The federal estate tax applies to assets transferred at death above the exemption amount. In 2026, the exemption is $13.99M per person ($27.98M per couple). Assets below the exemption transfer tax-free to heirs and receive a step-up in cost basis.
Fewer than 0.1% of estates owe federal estate tax — but the step-up in basis affects everyone. For most retirees, the biggest estate-planning decision isn't taxes, it's beneficiary designations and whether to use trusts to simplify inheritance and protect assets.
The federal gift tax applies to transfers of money or property to another person during your lifetime. The annual exclusion ($19,000 per rec…
Life insurance pays a tax-free death benefit to your beneficiaries when you die. The main types are term (temporary, cheap), whole (permanen…
Long-term care (LTC) insurance pays for extended assistance with daily living — nursing homes, assisted living, or in-home care — when you c…
Medicaid is a joint federal-state program that covers healthcare and long-term care for people with limited income and assets. For retirees,…