Consider creating a trust to hold your child’s inheritance. Whether you are married or a single parent, consider how to ensure that your hard-earned assets are used properly for the benefit of your child, and not misused or taken away.
Minor children cannot own assets, so if a minor is named as a beneficiary of life insurance and there is a surviving parent, the surviving parent will have to go to court to get permission to manage the minor child’s assets.
Establishing a trust can ensure that we avoid court as much as possible. A trust also allows parents to appoint a trustee to manage the child’s assets for the benefit of the child, as well as protect the child’s assets from misuse.
This trust for the benefit of your child is referred to as a “sub-trust” and rests within the revocable trust. It can be a successive recipient of your assets after your spouse.
These trusts can protect your children in three phases of life: 1) 1 to 18 years of age; 2) 18 to when you feel the child is responsible enough to manage a large sum of money; and 3) for the rest of the child’s life, to protect the child from people who may try to take away the child’s assets, such as creditors, predators and ex-spouses.
Consider creating a trust to hold your child’s inheritance. Whether you are married or a single parent, consider how to ensure that your hard-earned assets are used properly for the benefit of your child, and not misused or taken away. Minor children cannot own assets, so if a minor is named as a beneficiary of…
The problem with do-it-yourself estate plans is they often don’t work in the real world. An effective plan involves far more than a set of documents—even very well-drawn documents that would stand up in any court in the land, as they say in the commercials. But why would you want your estate plan to have to stand up in court? Wouldn’t it be better to have a plan that will keep you and your family out of court?
You should start by learning what you need to know in order to get your plan right, create and implement your plan and then make sure that it stays right. What I mean by “stays right” is that it continues to work according to your wishes in light of changes in your health, your stuff, the law and the list of people you like and trust. If you think a self-help computer program will accomplish that, then you may be one of those people P.T. Barnum said was born every minute.
Bottom line: There is a lot of really good information on the internet. There is also a lot of misinformation. Do you have the training and background to tell one from the other when it comes to putting your estate plan in order? If so, then knock yourself out, professor. If not, there is something to be said for working with live professionals instead of an impersonal website that cares more about your credit card authorization than about what happens to you, your family and your stuff when you become incapacitated or die.
The problem with do-it-yourself estate plans is they often don’t work in the real world. An effective plan involves far more than a set of documents—even very well-drawn documents that would stand up in any court in the land, as they say in the commercials. But why would you want your estate plan to have…
If you are approaching retirement or are already there, you may be considering downsizing your home. It’s a big decision, with ramifications for both your finances and lifestyle. As you think about downsizing, here are some things to keep in mind:
Decide if a move makes sense. You can expect your needs and priorities to shift in retirement. Perhaps you won’t require as much square footage as you did when raising children, or you may find it challenging to keep up with home maintenance like you used to. It may be financially prudent and personally necessary to get out from under the costs and responsibilities of maintaining a larger property. Your location preference may shift, too. It is common for retirees to desire living closer to family members or in warmer climates.
Create a timeline for your move. Discuss the pros and cons of selling your family home now or in the future. External market factors can affect your next step. Timing the sale of your home and the purchase of a new one can be tricky. Be prepared in the event your home doesn’t sell quickly.
Consult a real estate professional. A real estate professional can help you determine what needs to be done before putting your house up for sale. Your home may need repairs to meet code or maximize its list price. Get an appraisal of current market value and decide what you’ll be comfortable spending on a new, smaller home.
Review your housing options. Once you decide to downsize, start looking for a new place that meets your needs and budget. If you’re considering a condo or townhome (two popular options) make sure to factor in fees or assessments that are charged to residents when calculating the overall cost. If you’re in need of assisted living services, you’ll want to assess those costs—and whether they can be offset by long-term care insurance. In terms of location, you may want to think about the proximity of amenities and services including grocery stores, transportation and your doctor’s office.
Be prepared for a multi-gen conversation. A change as impactful as selling your home may prompt conversations with family members about your estate. Downsizing usually requires whittling down the personal possessions. If you’re moving to a residence with managed maintenance, you won’t need the lawn mower or other tools in your garage. That extra set of dishes might be more useful to someone else. If you’re thinking of giving items to family members, be prepared for different generations having different interests and attachments to your home and belongings. Establish how you want to explain your lifestyle goals for retirement so family members can support you through the process.
