Address your elderly parents in your estate plan in 5 steps

Debt is inevitable for most small and midsize businesses. Loans are commonly used to help fund a company’s launch, expansion, equipment purchases and cash flow. When problems arise, it’s generally not because debt exists; it’s because the terms of that debt no longer match the operational realities of the business. In such instances, debt restructuring is worth considering. Making debt more manageable At its core, debt restructuring is the process of revisiting existing loan arrangements to make them more manageable for the company. It focuses on adjusting current obligations so they better align with the business’s projected cash flow and operating needs. This can be a more sustainable approach than, say, taking on new debt or ignoring the growing pressure. For small and midsize businesses, debt restructuring is generally handled through direct negotiations with lenders. Options may include: Extending repayment periods, Modifying payment schedules in other ways, Adjusting interest rates, and Consolidating multiple loans. The goal is to allow the business to continue operating normally while meeting its obligations. Warning signs If debt begins to consistently dictate operational decisions, step back and evaluate whether the structure of those obligations is a problem. Warning signs usually surface gradually. Monthly payments may start to limit the company’s ability to maintain adequate cash reserves, invest in growth or handle unexpected expenses. If you find yourself increasingly relying on short-term borrowing to cover routine costs or juggling payment due dates to stay current, it might be time to explore restructuring. That said, many healthy businesses explore debt restructuring as a way to strengthen their overall financial positions. Changes in customer demand, economic conditions, interest rates and operating costs can all be valid reasons to consider it. Timing and perspective Among the most important aspects of debt restructuring are timing and perspective. From a timing standpoint, options are generally broader and more flexible when you address concerns early. Waiting until payments are missed or covenants are violated reduces your leverage with lenders. Perspective matters just as much. Ideally, you should approach restructuring as a proactive strategic adjustment to financial obligations rather than a desperate last resort. Doing so will help you focus conversations with lenders on long-term sustainability rather than a short-term bailout. However, be realistic. Although debt restructuring can ease cash flow pressure and create breathing room to reset strategic objectives, it can’t fix deeper operational or profitability issues. If your business model is no longer viable, restructuring may provide temporary relief but not a permanent solution. It tends to work best when paired with a clear understanding of a company’s financial position and future outlook. Guidance is essential If your business is facing increasing debt pressure, restructuring may be the right solution. But that doesn’t mean you should immediately pick up the phone and call your lender. Professional guidance is essential. We can help assess the implications of restructuring and whether better alternatives are available. © 2025 

Many tax figures are annually adjusted for inflation and typically increase each year (or at least every few years). For 2026, some additional changes are going into effect under the One Big Beautiful Bill Act, signed into law July 4, 2025. Here’s an overview of some important limits and other tax figures for 2026. Keep in mind that exceptions or additional rules or limits may apply. Standard deduction Single and married filing separately: $16,100 Head of household: $24,150 Married couples filing jointly: $32,200 Additional standard deduction for those age 65 or older and/or blind: $2,050 ($1,650 per spouse if married). For taxpayers both 65 or older and blind, the additional deduction is doubled. Itemized deduction limits Casualty loss deduction: only for eligible losses from federally or (new for 2026) state-declared disasters Charitable deduction floor (new for 2026): 0.5% of adjusted gross income (AGI) Mortgage interest deduction: interest on qualified debt up to $750,000 Medical expense deduction floor: 7.5% of AGI State and local tax deduction: $40,400 Overall limit for higher-income taxpayers (new for 2026): Generally, the tax benefit from itemized deductions for taxpayers in the 37% bracket will be as if they were in the 35% bracket Retirement plan limits Traditional and Roth IRA contributions: $7,500 Traditional and Roth IRA catch-up contributions for those age 50 or older: $1,100 401(k), 403(b) and 457 plan deferrals: $24,500 401(k), 403(b) and 457 plan catch-up contributions for those age 50 or older: $8,000 401(k), 403(b) and 457 plan additional catch-up contributions for those age 60, 61, 62 or 63: $3,250 SIMPLE deferrals: $17,000 SIMPLE catch-up contributions for those age 50 or older: $4,000 SIMPLE additional catch-up contributions for those age 60, 61, 62 or 63: $1,250 Contributions to defined contribution plans: $72,000 Annual benefit limit for defined benefit plans: $290,000 Other tax-advantaged savings limits Health Savings Account (HSA) contributions: $4,400 for individuals, $8,750 for family coverage Health Flexible Spending Account (FSA) contributions: $3,400 Child and dependent care FSA contributions: $7,500 Trump account contributions: $5,000 Estate planning Gift and estate tax exemption: $15 million Generation-skipping transfer tax exemption: $15 million Annual gift tax exclusion: $19,000 (unchanged from 2025) 2026 tax planning These are only some of the figures and limits that could affect your 2026 taxes. To learn more and begin planning for the new year, contact us.  © 2025

