What Does ‘Per Stirpes’ in a Will Mean?
Per stirpes in a will means that a deceased’s child’s share will pass to the deceased’s child’s children in equal shares, if any.
Is the Pandemic Making Young People Think About Estate Planning?
Caring.com, a leading senior living referral service and the nation’s top site for senior care reviews, has published a comprehensive report from its annual Wills and Estate Planning Study.
What Could Proposed Estate Tax Bill Mean to You?
The For the 99.5% Act reduces the estate tax exemption to $3.5 million per individual and $7 million per couple. The bill adds higher tax brackets for larger estates.
What Is Fair in a Second Marriage and Estate Planning?
If you are planning to take another walk down the aisle, it is critical to take the time to review and revise your estate plan, especially if meaningful assets and debts are being brought into the marriage.
President Biden Proposes Elimination of Stepped-Up Basis at Death
On April 28, 2021, the Biden administration proposed eliminating stepped-up basis on gains for many taxpayers when stocks, real estate, and other capital assets are passed down to heirs. The proposal would change the current law which provides that the basis of inherited assets is reset (either up or down) to the present fair market […]
What Paperwork Is Needed after Someone Dies?
While the tasks of dealing with an estate after someone passes may be simple administration, the work associated with it is often quite complicated.
What are the Stages of Probate?
Although most assets in your estate may pass through the probate process, other assets may not. It often depends on the type of asset or how an asset is titled.
How Do I Talk to the Children about My Estate Planning?
Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the next couple of decades.
Does My Family have to Pay My Credit Cards when I Die?
Especially with the average U.S. household having $7,027 in revolving credit card debt and Americans owing a total of $416.1 billion in credit card debt, according to a recent Nerdwallet study, some Americans will have credit card debt for the rest of their lives. However, what happens to credit card debt when you die?
Making the Most of Exemptions and Flexibility in Gifting
Federal estate, gift and GST tax exemptions are currently at historic highs ($11.58 million per individual in 2020). These higher exemptions are scheduled to return to $5 million, adjusted for inflation, after December 31, 2025, but they could be reduced before then, as a result of political or policy changes.