Review your finances carefully. Thoroughly review the financial implications of your specific situation. Downsizing does not necessarily mean you will suddenly have a cash windfall or establish enormous savings. Remember that HOA expenses, lifestyle changes and upgrades in construction quality can add to costs. Moving to a retirement area that has more built-in services can increase your cost of living, as well. Taking the time to explore the intricacies of your situation can prepare you for the next steps. And remember, you don’t have to do it alone. A qualified financial advisor can help you navigate this complex process with confidence.
Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC®, is a Private Wealth Advisor with Ameriprise Financial Services, LLC. in Honolulu, Hawai‘i. He specializes in fee-based financial planning and asset management strategies and has been in practice for 41 years.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
If you are approaching retirement or are already there, you may be considering downsizing your home. It’s a big decision, with ramifications for both your finances and lifestyle. As you think about downsizing, here are some things to keep in mind: Decide if a move makes sense. You can expect your needs and priorities to…
Part 2 of this two-part series continues navigation of the challenges that can be found in the complex world of condominium law and how to pave the way for reform.
Governance Gone Wrong
Several recent incidents illustrate the challenges facing Hawai‘i’s community associations. On Hawai‘i Island, a condominium board began repairing common area la¯nai structures but later reclassified them as limited common elements, shifting the financial burden onto individual owners. This unexpected decision left residents scrambling to cover significant costs they had not anticipated. An arbitrator later determined the board was wrong, which cost the association a significant amount of attorneys fees.
In another case, a board amended rules to benefit a favored owner, leveraging access to voting data while excluding opposing voices. These actions created significant mistrust among residents and highlighted the potential for abuse of power within these associations.
Unauthorized contracts are another recurring issue. For example, a board president signed a multimillion-dollar construction contract without consulting other board members, just before being removed from office. This unilateral decision resulted in financial and legal complications for the entire community.
Additionally, critics of boards often face intimidation tactics, such as threats of legal fees, which discourage dissent and oversight. And unfortunately, many condominium attorneys who ought to know better than to engage in these bullying tactics nevertheless do so that they can remain as attorneys for the board.
These practices highlight urgent need for reform to ensure accountability and transparency.
Building a Better Future
Addressing these governance issues requires a multifaceted approach. Transparency should be a top priority. Clear guidelines for executive sessions and stricter rules for voting processes can prevent abuse and restore trust. Boards should be required to disclose meeting minutes and document and justify decisions made in private sessions. Ensuring that votes are conducted fairly and without undue influence is equally important to maintain the integrity of governance.
Financial responsibility must also be enforced more rigorously. Penalties for noncompliance with reserve fund requirements should be increased to deter negligence and protect owners from surprise assessments. Associations should be required to conduct regular, independent audits of their financial practices to ensure accountability and prevent mismanagement.
Equity and inclusion are equally important. Gender disparities must be addressed through education and advocacy, fostering an environment where all residents feel respected and empowered to participate in governance. Initiatives such as leadership training programs for all board members, especially underrepresented groups, can help diversify boards and promote more equitable decision-making processes.
By implementing these changes, Hawai‘i can establish a more efficient, equitable, and transparent system for managing its condominiums and community associations. These reforms will benefit residents and contribute to the long-term sustainability of these communities. In a state where shared housing plays such a vital role, creating fair and functional governance structures is essential for maintaining harmony and trust.
Proactive measures will ensure that these communities thrive, not just as living spaces, but as integral parts of the Aloha State’s social and economic fabric.
Part 2 of this two-part series continues navigation of the challenges that can be found in the complex world of condominium law and how to pave the way for reform. Governance Gone Wrong Several recent incidents illustrate the challenges facing Hawai‘i’s community associations. On Hawai‘i Island, a condominium board began repairing common area la¯nai structures…
Bringing a baby into this world is one of life’s greatest joys. Along with this joy comes responsibility and concern for the raising of this child. The preparation for having a child and raising a child is vast — finding a child seat for the car, diapers, interviewing pediatricians, childcare, safe-proofing the home and schooling, etc. And then late at night, the anxiety-inducing question comes up: “What if I’m not here for my child?”