A new year brings many new tax-related figures for businesses. Here’s an overview of key figures for 2026. Be aware that exceptions or additional rules or limits may apply. Depreciation-related tax breaks Bonus depreciation: 100% Section 179 expensing limit: $2.56 million Section 179 phaseout threshold: $4.09 million Qualified retirement plan limits 401(k), 403(b) and 457 plan deferrals: $24,500 401(k), 403(b) and 457 plan catch-up contributions for those age 50 or older: $8,000 401(k), 403(b) and 457 plan additional catch-up contributions for those age 60, 61, 62 or 63: $3,250 SIMPLE deferrals: $17,000 SIMPLE catch-up contributions for those age 50 or older: $4,000 SIMPLE additional catch-up contributions for those age 60, 61, 62 or 63: $1,250 Contributions to defined contribution plans: $72,000 Annual benefit limit for defined benefit plans: $290,000 Compensation defining highly compensated employee: $160,000 Compensation defining key employee (officer) in a top-heavy plan: $235,000 Compensation triggering Simplified Employee Pension contribution requirement: $800 Other benefits limits Health Savings Account (HSA) contributions: $4,400 for individuals, $8,750 for family coverage Health Flexible Spending Account (FSA) contributions: $3,400 Health FSA rollover: $680 Child and dependent care FSA contributions: $7,500 Employer contributions to Trump account: $2,500 Monthly commuter highway vehicle and transit pass: $340 Monthly qualified parking: $340 Miscellaneous business-related limits Income range over which the Section 199A qualified business income deduction limitations phase in: $201,750 – $276,750 (double those amounts for married couples filing jointly) Threshold for the excess business loss limitation: $256,000 (double that amount for joint filers) — note that this is a reduction from 2025 Limitation on the use of the cash method of accounting: $32 million (also affects other tax items, such as the exemption from the 30% interest expense deduction limit) Planning for 2026 We can help you factor these changes and others into your 2026 tax planning. Contact us to get started. © 2025 

Integrating health care decisions into your estate plan is important because it ensures they are thoughtful, informed and reflective of your values. When you make decisions in advance, you can clearly outline preferences for medical treatment, end-of-life care and quality-of-life considerations without the pressures of an illness or crisis. As with other aspects of your estate plan, the time to act is now, while you’re healthy. The benefits Making key health-care-related decisions now can prevent confusion, delays and disagreements among family members and medical providers at moments when emotions are already high. Advance planning also allows you to name someone to make health decisions on your behalf. You can choose someone who you know understands your wishes and can confidently advocate for you if you become unable to speak for yourself. Equally important, making these decisions while healthy can protect both you and your family from unnecessary stress and financial risk. Without documented health care directives, your family may be forced to seek court intervention or make rushed decisions with limited information, possibly leading to outcomes you wouldn’t have wanted. 2 documents do the heavy lifting To ensure that your health care wishes are carried out and that your family is spared the burden of guessing — or arguing over — what you would decide, put those wishes in writing. Generally, that means executing two documents: a living will and a health care power of attorney (HCPA). Unfortunately, these documents are known by many different names, which can lead to confusion. Living wills are sometimes called “advance directives,” “health care directives” or “directives to physicians.” And HCPAs may also be known as “durable medical powers of attorney,” “durable powers of attorney for health care” or “health care proxies.” In some states, “advance directive” refers to a single document that contains both a living will and an HCPA. For the sake of convenience, we’ll use the terms “living will” and “HCPA.” It’s a good idea to have both a living will and an HCPA or, if allowed by state law, a single document that combines the two. Let’s take a closer look at each document: Living will. This document expresses your preferences for the use of life-sustaining medical procedures, such as artificial feeding and breathing, surgery, or invasive diagnostic tests. It also specifies the situations in which these procedures should be used or withheld. Living wills often contain a do not resuscitate order, which instructs medical personnel to not perform CPR in the event of cardiac arrest. While a living will details procedures you want and don’t want under specified circumstances, no matter how carefully you plan, a document you prepare now can’t account for every possible contingency down the road. HCPA. This authorizes a surrogate — your spouse, child or another trusted representative — to make medical decisions or consent to medical treatment on your behalf when you’re unable to do so. It’s broader than a living will, which generally is limited to end-of-life situations, although there may be some overlap. An HCPA might authorize your surrogate to make medical decisions that don’t conflict with your living will, including consenting to