Should I agree to Be an Executor of an Estate?
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 carrying out a person’s final wishes.
Where Do You Score on Estate Planning Checklist?
Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
What’s Happening to the Estate Tax?
Under current rules, the federal estate tax won’t ever affect you, unless you’re quite wealthy. However, that could change rapidly, even if you are far from rich.
Why Is Estate Planning So Important?
The word “estate” has always been connected to “ultra-rich” families, those with a lot to leave behind after their death. However, definitions have now changed, and anyone who has anything to leave behind needs to plan their estate.
How Do I Sell a Home in an Irrevocable Trust?
I’m a trustee selling a home in irrevocable trust for a parent who died. There are two beneficiaries who will get the sale proceeds with a stepped-up basis. I’m filing Form 1041 but do I still have to file a Form 1040 to report anything for the beneficiaries?
If My Estate Is the Beneficiary of My IRA, How Is It Taxed?
When an estate is named beneficiary of an IRA, what is the method of distributing it to one individual in the most tax-effective way?
How Do I Avoid Estate Planning Mistake with a Blended Family?
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
What Exactly Is a Trust?
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to managing your assets, whether you’re trying to shield your wealth from taxes or pass it on to your children.
What Taxes are Due When Children Inherit Home?
My sister passed away. Her only possession was her home, which still has a mortgage and she left it to my son and daughter, her niece and nephew. What inheritance tax will there be?
What Do I Need to Know about Second Marriage Estate Planning?
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions, when you pass on.