Update on Transfer Taxes for 2022
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.
February 5, 2022
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.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.
If you are one of the many people who start getting serious about their finances as they reach their 50s, enjoy this guide for your next steps.
Creating a list of digital accounts and instructions on how to gain access to them is now akin to having a traditional will or a trust in estate planning.
These are among the things an estate attorney can help you with planning. That’s why it’s essential to ensure you have one by your side, if you’re leaving an inheritance behind.