Once more hesitant to plan ahead, clients in today’s environment are much more proactive and willing to take action in the near term, rather than waiting and risking having to pay higher taxes down the line.
State laws generally make it so that once a married couple is divorced, ex-spouses lose all property rights.
We are approaching the biggest wealth transfer ever, as Baby Boomers prepare to hand off their life savings to their heirs. However, will their heirs actually get the full amount of the wealth intended for them…or will a large amount be lost to unnecessary taxes?
I’ve decided I no longer want to leave my estate to my children. They are ungrateful brats. How can I set things up to give my money to charity when I die?
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for IRA and 401k accounts owned by married couples.
If you are one of the many people who start getting serious about their finances as they reach their 50s, enjoy this guide for your next steps.
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. The Biden administration has proposed lowering the exemption, but even that proposal wouldn’t affect estates valued at less than about $6 million.
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
Here are the top five mistakes people make that upend their planning.