How Does Step-up Basis Work in an S-Corp?
My sister, her husband and I own an S Corporation with 25%, 25% and 50% ownership, respectively. The S Corporation invests in rental properties. My brother-in-law passed away earlier this year, so does my sister get a step-up in basis for her husband’s portion?
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?
Can Family Members Contest a Will?
The death of a loved one results in an emotional grief that, when combined with large sums of money on the line, can cause the beneficiaries of the will or trust or the heirs of the deceased to challenge the validity, interpretation, or administration of the will or trust.
Can I Write a Perfect Will?
Talking about death is not the most fun thing to do, especially when yours is the main topic. For this reason, you may postpone writing your will. You still have to write your will, if you want particular people to be in charge of your belongings after you pass away.
What Is a Testamentary Trust?
If you are drawing up your will and want to leave money to a minor child, using a testamentary trust is one way to do so. This legal document can also be beneficial in other situations, such as if you want to leave an inheritance to someone but aren’t sure they will use the gift wisely.
Do You Need a Revocable Trust or Irrevocable Trust?
Trust funds are not just for the ultra-rich. These sophisticated estate-planning tools can make just as much sense for middle-class Americans who own a home and have a net worth of at least $100,000.
What Do I Need to Know to Be a Great Executor?
What to know about managing someone’s final wishes.
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.
Aging Parents and Blended Families Create Estate Planning Challenges
We have seen some step siblings able to all get along fine but they seem to be the exception. More likely, one sibling feels divided loyalty to the birth parent, not the step-parent.
Does Living Trust Help with Probate and Inheritance Taxes?
I was told that unlike wills, a trust doesn’t require probate and is not taxable. My main asset is a house that I want to pass on to my son. Would a living trust help?