Guardianship: Should you pass when your child is a minor, the person who will take over raising your child is called the guardian. A guardian can be appointed in your last will and testament. This person serves as guardian until your child reaches the age of majority, which is 18 in Hawai‘i. The guardian would not be in direct control over money and assets; rather, the guardian’s main purpose is to assume the role of parent to raise the child.
When choosing a guardian, you want to consider the following: Do you trust this person? Is this person available and able? Is this person willing? And is this person related to or married to someone who can negatively impact this person’s ability to raise your child?
Bringing a baby into this world is one of life’s greatest joys. Along with this joy comes responsibility and concern for the raising of this child. The preparation for having a child and raising a child is vast — finding a child seat for the car, diapers, interviewing pediatricians, childcare, safe-proofing the home and schooling,…
Should a married couple create one trust or two? To some extent, it comes down to a matter of preference. Some couples see their stuff as belonging to both of them, while others differentiate between one spouse’s stuff and the other’s. Differentiation might be important if one spouse has children from a prior marriage, and the preference is to have the stuff that one spouse brought into the marriage going to that spouse’s descendants. Another practical reason for using separate trusts is that the trust of the first spouse to die can be designed to provide heightened creditor protection for the surviving spouse.
If both spouses want the survivor spouse to have unlimited control over their combined assets after one of them dies, one trust will work. However, unlimited control means that the survivor can leave their combined assets to his or her next spouse, or the next spouse’s children (to the exclusion of the original couple’s children). This is not rare. But special rules can be built into their rule books to make sure that their stuff can be used for the two of them for as long as both live, and then for the survivor for his or her lifetime, and then each spouse’s stuff goes where he or she wants, irrespective of the wishes of the survivor.
Your trusted advisors can help you choose what will work best for you and your ‘ohana.
Should a married couple create one trust or two? To some extent, it comes down to a matter of preference. Some couples see their stuff as belonging to both of them, while others differentiate between one spouse’s stuff and the other’s. Differentiation might be important if one spouse has children from a prior marriage, and…
Two emotions are common for those who are nearing retirement — excitement and fear. Leaving the working world behind can feel empowering; however, apprehension about entering a new life stage may also creep in. If you’re nearing retirement, you’ve likely taken steps to prepare financially for the future. But there’s one important thing you might not have considered adding to your pre-retirement checklist — a practice run. Test driving aspects of your plan before you’re actually in retirement can help provide a sense of security.
What does your ideal retirement look like? Deciding how to spend your time (and your money) in retirement is not always an easy. As we age, our interests, hobbies and relationships change. What you may consider your “ideal” retirement when you’re 55 may not be the same as when you’re 65, which can make it hard to plan accurately for retirement. Consider sitting down with your spouse or family members to explore how aging and future milestones may alter your retirement. Your financial advisor can help you make a plan that aligns your ideal retirement with your financial situation.
Test drive your retirement lifestyle. Many people pledge a significant amount of savings towards a particular lifestyle in retirement — a home in another part of the country or an annual trip abroad. Problems can arise if you have made a financial commitment to a certain lifestyle but change your mind later. It’s better to understand the potential implications of altering your plan before you actually retire. For example, if your retirement plan includes a big move to a new location, you may benefit from a practice run before making the relocation permanent. Be prudent and build some flexibility into your plan to avoid unintended consequences.
Simulate your retirement expenses. The idea that your cash flow no longer comes from a reliable paycheck can come as a shock — even to those who are well prepared for this change.
One idea to accomplish a sense of financial security is to run two accounts for a certain period of time. Through one account, manage all of your household and lifestyle expenses that you expect during retirement — food, clothing, shelter, utilities, taxes and insurance — as well as “nice-to-have” items like dining out and traveling, etc. You may have to estimate or inflate your lifestyle expenses for retirement as they could rise when you have more free time.
Through the second account, manage all of your expenses that are expected to end in retirement — principal and interest on a mortgage payment (if your home will be paid off), car payments, college costs for your kids and contributions to retirement plans.
The best way to get a handle on these expenses is to experience them while you’re still working. Take that trip to Europe before retirement. If the cost is different than expected, make adjustments to your financial projections to reflect reality.
Perfecting life in retirement. A little practice can help ease emotional and financial concerns when making the jump into retirement. Consider working with a financial advisor who can help you determine a budget and a retirement income plan that fits your needs and desires.
