Wills, trusts, estate tax, beneficiaries, gifting strategies, and step-up basis.
Beneficiary designations on retirement and life insurance override your will
The federal estate tax exemption is $15M per individual in 2026
Every adult needs a will, healthcare directive, and power of attorney
Annual gift exclusion is $19,000 per recipient in 2026
$19,000 per recipient per year in 2026
Charitable gifts reduce current income tax (if itemizing) and estate tax (at death)
2026 federal exemption is $15M per individual, indexed for inflation
$15M in 2026, permanent under the One Big Beautiful Bill Act
A financial POA lets someone manage your money if you're incapacitated
Revocable trusts are flexible — you can change or undo them
About 12 states plus DC impose estate or inheritance tax
Wills are simpler and cheaper; trusts avoid probate and provide more control