medical treatment, placing you in a nursing home or other facility, or even implementing or discontinuing life-prolonging measures. Although an HCPA can include specific instructions, it can also be used to provide general guidelines or principles and give your representative the discretion to deal with complex medical decisions and unanticipated circumstances (such as new treatment options). This approach offers greater flexibility, but it also makes it critically important to appoint the right representative. Choose someone who you trust unconditionally, who’s in good health, and who’s both willing and able to make decisions about your health care. And be sure to name at least one backup in the event your first choice is unavailable. Be proactive Proactive planning can support better coordination with overall estate and financial strategies, helping you manage potential medical costs and preserve assets. By addressing health care decisions early, you can take control of your future, reduce the burden on loved ones and create peace of mind knowing your wishes will be respected no matter what lies ahead. Contact us with questions regarding a living will or an HCPA. © 2025 

Did you know there’s a tax-advantaged way to save for the expenses of a person with a disability that’s similar to saving for college expenses with a Section 529 plan? Achieving a Better Life Experience (ABLE) accounts can help fund qualified disability expenses for an eligible beneficiary. The SECURE 2.0 Act, signed into law in 2022, made changes that will allow more people to be eligible for ABLE accounts beginning in 2026. The One Big Beautiful Bill Act (OBBBA), signed into law July 4, 2025, has made certain enhancements to them permanent. The benefits ABLE accounts can be created by eligible individuals to support themselves, by family members to support their dependents, or by guardians for the benefit of the individuals for whom they’re responsible. Anyone can contribute to an ABLE account. The OBBBA made permanent the ability of the designated beneficiary to claim the saver’s credit for contributions he or she makes to his or her ABLE account. The maximum saver’s credit for an individual for 2025 and 2026 is $1,000. While contributions aren’t tax-deductible, the funds in the account are invested and grow tax-deferred. Distributions used to pay eligible expenses are tax-free. (If distributions are used for nonqualified expenses, the portion of the distribution that represents earnings on the account is subject to income tax — plus a 10% penalty.) Having an ABLE account generally won’t affect the beneficiary’s eligibility for the government benefits to which he or she is entitled. ABLE accounts have no impact on Social Security Disability Insurance (SSDI) payments or Medicaid eligibility. However, ABLE account balances in excess of $100,000 are counted toward the Supplemental Security Income (SSI) program’s $2,000 individual resource limit. Therefore, an individual’s SSI benefits are suspended, but not terminated, when his or her ABLE account balance exceeds $102,000 (assuming the individual has no other assets). In addition, distributions from an ABLE account to pay housing expenses count toward the SSI income limit. Expanded eligibility Eligible individuals must be blind or disabled. For 2025 and prior years, the individual must have become so before turning age 26. But under SECURE 2.0, this age increases to 46 beginning on January 1, 2026. To be eligible, individuals generally must be entitled to benefits under the SSI or SSDI programs. Alternatively, individuals can become eligible if a disability certificate is filed with the IRS. Qualified expenses Distributions from an ABLE account are tax-free if used to pay for expenses that maintain or improve the beneficiary’s health, independence or quality of life. These expenses include: Education, Housing, Transportation, Health and wellness, Assistive technology, and Personal support services. Employment support expenses also qualify. Setting up an account Like 529 plans, ABLE accounts are established under state programs, and there are many choices. An account may be opened under the program of a state other than the one where the individual resides (as long as the state allows out-of-state participants). The funds in an account can be invested in a variety of options, and the account’s investment directions can be changed up to twice a year. Be aware that an eligible individual can have only one ABLE account. Also, there’s an annual contribution limit of $19,000 for 2025 and $20,000 for 2026. The OBBBA made permanent the ability to roll over 529 plan funds to an ABLE account without penalty, as long as the ABLE account is owned by the beneficiary of the 529 plan or a member of the beneficiary’s family. Such rolled-over amounts count toward the annual contribution limit. However, if the beneficiary works, he or she can also contribute part, or all, of his or her income to the account. (This additional contribution is limited to the poverty-line amount for a one-person household.) A new opportunity If you or someone in your family became disabled or blind after turning 26 but before age 46, the expansion of ABLE account eligibility in 2026 provides a new opportunity for tax-advantaged savings. To learn more about the tax benefits and other financial considerations, contact us. © 2025 