Two emotions are common for those who are nearing retirement — excitement and fear. Leaving the working world behind can feel empowering; however, apprehension about entering a new life stage may also creep in. If you’re nearing retirement, you’ve likely taken steps to prepare financially for the future. But there’s one important thing you might…
Do I need a trust?” This is a common question I am asked when meeting with a client who is unfamiliar to estate planning. My usual response is, “It depends.” It depends on the client’s intentions or wishes, the client’s goals and concerns, the types of assets the client has, the age/maturity of client’s beneficiaries and whether there is a high risk of conflict.
Generally, a trust is beneficial for anyone who owns real property, has liquid assets of cumulative value of $100K or more and growing, has children or beneficiaries, has children or beneficiaries who have disabilities or are minors and/or children or beneficiaries who are not mature or responsible.
A trust is necessary for anyone who wants to prepare for incapacity, ensure a smooth transition of wealth, avoid probate, reduce conflict between the beneficiaries and reduce potential estate taxes.
A trust is a very important and flexible tool that can assist you throughout life and that extends through death.
Please understand that there are many different types of trusts. For the purposes of this article, consider revocable trusts or passthrough trusts, generally. You will want to meet with an estate planning attorney to see if a trust is suitable for you.
Do I need a trust?” This is a common question I am asked when meeting with a client who is unfamiliar to estate planning. My usual response is, “It depends.” It depends on the client’s intentions or wishes, the client’s goals and concerns, the types of assets the client has, the age/maturity of client’s beneficiaries…
Your revocable living trust (RLT) is a vehicle to deliver your assets to your beneficiaries — including you, if you become incapacitated. Think of your RLT as a little red wagon. In order for your wagon to do its job, you must load it up with your stuff. Anything you do not put into your wagon may not reach your intended beneficiaries without being subjected to an expensive, time-consuming public court proceeding.
If the proceeding is required in order to allow your assets to be spent on you while you are incapacitated, it is called a “conservatorship.” If the proceeding is required in order to allow your loved ones to receive their inheritances, it is called a “probate.” Either way, going to court can be costly and take a long time. Court proceedings can also draw unwanted attention.
You can spare yourself and your loved ones from having to go to court by transferring (called “funding”) all of your stuff into your RLT.
There are a few assets (most notably, life insurance policies, annuities and retirement plans), that do not need to be transferred into your RLT during your lifetime. Often, the most effective way of transferring these kinds of assets is through beneficiary designations. Another item you might not want to put into your RLT is your automobile, but you should discuss it with your attorney.
Your revocable living trust (RLT) is a vehicle to deliver your assets to your beneficiaries — including you, if you become incapacitated. Think of your RLT as a little red wagon. In order for your wagon to do its job, you must load it up with your stuff. Anything you do not put into your…
Children often learn their first lessons about money from the adults they’re closest to. Whether it’s listening to parents discuss a purchase or watching them pay bills online, kids are observant and their relationship with money is often shaped by what surrounds them. If you are a parent looking to instill financial wisdom in your children, here are some ways to get started.
◆ Set a good example. Kids often model what they see. Be intentional about the example you’re setting. Proactively discuss money with your children. Talk about what’s important to you moneywise and use everyday moments to bring it to life, such as bringing them along when you speak to a financial advisor or consider an expenditure.
◆ Share knowledge. You can give your kids important life skills by building their foundation of financial knowledge. Shape good habits with simple lessons about how to track spending or saving up for something special. Why wait until they’re on their own to talk about the value of good credit or to explain how compound interest can make savings grow? Talk about the rewards (and challenges) of delayed gratification and the perils of debt. As they get older, emphasize the importance of financial security and the value of professional guidance.
◆ Encourage goal setting. Instill the habit of goal setting early. Discuss your own goals — such as paying for a family vacation or saving for a new car — and how you follow through on them. Encourage your children to set a goal or two of their own.
◆ Reinforce the value of work. Children learn the value of a dollar sooner when they are exposed to the effort that goes into earning each one. Consider whether you want to provide an allowance or pay them for helping with chores. When they start a part-time job, talk through the various ways they can allocate the money earned. It’s human nature to be more careful when spending your own versus someone else’s money.
