When Do I File a Tax Return for an Estate?
My 91-year-old mother-in-law died on Dec. 13, 2020. There was no will, so we are currently working our way through the probate process. Her income was less than $20,000 a year from Social Security and we can’t find any tax returns she filed. Was she required to file?
Should I Use a Living Trust in Estate Planning?
I understand that most people don’t need a living trust because probate is simple in the state, but can having a living trust save you time or money?
What are My Taxes on a House I Inherited?
When a house is sold, the seller is responsible for paying tax on the profit in the year of the sale.
How Does the Generation-Skipping Transfer Tax Work in Estate Planning?
Estate planning can help you pass on assets to your heirs, while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply.
Do I Assume My Parents’ Timeshare when They Die?
Can an owner of a timeshare will the timeshare back to the timeshare corporation and does the corporation have to accept it?
Does My Adult Child Really Need a Will?
You may have spent part of the pandemic updating your estate plan and getting your financial house in order. However, did you ever stop to think about whether your adult child needs a will?
How do I Settle an Estate if I’m Named Executor?
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be tasked with carrying out a loved one’s final wishes.
What Kind of Estate Planning Do I Need During the Pandemic?
The COVID-19 pandemic has made 2020 a nightmare for many people, and inadequate estate planning can exacerbate the pain.
Is the Pandemic Motivating People to Do Estate Planning?
Lack of understanding around estate planning may be leading Americans to avoid getting a will, even as interest is on the rise due to the global pandemic, according to a new survey from financial services leader Policygenius.
Will I Get A Bill as My Inheritance?
Debts, just like assets, are considered part of a person’s estate. When that person passes away, their estate is responsible for paying any and all remaining debts. The money to pay those debts comes from the asset side of the estate.