Many souls believe that if they lack means, they do not need an estate plan. Nothing could be further from the truth. If you die without an estate plan, your assets may not be distributed as you would wish and the results could be downright scary. Read on to learn more. … [Read more...] about It Can Be Scary to Die Without an Estate Plan…the HORRORS of Intestacy
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Neither Age Nor Health Determines Whether You Need an Estate Plan
Most people associate Estate Planning with the elderly or very wealthy. This article explores situations in which Estate Planning for the young and healthy is advisable. Read on to learn more. … [Read more...] about Neither Age Nor Health Determines Whether You Need an Estate Plan
The Kiddie Tax is No Child’s Game
If you set up a trust or other investment vehicle for your child, that child could incur taxes at a rate much higher than anticipated. The Kiddie Tax was enacted to prevent parents from transferring investments to the name of their child or children to take advantage of that child’s lower tax rate. Read on to learn more. … [Read more...] about The Kiddie Tax is No Child’s Game
Charitable Planning in Times of Crisis
During times of uncertainty, we tend to feel helpless. This article explores how charitable giving gives us a sense of purpose in trying times. Read on to learn more. … [Read more...] about Charitable Planning in Times of Crisis
How Estate Planning Documents Help Prevent Elder Abuse
As loved ones and parents age, they become more vulnerable to fraudulent schemes. This article explores how a solid estate plan can help protect the elderly from becoming victims. Read on to learn more. … [Read more...] about How Estate Planning Documents Help Prevent Elder Abuse
The Importance of Insuring Real Estate
Transferring real estate to a trust has become a widely used tool in estate planning. Unfortunately, it’s easy to overlook important aspects of the transfer that lead to unintended consequences. With careful planning, you can avoid these traps. Read on to learn more. … [Read more...] about The Importance of Insuring Real Estate
How Using Specific Bequests Could Cost Beneficiaries their Inheritance
Parents often decide to leave one child a specific asset and provide an equalizing cash bequest to the other. This article explores how specific bequests may provide unintended results. Read on to learn more. … [Read more...] about How Using Specific Bequests Could Cost Beneficiaries their Inheritance
Choose Your Estate Administrator Wisely
When you plan your estate, you express your final wishes with regard to the way you want your assets to be distributed after you are gone. This can seem like the long and short of it, but there is a human element. Someone has to complete the administration tasks to bring your wishes to fruition, and you should place an emphasis on this part of the equation. The Role of the Executor If you use a will as your asset transfer vehicle, you would name an executor in the document to act as the … [Read more...] about Choose Your Estate Administrator Wisely
Do You Pay Capital Gains Tax on Inherited Appreciated Assets?
The taxation framework that applies to inheritances is favorable to people that receive bequests for the most part, but high net worth individuals have a cause for concern. We will take a look at taxation from an overview here, but first, we will focus on the capital gains tax. Step-Up in Basis “Realizing a gain” is the act of selling an asset after it has appreciated while it was in your possession. If you realize a gain, it is potentially subject to the capital gains tax. Long-term gains are … [Read more...] about Do You Pay Capital Gains Tax on Inherited Appreciated Assets?
What Is a Life Estate?
There are many different ways to facilitate asset transfers, and as a layperson, you are simply not going to be aware of all the possibilities. It’s our job to explain them to you, and to this end, we will look at the life estate in this post. The Probate Process You need to digest some background information about the probate process to understand why people utilize life estates. If you use a will as your asset transfer vehicle, it would be admitted to probate, and the executor that you name … [Read more...] about What Is a Life Estate?