◆ Introduce the concept of budgeting. A spending plan can be empowering because you know exactly what money is going to meet each need and goal. Start explaining this concept early. Kids should understand that you impose limits on your own spending and why it’s important to live within your means. A trip to the grocery store can be an opportunity to share why you make the choices you do.
◆ Model philanthropy. If you donate to causes important to you, it can be impactful to show your children the power of giving. You might suggest they apply a save-spend-share philosophy toward their own money. The idea is to set aside a portion of their allowance or earnings for future wants or needs, spend another portion on today’s wants or needs and give a portion to causes they care about. Whether it’s enacting a spending philosophy or having a conversation with your child about how you use your money to give back, passing down your philanthropic values can be a rewarding experience for both parties.
◆ Be a resource. Most kids make a few financial mistakes as they mature into adulthood. So let them know they can turn to you for guidance. Encourage them to continue to build smart money habits and remind them they don’t have to navigate their financial journey alone.
Children often learn their first lessons about money from the adults they’re closest to. Whether it’s listening to parents discuss a purchase or watching them pay bills online, kids are observant and their relationship with money is often shaped by what surrounds them. If you are a parent looking to instill financial wisdom in your…
Hawai‘i’s unique housing landscape relies heavily on condominium and community association laws, which manage shared living spaces, properties and the intricate relationships within them. Governed by specific statutes, these laws include HRS 514B for condominiums, HRS 421J for community associations, HRS 421I for cooperatives and HRS 514E for timeshares. Of these, condominium laws stand out for their comprehensiveness, detailing everything from a developer’s responsibilities to the finer points of house rules. On the other hand, statutes for other housing types are strikingly thin, often leaving owners with little guidance in case of disputes.
This imbalance becomes even more apparent in properties that combine housing models. For example, a condominium might house timeshare organizations or rental pool groups within it, creating a complicated web of governance. These associations function as hybrid entities: They resemble corporations with directors and shareholders (owners), operate like families with close living arrangements that foster interpersonal conflicts, and act like governments with the authority to create rules and collect fees. Each aspect presents opportunities for friction and dysfunction, making their efficient operation critical for residents’ quality of life.
Hawai‘i’s Invisible County
The importance of these laws extends beyond their governance structures. Hawai‘i’s condominiums and community associations represent over $100 billion in real estate value. Condominiums alone make up more than 31% of the state’s housing units, the highest percentage in the US. About 420,000 people — nearly 30% of Hawai‘i’s population — reside in these communities.
To put this into perspective, this population is larger than the combined populations of Kaua‘i, Maui, and Hawai‘i Counties. These associations form Hawai‘i’s “invisible second-largest county,” and their influence on housing and the economy is undeniable.
Beyond housing, these associations help drive Hawai‘i’s economy, supporting contractors, landscapers, property managers and numerous service providers. As new housing developments increasingly adopt these models, the reliance on condominium and community association laws will only grow. These associations are not only residential communities but also economic ecosystems, ensuring jobs and livelihoods for thousands of workers who support their operations.
Despite their pivotal role, these associations often go unnoticed until governance issues erupt into public disputes. Disputes can arise from disagreements over shared expenses, misuse of funds, or lack of communication between boards and residents. These problems underscore the importance of proactive attention, improved transparency and ongoing reforms to make the system more equitable for all involved.
Hierarchy of Governance
To understand the structure of these associations, it’s essential to examine their hierarchical governance system. At the federal level, statutes like the Fair Housing Act (FHA) and the Americans with Disabilities Act (ADA) set broad protections to ensure equal access and non-discrimination. State laws, particularly HRS 514B and HRS 421J, provide detailed regulations governing everything, from how condos are developed to how they are marketed and managed. These state laws work in conjunction with community-specific documents: declarations (the “mini-constitutions”), bylaws (operational rules) and house rules (everyday guidelines). Meetings are governed by Robert’s Rules of Order, which help maintain procedural order and promote fair participation.
