How Much can You Inherit and Not Pay Taxes?
Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in unless an estate exceeds $11.7 million.
How Do You Split Estate in 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 Not to Do when Creating an Estate Plan
Sometimes people attempt to make an estate plan online without consulting legal and financial professionals to avoid the higher cost. However, everyone’s situation is unique, and using a boilerplate estate plan can lead to mistakes.
What Is the Primary Purpose of a Credit Shelter Trust?
A credit shelter trust is used to help married couples with significant assets pass their estates after their deaths to children or other beneficiaries without incurring estate taxes.
Does a Married Couple without Children Need a Will?
In fact, many couples with no children mistakenly believe that they are less likely to need a last will and testament than couples with children.
Should You Add Someone to Your Bank Account?
I know of someone who was joint account holder with his dad for many years, then later his dad then appointed him as power of attorney. How does that work? Is the son still a joint account holder?
Does a Beneficiary on a Bank Account Override a Will?
Beneficiaries, in general, are people or entities that the holder of an account designates to receive the assets in the account, typically, in the event of the account holder’s death.
Wealthy Women Face Challenges in Estate and Tax Planning
Given the expectation the Biden administration will roll back some of Trump’s favorable policies of the past four years, tax consultants and accountants are already hard at work. But for HNW women, dealing with election fallout is minor, compared to the bigger fish they have been frying in the tax pan for decades.
How Does Home Ownership Transfer after a Parent Dies?
My father passed away recently. How do we remove his name from the title to the home? Can we record a death certificate or have mom sign a new deed?
Do We Need Estate Planning?
Everyone, regardless of financial status or age, can benefit from having an estate plan—assuming you have assets to leave and people to leave them to.