, changing jobs—can all reshape your finances. A financial advisor can help you navigate these transitions, avoid costly mistakes, and build a plan for the future. Drew Hodgson's article explores how advisors are compensated, the value they can add (often as much as 3% to annual returns, according to Vanguard), and what to consider when deciding if professional guidance is right for you.

The Benefits—and Limits—of a Revocable Living Trust in Estate Planning

A revocable living trust helps avoid probate, ensures privacy, and provides continuity if you’re incapacitated. But it doesn’t protect assets from lawsuits or help with Medicaid eligibility. It also doesn’t reduce taxes. To fill those gaps, consider an umbrella liability policy for asset protection and long-term care insurance for nursing home costs. A trust is a great start—but a complete plan requires more.

What is a Trust?

Estate planning is key to a holistic financial plan. Trusts differ from wills by avoiding probate, offering privacy, and allowing ongoing asset management. Types include revocable living trusts, irrevocable trusts, testamentary trusts, special needs trusts, charitable trusts, and spendthrift trusts—each serving different purposes. Choose based on your goals. Whitaker-Myers partners with EncorEstate Planning to help clients navigate these options.

SIX CHOICES THAT HELP EXPLAIN THE NEED FOR A GOOD ESTATE PLAN

Inevitable Estate Planning Certainties We All Do Not Want To Hear: We all will pass away. We cannot take any assets, money, or belongings...

GOODBYE POCO - LESSONS FROM MY SWEET DOG!

Dave Ramsey has a rule at his office. The rule is simple: No gossip! If you’re caught gossiping once, it’s your free warning and pass,...

YOUR GUIDE TO “BENEFICIARIES”

Building wealth can be an important part of financial planning, since it can help you enjoy life and provide for your family. But as the...

WHY HAVING A WILL IS IMPORTANT (AND GETTING ONE MIGHT BE EASIER THAN YOU MAY THINK)

Creating a Will can be really intimidating. It’s one of those things that most people know they should have but it just always sits on...

THE SECURE ACT CHANGES THE WAY PEOPLE INHERIT MONEY

The recently enacted SECURE Act eliminated the ability for a beneficiary to stretch an inheritance over their lifetime, if the...