What Does the Role of Estate Executor Entail?
At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate.
December 20, 2021
At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate.
Taxpayers should, of course, carefully consider whether to engage in a lifetime gifting strategy, which has other considerations beyond just estate taxes (such as the tradeoff with the ‘step‑up’ in basis, and non-tax family related considerations).
Trusts can provide certain benefits for estate planning, including asset protection. But can you sue a trust?
What happens if you are named an heir in an estate but you don’t want it? Does it go the person’s children if you reject the inheritance?
If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. However, because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off—and even more pleasing to avoid them altogether.
Picture this…your child is in the hospital, but the on-call doctor won’t talk to you let alone allow you to weigh in on medical decisions. While hospitalized, your child’s bills are going unpaid because you can’t access their accounts—potentially wreaking havoc on their financial credit. Why? Because they’re over the age of 18.
At such an emotional time, more paperwork is probably the last thing you want on your to-do list. However, taking a few key steps is critical to your financial future.
The new numbers mean that wealthy taxpayers can transfer more to their heirs tax free during life—or at death. A lot more.
A recipient of a gift does not pay income taxes on the gift. However, the gift-giver may pay gift taxes, unless one of two exemptions applies.