Strategic planning can feel overwhelming for business owners juggling sales goals, cash flow challenges, staffing needs and day-to-day operational issues. Although you may rely heavily on financial reports to make key decisions, numbers alone don’t always tell the full story. Introduced in the early 1990s, the balanced scorecard approach still offers a practical framework for translating vision into action that’s worth revisiting. 4 critical areas The balanced scorecard approach was unveiled in a 1992 Harvard Business Review article entitled “The Balanced Scorecard — Measures That Drive Performance.” Essentially, it segments strategic planning into four critical areas: 1. Customers. Every business owner understands the importance of customer satisfaction. However, to truly understand and meet their needs, you must identify the right metrics. Just as critical is determining which customer segments your company is best equipped to serve. Under the balanced scorecard approach, you consider how your business can attract, retain and deepen relationships with customers that are most likely to support sustainable profitability. 2. Finance. Many companies rely on financial results as the sole indicator of overall stability and success. However, the results that show up in, say, your financial statements are typically lagging indicators; they reflect past events rather than future performance. To be clear, you should continue generating accurate financial statements. But the balanced scorecard approach encourages businesses to track metrics, such as sales growth and workforce efficiency, that reveal more timely financial outcomes. 3. Processes. To operate more productively and efficiently, business owners and their leadership teams must identify and solve process-related problems. Simply paying closer attention to a shortcoming isn’t enough. For example, measuring productivity won’t automatically increase it. The balanced scorecard approach motivates you to analyze the internal components of your operations — from design and production to delivery, billing and collections — and implement process improvements that support strategic objectives. 4. Learning and professional growth. Continuing education often calls for more time and effort than companies are willing or able to devote. Learning must go beyond training new hires to include, for instance, mentoring and knowledge sharing through performance management programs. For many businesses, success largely depends on the development and preservation of intellectual capital. The balanced scorecard approach focuses strategic planning on better retaining institutional knowledge, encouraging ongoing learning and preparing employees for future roles. Best practices Following the balanced scorecard approach involves clearly defining your strategic objectives in each of the four areas, choosing a few metrics to track and expressing the results on a “scorecard.” Many leadership teams use a simple table or spreadsheet for their scorecards, while others use digital dashboards that update key metrics in real time. Remember, too many measures can dilute focus and obscure what truly drives business performance. The most effective scorecards concentrate on a small set of meaningful indicators aligned directly with the company’s strategic objectives in each area. For instance, suppose a growing manufacturing company wants to improve profitability while maintaining quality and on-time delivery. To support this strategic objective, leadership develops a balanced scorecard to track: On-time delivery and customer complaints (customers), Operating margin and cash flow (finance), Production cycle time and scrap rates (processes), and Safety incidents and workforce training hours (learning and professional growth). Another best practice is to ensure balance among leading and lagging indicators. As mentioned, financial results show what has already happened. In contrast, customer surveys, employee engagement data and operational benchmarks can highlight emerging opportunities or risks before they appear in financial statements. Reviewing these measures together can help you and your leadership team identify connections across the business rather than evaluating each area in isolation. Finally, consistency and accountability are essential. Review your scorecard regularly — quarterly at a minimum — and integrate it into leadership meetings and performance discussions. Assign clear ownership to each metric so responsibilities are clear and progress can be monitored. As your business evolves, revisit your scorecard to ensure it continues to reflect your strategy and priorities. An intriguing concept When exercised diligently and properly, the balanced scorecard approach can become a vibrant business practice that supports better decisions and keeps strategic objectives front and center. But it’s not for every company. If you’re intrigued by the concept, explore it further before committing. And no matter what strategic planning approach you choose, we’re here to help organize your financials and support measured, long-term growth. © 2025 