Inconsistencies in Governance
Despite this framework, the system is far from perfect. Condominium laws are significantly more detailed than those for cooperatives or timeshares, creating inconsistencies in governance. Judges often rely on condominium laws to resolve disputes in other association types, which can lead to misapplication of the statutes. This tendency can create further confusion and exacerbate tensions between owners and boards. Moreover, developers and management companies have historically played a significant role in drafting these laws, often prioritizing their interests over those of the residents. This influence can result in regulations that favor financial expediency or development goals at the expense of fairness or long-term sustainability. However, growing owner activism has resulted in notable reforms, including the anti-retaliation provision (HRS 514B-191), which protects residents who raise concerns from being targeted by their boards. Those dealing with condominiums are also required to act in good faith (HRS 514B-9). These requirements are a significant step forward but highlight the ongoing need for balance and equity in the governance structure. While the governance structure of community associations is designed to promote fairness and efficiency, several practical challenges arise.
■ Misuse of Executive Sessions. One persistent issue is the misuse of executive sessions. These private board meetings are intended for sensitive topics, such as personnel matters or potential litigation. However, boards frequently abuse this power to obscure discussions and decisions that should be made publicly. This lack of transparency undermines trust and leaves owners uninformed about critical matters affecting their community. For example, major decisions like approving large-scale renovations or reallocating shared expenses are sometimes made behind closed doors, leading to frustration and disputes among residents.
■ The Voting Process. Another common problem is the voting process. Boards often control proxies and voting timelines, giving incumbents a significant advantage. This kind of manipulation allows them to campaign more effectively than challengers, leading to imbalanced governance outcomes. Some boards also engage in practices such as targeting voters who have not yet participated, using direct outreach to sway results. Quite often, incumbents have the email addresses of owners via the management company which are not shared with challengers. These tactics undermine the principle of democratic representation and create divisions within communities.
■ Financial Planning. Financial planning also poses significant challenges. Hawai‘i’s reserves law mandates that condominiums set aside funds for future repairs and maintenance, but compliance is inconsistent.
Many associations neglect this requirement, resulting in sudden special assessments that burden owners with unexpected costs. This lack of planning is particularly problematic in aging buildings, where deferred maintenance can lead to significant safety risks and expensive emergency repairs. Ensuring adequate funding for reserves is critical to maintaining the long-term viability of these properties. The recent insurance crisis also is putting a significant strain on condominiums across the state.
■ Gender Disparities. Gender disparities further complicate the governance dynamics of community associations. Women, especially single women, frequently face harassment or discrimination from male board members or neighbors. This issue underscores the need for greater inclusivity and respect within community associations.
Advocacy and education are crucial to addressing these inequities, creating an environment where all residents feel empowered to participate in decision-making processes.
In the May-June issue, Part 2 of this two-part series will continue to cover how to navigate challenges in the complex world of condominium law and how to pave the way for reform.
Hawai‘i’s unique housing landscape relies heavily on condominium and community association laws, which manage shared living spaces, properties and the intricate relationships within them. Governed by specific statutes, these laws include HRS 514B for condominiums, HRS 421J for community associations, HRS 421I for cooperatives and HRS 514E for timeshares. Of these, condominium laws stand out…
Hau‘oli Makahiki Hou! We hope 2025 is filled with prosperity, vitality and good health for you and your loved ones!
If Congress doesn’t act, the federal lifetime estate tax and gift tax exemption is due to sunset at the end of 2025 and will revert back to the 2017 exemption amount of approximately $5.6 million per individual, adjusted for inflation. This would result in a significant increase in the number of estates subject to federal estate tax and a higher estate tax liability for estates already subject to the tax.
Currently per person, the Hawai‘i estate and gift tax exemption is $5.49 million and the federal lifetime estate and gift tax exemption is $13.61 million (or $27.22 million per married couple). If you are married, under the current estate tax exemption and have separate trusts, it may be a good time to explore a joint trust. A joint trust can significantly reduce or even eliminate capital gains tax for your children, should they sell inherited real estate or other appreciating assets.
If you are hedging up to the current estate tax exemption or you exceed the estate tax exemption, contact your estate planning attorney to see how possible changes to the estate and gift tax exemption may affect you.
Hau‘oli Makahiki Hou! We hope 2025 is filled with prosperity, vitality and good health for you and your loved ones! If Congress doesn’t act, the federal lifetime estate tax and gift tax exemption is due to sunset at the end of 2025 and will revert back to the 2017 exemption amount of approximately $5.6 million…
