How Much can You Inherit and Not Pay Taxes?
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.
How Do You File Taxes If Your Spouse Dies?
About 1.5 million Americans become widows and widowers in a normal year, but the pandemic has boosted that significantly. The National Center for Family and Marriage Research at Bowling Green State University estimates that about 380,000 of more than 700,000 people in the U.S. who have died from Covid were married.
Is It Important to Have a Power of Attorney?
While we are alive, we can clearly make our own decisions. Unfortunately, one day you may find yourself in a situation where you cannot make your own decisions. Such situations occur most often in accidents, illnesses (physical or mental) and simple aging situations.
What Do I Do with Estate Plan after Divorce?
Major changes in your life—such as marriage, having a baby, moving out of state, or divorce—should prompt a revisit to your current will. It is important to revise your will at these times, in order to ensure that your estate planning is up to date.
How Do I Align Retirement Planning with Planning for a Special Needs Child?
As parents of children with special needs age, they should revisit the decisions they made—sometimes many years ago—regarding guardianship, beneficiarie, and other aspects of their child’s care.
What Is the Social Security Increase for 2022?
A large 5.9% cost-of-living adjustment is coming to Social Security beneficiaries in 2022. That means the average monthly retirement benefit will go up by $92 per month. Exactly how much more money you will see may depend on the amount of Medicare Part B premiums.
What Is Probate?
The probate process gets a bad reputation, but it’s the reality many families will face. It is a process that can function well for some small estates.
What Do I Need in My Estate Plan?
An effective estate plan uses a collection of documents and teamwork to protect one’s assets and personal property. An effective estate plan also explains and carries intentions of how to pass control down to successors in the event of your absence.
Talk to Parents about Estate Planning without Making It Awkward
Discussing estate planning with your parents is a conversation that can be difficult to have. You might not want to think about the day they are no longer here, or even consider that they might experience a decline in health that severely limits their ability to think clearly or communicate with you.
Can I Give My Child Access to My Bank Account? Should I?
Would your loved ones have necessary access to your bank accounts after you die to help carry out your last wishes and handle arrangements?
