It’s hard for a family to recuperate when the patriarchs and matriarchs have gone to glory, leaving a battle for who will carry the family’s leadership role and manage the family’s transition of wealth.
You may want to consider some financial issues before walking down the aisle again.
Your last will and testament is one of the most important legal documents that you will ever make. It allows you to direct where you want your property, guardianship and debts to go after you die, and allows you to appoint an executor to act out your wishes.
In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.
If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. But because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off — and even more pleasing to avoid them altogether. If there’s a lesson to be learned from the pandemic, however, it’s that waiting until the last minute to prepare is seldom a good idea.
Leaving behind a huge tax bill for your heirs with the stretch IRA scuttled? Here are some ways around it as lawmakers consider an updated SECURE Act.
Who’s going to inherit on the death of one of the re-marrieds? Will this be the surviving spouse? If so, where will those inherited monies go on the second-to-die’s death?
It’s true that if your child is on your deed as a joint tenant on your home, your home will not have to go through probate if your child survives you. At your death, your surviving child would immediately become the sole owner of your home without probate and with minimal transfer costs.
Children and grandchildren motivate us to think about a will and life insurance. However, it is problematic to name minor children as beneficiaries.
Tax rules on individual retirement accounts (IRAs) are different for inherited IRAs. Some differences are positive.
Many estate executors focus on estate taxes and forget about income taxes. That can be an expensive mistake.
A will is first. In essence, a will spells out who will get your stuff, in what proportions they will get it and in some instances at least, upon what conditions.
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.
Your estate planning is done, but is it? A periodic review is an important ongoing step to your planning.
Estate planning is not a requirement. No one can force you to make your will, create a power of attorney or to own your property in a way to avoid probate. As a result, people too often let common estate planning excuses stand in their way.
A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
Being married is significant both for a married person’s lifetime estate planning and subsequent administration of the estate at death. Important rights and responsibilities exist between married persons.
If you do not plan appropriately and thoughtfully, problems may arise with respect to this property and your family when you are gone.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
These agents take over your affairs in specific areas, if you become physically or mentally incapacitated.
In terms of federal tax law changes, the last year had much ado but little change.
Estate planning is a term generally applied to the steps taken to create a roadmap for a person’s assets when they die or become incapacitated.
The law requires probate for a good reason. If a person dies, probate ensures that the property goes to the people who are supposed to inherit it.
It’s generally recommended that you review your will and other end-of-life documents at least every few years, although there can be reasons to do a checkup more often.
A 14-year-long legal fight among five siblings over a Queens woman’s estate has gotten so nasty that it landed two elderly sisters in jail, and now one of them may lose her home.
Executors can use additional information in administering estates, especially if the executor is unrelated to the decedent.
For most people, entering the realm of estate planning can feel a bit like traveling as a tourist into another culture. Because the language itself is unfamiliar, asking a question can result in an answer that is equally confusing.
With apologies to poet Robert Burns, the best-laid estate plans of women and men sometimes go awry.
Non-probate assets are those assets which do not go into an estate when the owner dies.
Deborah Placet had no idea how to access her husband’s cryptocurrency and other digital accounts after his unexpected death at age 52.