S corporation structure provides most of the tax benefits of a partnership plus the liability protection of a corporation. But because of the strict requirements that apply to these entities, preserving S corporation status requires due diligence. Reap the benefits Like a traditional C corporation, an S corporation shields its shareholders from personal liability for the corporation’s debts. Like a partnership, an S corporation is a “pass-through” entity, which means that all of its profits and losses are passed through to the owners, who report their allocable shares on their personal income tax returns. This allows S corporations to avoid the double taxation of C corporations, whose income is taxed at the corporate level and again when distributed to shareholders. To qualify as an S corporation, all of a corporation’s shareholders must file an election with the IRS on Form 2553, Election by a Small Business Corporation. In addition, the corporation must: Be a domestic (U.S.) corporation, Have no more than 100 shareholders (certain family members are treated as a single shareholder for this purpose), Have only “allowable” shareholders (see below), Have only one class of stock (generally, that means that all stock confers identical rights to distributions and liquidation proceeds; differences in voting rights are permissible), and Not be an “ineligible” corporation, such as an insurance company, a domestic international sales corporation (DISC) or a certain type of financial institution. Allowable shareholders include individuals, estates and certain trusts, such as a qualified Subchapter S trust (QSST) and an electing small business trust (ESBT). Partnerships, corporations and nonresident aliens are ineligible. Preserve and protect To avoid inadvertent termination of S corporation status, among other things, you should: Continually monitor the number and type of shareholders, scrutinize the terms of any trusts that hold shares, and ensure that QSSTs or ESBTs have filed timely elections, Include provisions in buy-sell agreements that prevent transfers to ineligible shareholders, Make sure that if shares are transferred to an ESBT, all potential current beneficiaries are eligible shareholders, and Be aware that if shares are held by grantor or testamentary trusts, these types of trusts are eligible shareholders for only two years after the grantor dies or the trust receives the stock. So track the two-year eligibility period and make sure trusts convert into QSSTs or ESBTs or transfer their shares to an eligible shareholder before the period expires. Also, avoid actions that may be deemed to create a second class of stock, such as making disproportionate distributions. Stay focused Avoiding inadvertent termination of your company’s S corporation status is critical. Termination generally will result in the loss of substantial tax benefits. You may be able to get the IRS to retroactively restore your S status, but it can be an expensive, time-consuming process. So stay focused on maintaining compliance with all S corporation requirements. Contact us if you have questions. © 2025 

The One Big Beautiful Bill Act (OBBBA) creates a new type of tax-advantaged account for eligible children. Section 530A accounts, also known as “Trump accounts,” can be established for children under age 18 who have a Social Security Number (SSN). Contributions to properly established accounts can begin on July 4, 2026. The IRS has released guidance that sheds more light on the accounts and a temporary pilot program that will contribute $1,000 tax-free for certain children. Here’s what you need to know. A different kind of IRA — initially A Trump account is established for the exclusive benefit of an eligible child, who’s the account owner. While the account is essentially a type of IRA, it’s subject to special rules that don’t apply to other IRAs. Most of these rules are in effect only during the period that ends before January 1 of the calendar year in which the child reaches age 18 — what’s referred to as the “growth period.” During the growth period: The account funds can be invested only in eligible investments — generally, mutual funds or exchange-traded funds (ETFs) that track an index of primarily U.S. companies, such as the Standard and Poor’s 500, and meet other criteria, The account has a lower contribution limit, generally $5,000 per year (adjusted for inflation after 2027), The account generally can’t make distributions (including hardship distributions), and Individuals can’t claim a tax deduction for their contributions. After the child turns 18, traditional IRA rules kick in, including those regarding contributions, distributions (as well as the 10% early withdrawal penalty), required minimum distributions (RMDs), taxation and Roth IRA conversions. Account election Unlike regular IRAs, Trump accounts must be created initially by the U.S. Treasury Secretary. To have an account established for your child, you must make an election, and the child must not have reached age 18 before the close of the calendar year when the election is made. The child also must have an SSN before the election is made. According to the IRS guidance, the election can be made on the forthcoming Form 4547, Trump Account Election(s), or through an online tool that isn’t yet available. You can file the form with your 2025 tax return. An account can be established at the same time you elect to receive a pilot program contribution (see below) or any time before January 1 of the year the child turns 18. Only one account can be opened per child. After the election is made, the Treasury Department will send you the necessary information to activate the account. The IRS says this information will be available in May 2026. Pilot program participation A one-time $1,000 government-provided contribution is available for children born after December 31, 2024, and before January 1, 2029, who are U.S. citizens with SSNs. The pilot program election can be made on Form 4547 or through the online tool. The Treasury Department will contribute to accounts eligible for the pilot program as soon as practicable after the election is made. Note that no contributions will be made before July 4, 2026. Contributions to the account Trump accounts can receive several types of contributions during the growth period besides contributions