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.
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
Although you may be excited about the prospect of receiving unexpected money, there are certain financial moves experts say you should make to make sure you’re prepared for that inheritance.
I’m a trustee selling a home in irrevocable trust for a parent who died. There are two beneficiaries who will get the sale proceeds with a stepped-up basis. I’m filing Form 1041 but do I still have to file a Form 1040 to report anything for the beneficiaries?
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.
Wealthy families could face combined tax rates of as much as 61% on inherited wealth under President Joe Biden’s tax plan, according to a recent analysis.
How can we avoid probate and reduce the estate tax for our beneficiaries, who are our two adult children?
Estate planning can help you pass on assets to your heirs, while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply.
As parents, we often want to help our adult children who need a financial boost. Many times, this assistance comes in the form of a loan.
Life insurance is an essential part of estate planning. When you buy life insurance, it’s important to make sure the policy payout will be enough to take care of your loved ones.