Incorporating Gifting with an Estate Plan
Gifting sounds pretty simple, but there are many ways to do it. There are also several tax ramifications to be aware of.
December 13, 2020
Gifting sounds pretty simple, but there are many ways to do it. There are also several tax ramifications to be aware of.
Do you expect your parents to leave you a financial legacy? Nearly half of working-age Americans assume that they will receive an inheritance that will support them later in life, according to a survey by financial services company HSBC. Perhaps the bigger question, though, is how to even approach this topic with your parents.
If you are caregiving from a distance (you live here and your parent or other loved one is in another state, a distant city or as close as an hour away), it can be even more daunting than doing it in your home.
Personal property is a unique category of asset. Even in the simplest after-death distribution, personal property can become a hindrance to final distribution. There are a couple of reasons why.
If you are the parent of a person with special needs, you are well aware that the role you play is very different than it may be for other children. Properly planning to meet their financial needs, both in the immediate and long term, is a critical part of supporting your child. This support must often continue well past the typical age of adulthood, which means parents need to put in place financial tools to care for their children, in the event of the parents’ death.
The death of your spouse is a period of unimaginable grief. Unfortunately, there are many legal and financial obligations that will not wait.
Do you have accounts, records or information that are accessed using your mobile phone, through an internet connection, or by using a keyboard or through a touch-screen or tablet?
Your real estate holdings, life insurance, bank accounts and retirement savings won’t magically flow into your trust.
What happens if you inherit your loved one’s home? What if they still have payments to make on their mortgage? We’ll explore these and other questions you may have below.
There’s nothing like a once-in-a-lifetime global pandemic to focus one’s thinking. This year has been one for the books.