Will Moving to a New State Impact My Estate Planning?
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
This is a great time to get organized with estate planning—it will make things a lot easier for yourself and your loved ones.
In general, the best reason to establish a charitable trust, is if you would like to create a long-standing form of charitable giving.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for IRA and 401k accounts owned by married couples.
Despite the various proposals to lower federal transfer tax (estate, gift and GST taxes) exemptions and increase the tax rates, none of them were enacted in 2021.
Without a valid will, a person’s estate passes to their surviving heirs under intestate succession (i.e., ‘succession without a will’).
Although you may be excited about the prospect of receiving unexpected money, there are certain financial moves experts say you should make to make sure you’re prepared for that inheritance.
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues or probate concerns.
This case should be required reading for any person who has an interest in an entity or a trust.
Lewis established an irrevocable trust, in which he named ‘his son’s spouse’ as a beneficiary. At the time Clark, the son, was married to Vivian.