from parents, other loved ones or the children themselves. For example, an account can accept a “qualified general contribution” funded by states and political subdivisions, the federal government, Indian tribal governments, or certain nonprofits. These contributions, which will funnel through the Treasury Department, can be made only to “qualified classes,” such as those residing in certain areas and born in specific years. Michael and Susan Dell’s recently announced donation totaling $6.25 billion is an example of this type of contribution. Employers can contribute up to $2,500 per year (adjusted for inflation after 2027) to the accounts of employees or their dependents, with contributions generally excluded from the employee’s taxable income. The limit applies on a per-employee basis. Trump accounts can also accept qualified rollover contributions. Pilot program contributions, qualified general contributions and qualified rollover contributions don’t count toward the annual contribution limit. However, employer contributions do count toward the limit. Notably, contributions must be made within the calendar year to count toward that year’s limit — the contribution deadline doesn’t extend to April 15 of the following year as it does for traditional and Roth IRAs. Education savings alternatives Trump accounts might not be the best option when it comes to building savings for your child’s education. Both 529 plans and Coverdell Education Savings Accounts (ESAs) also allow tax-deferred growth, but withdrawals for qualified education expenses are tax-free. On the other hand, Trump account distributions are taxed as ordinary income to the extent that they aren’t attributable to after-tax contributions. There are other 529 plan advantages: Contributions may qualify for state tax deductions. And they aren’t subject to an annual limit, provided they don’t exceed the amount needed to cover the beneficiary’s qualified expenses. (Note that gift tax rules might apply, depending on the contribution amount.) Moreover, up to $35,000 of funds left in a 529 plan account held for at least 15 years in one beneficiary’s name can be rolled over into the beneficiary’s Roth IRA without incurring the normal 10% penalty for nonqualified withdrawals or resulting in taxable income. Roth IRAs don’t have RMDs, and withdrawals are tax-free. Certain restrictions on 529 plan rollovers apply, but this rollover option could be a significant advantage over Trump accounts, which eventually become traditional IRAs. Investment options for 529 plans are limited to those permitted by the plan administrator, typically mutual funds and ETFs. But they may offer greater choice than Trump accounts. ESAs allow a wider range of investments, typically everything a broker offers. However, the maximum contribution to an ESA is limited to $2,000 per beneficiary per year, and contributors are subject to income-based contribution limits. Stay tuned The IRS expects to issue additional guidance on Trump accounts. We’ll keep you up to date on important developments in this and other OBBBA-related areas. © 2025 

Owning assets with your adult child as “joint tenants with right of survivorship” may seem like a simple way to streamline your estate plan. However, doing so can carry important legal, tax and practical implications that deserve careful consideration. Positives and negatives There are upsides to owning an asset — such as real estate, a bank or brokerage account, or a car — jointly with your child. For example, when you die, the asset will automatically pass to your child without the need for more sophisticated estate planning tools and without going through probate. The downsides, however, can be considerable. When you add a child as a joint owner of an asset, he or she typically gains immediate ownership rights to the asset — not just a future interest. This means it may be subject to the child’s creditors, a divorce settlement or lawsuits. These external risks will be beyond your control and can jeopardize assets you’d planned to use to support yourself during retirement. There can also be significant tax considerations. Adding a child as a joint owner may be treated as a taxable gift, depending on the asset and how ownership is structured. In addition, joint ownership can eliminate the step-up in cost basis that beneficiaries often receive at death, potentially increasing capital gains taxes when the asset is later sold. What appears to be a probate avoidance strategy can, in some cases, create a larger tax bill for the next generation. Finally, joint ownership can override the intentions expressed in your will or trust. Assets held jointly with rights of survivorship generally pass directly to the surviving owner, regardless of what the estate plan says. This can unintentionally disinherit other children or beneficiaries and lead to family conflict. For many families, alternatives such as powers of attorney, beneficiary designations or revocable trusts provide greater flexibility and protection. Right move for you? Jointly owning assets with your child is a decision that you should make with care, not solely for convenience. While it may simplify access or avoid probate in some cases, it can also expose assets to unnecessary risk, create unintended tax consequences and undermine the goals of your otherwise well-structured estate plan. Together with your estate planning attorney, we can help evaluate how joint asset ownership might fit into your broader estate plan and ensure that your assets are protected, family harmony is preserved and your wishes are carried out as intended. © 2025