Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky
Estate Planning
Leaving Assets Can Be Tricky – Part 3
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. For example, if you have a beneficiary with special needs, you must take special care. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 3
Leaving Assets Can Be Tricky – Part 2
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 2
Estate Tax vs. Inheritance Tax
There is some confusion out there about the taxes that can come into play when assets are being transferred after someone dies. This is fully understandable, and we will provide some clarity in this post. Federal Estate Tax We have a federal estate tax in the United States, and it is applied to the entire taxable portion of an estate before it is transferred to the heirs. If you have never thought about the subject, you may assume that everyone has to pay this tax. There are also those that … [Read more...] about Estate Tax vs. Inheritance Tax
An Incentive Trust Can Provide Dual Benefits
As a layperson, you are simply not going to know about all the different legal devices that can be used when you are planning your estate. This is understandable, because we do not have professional expertise outside of our field. When you discuss all of your options with an attorney, you can make fully informed decisions. Estate planning is a profoundly important endeavor, and it is not something that should be taken lightly. There is no reason to use guesswork, or settle for something … [Read more...] about An Incentive Trust Can Provide Dual Benefits
Why Should I Use a Trust?
A lot of people think that trusts are mysterious documents that are used by people with very complicated estate planning objectives. In reality, they are just legal tools that can be used to achieve certain goals. The underlying objectives are not necessarily complex and difficult to understand. In this post, we will look at a handful of reasons why you may want to use a trust of some kind, and you may be surprised when you absorb the information. Protect a Spendthrift If you use a last … [Read more...] about Why Should I Use a Trust?
Are There Different Types of Wills?
There are numerous different legal devices that can be used when you are planning your estate. Many people are surprised to hear that there are actually multiple different types of wills. In this post, we will share some information about these documents. Simple Will A simple last will is the most commonly utilized estate planning tool. If you have a limited amount of property to pass along, and you don’t mind giving lump sum inheritances, this can be a suitable choice. In this type of will, … [Read more...] about Are There Different Types of Wills?
Gift Tax 101
We are going to provide an explanation of the gift tax in this post, but before you can understand the purpose of this tax, you have to digest some information about the federal estate tax. This tax can significantly erode the wealth that you would like to pass along to your loved ones, because it carries a 40 percent top rate. Fortunately, most people don’t have to pay the tax because there is a credit or exclusion that you can use to transfer a certain amount tax-free. During the current … [Read more...] about Gift Tax 101
The Basics: “HIPAA” Powers
This is the second in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance Directive. Read on to learn more … [Read more...] about The Basics: “HIPAA” Powers
Removing Life Insurance Without Triggering the Transfer for Value Rule
Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the taxable estate. But there are two potential traps in this. The prior article examined the first trap, the three-year lookback of Section 2035. This article will examine how the Transfer for Value rule can make life insurance taxable. Read on to learn more about how to avoid the income taxation of life insurance. Read on to learn more … [Read more...] about Removing Life Insurance Without Triggering the Transfer for Value Rule
