A key element of any estate plan is the completion of beneficiary designations and payable-on-death designations for assets. These documents may look routine, but they control who receives certain accounts. This episode discusses issues to consider when filling out these designations, and provides some guidance and potential pitfalls.

Estate and tax planning is often influenced by specific numbers and thresholds, such as the estate/gift tax exemption, the GST tax exemption, the annual exclusion amount and income tax brackets. These numbers are periodically adjusted for inflation. This episode summarizes inflation adjustments for 2026 and provides guidance on how the new numbers might affect planning.

An estate plan can address not only what happens upon a person’s passing but also how decisions are made if the person cannot make them during life. One set of documents — called a living will, healthcare power of attorney, advance directive or advance medical directive, depending on the state — designates an agent to make healthcare decisions on the person’s behalf and communicates what care they would or would not want to receive if they cannot make those decisions themselves.

This document can be critical in providing clarity and avoiding confusion in the event of incapacity — such as if the client is in a coma or unconscious, is disabled or is in surgery. This episode explores these documents and how best to structure them.