When it comes to protecting your hard-earned money and property, it is important that you have the right plan, which can include a number of tools for your unique situation. One tool that might benefit you is a limited liability company (LLC) that owns some of your accounts and property. What is a limited liability […]
If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility.
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.
Although most assets in your estate may pass through the probate process, other assets may not. It often depends on the type of asset or how an asset is titled.
No good estate plan can afford to ignore the other assets, the ones called ‘illiquid.’ That category includes anything that can’t readily be converted to cash, in a regulated market with readily determined prices.