I was told that unlike wills, a trust doesn’t require probate and is not taxable. My main asset is a house that I want to pass on to my son. Would a living trust help?
Qualified Charitable Distributions, which allow Individual Retirement Account holders in their 70s and older to divert some of their federally taxable required distributions to charity while reducing their federally taxable income, are back after a 2020 hiatus.
Facing down an uncertain election outcome and the possibility of tax reform in 2021, many families started transferring substantial amounts of wealth last year, making large gifts to take advantage of the historically high gift and generation-skipping transfer tax exemptions.
Establishing a trust is a great first step in estate planning.
Expert tips on why starting your estate plan early, choosing beneficiaries, and thinking about how you want to transfer your wealth to the next generation are critical for your financial future.
In some cases, estate planning can be quite simple. In others, it can be a complex process with far-reaching consequences. In either case, it is important to review your wishes and have the proper documents prepared to ensure that they are followed at your death.
You don’t actually appoint someone power of attorney (POA). A POA is a document that you execute that allows someone to act on your behalf.
A will is a legal document that allows you to decide what happens with your estate after you passed away. Unfortunately, not all people consider creating one because they think that it’s complicated and just an extra expense.
In addition to deciding who gets what when you die, you have key roles to fill that deserve thoughtful deliberation as part of the estate-planning process, experts say.
The estate tax exemption raised by the Tax Cuts and Jobs Act will sunset in five years—possibly sooner, as the new Congress gears up for a Biden tax overhaul.