Three Improvements the Administration Wants to Make Regarding Administration for Trusts and Decedents’ Estates
When a person dies, there are often several tasks that need to be completed to properly wind down their affairs (their estate)—funerals and other preparations need to be planned, bank and investment accounts closed, property transferred, arrangements made for pets, tax returns filed, and final bills paid. There are several proposals in the Greenbook that […]
Surviving Tax Season
Taxes That Can Impact Your Estate Plan Estate planning involves deciding how to plan for the management of your money, property, and well-being before your death and how to distribute your money and property after your death. A comprehensive estate plan should consider the impact that taxes can have on your estate and ensure that […]
The Deceased Spouse’s Unused Exemption Amount: a Spouse’s Final Gift
Spouses often work together to build wealth for themselves and their children. Congress recognized this by enacting the gift and estate tax portability election as part of the 2010 Taxpayer Relief, Unemployment Insurance Reauthorization, and Job Creation Act and making it permanent in the American Taxpayer Relief of 2012, providing married couples with a relatively […]
What If Assets are Distributed and there Are Still Debts?
My mother passed, and she was an administrator of my grandfather’s estate and the inheritances. The estate accumulated quite a bit of back taxes over the years. Will the IRS put a lien on that estate as well as hers to retrieve funds?
Do You Need a Revocable or an Irrevocable Trust?
There are two main kinds of trusts: revocable and irrevocable.
What Can a Trust Do for Me and My Family?
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
How Do I Write My Will?
No one knows when their time will come, which is why it’s important to have a last will in place. This document ensures that your final wishes are carried out after your death. Without a will, the laws of the state of your residence at the time of death will determine what happens with your estate.
How to File Tax Return When Mom Passes Away
No one likes doing taxes, but the task is even more daunting when filing a return for someone who has died.
What are Biggest Blunders in Wealth Transfer?
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?
Will Moving to a New State Impact My Estate Planning?
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
