Navigating the estate planning process may seem complex, but at JAK + CO, we strive to simplify it for you. Our team of experienced professionals and abundant resources are here to assist you. In this blog, we tackle four common questions that arise during the estate planning journey with our clients.
Estate Planning FAQs
- What makes up my estate?
Your estate comprises all your assets, including real estate, bank accounts, investments, personal belongings, and life insurance policies. Debts and liabilities are subtracted from the total value to determine the net estate available for distribution to beneficiaries.
- Can estate planning be a business expense?
Estate planning expenses are generally not deductible as business expenses. However, certain costs, like those related to the valuation of business assets or preparing a business succession plan, may be deductible. Consult with JAK+ CO for personalized advice.
- Will my beneficiaries’ inheritance be taxed?
Inheritance tax depends on the jurisdiction and the size of the estate. As of 2024, the federal estate tax applies only to estates exceeding $13.61 million. For 2025 it will apply to estates exceeding $13.99 million. Some states may impose their own estate or inheritance taxes. Consult with JAK + CO to understand the specific tax implications for your beneficiaries.
- What if I have an out-of-state or a very old will?
An out-of-state will or an outdated will may present legal challenges. Laws regarding wills vary by state, so it’s advisable to update your will when moving to a new state. Additionally, laws and personal circumstances change, so periodic reviews and updates are essential. Consult with an estate planning expert at JAK + CO and an estate attorney to ensure your will is valid and reflects your current wishes.
Additional Estate Planning Resources:
Be sure to check out our resources, created to help you in your estate planning journey:
Trust and Estate Services from JAK + Co.
Ensure your family’s future with professional estate planning from John A. Knutson & Co., PLLP. Our services help secure your assets, minimize taxes, and ease legal burdens through tailored strategies, including wills, trusts, and tax planning. With expert guidance, achieve peace of mind and protect your beneficiaries efficiently and effectively.
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