There are some common estate planning mistakes that can yield negative consequences for survivors. We are going to look at three of them here. Assuming the State Will Take Care of Everything Some people do not prioritize estate planning because they assume that the state will step in to make sure the assets go to their loved ones. The probate court does provide supervision during intestacy cases, so part of the assumption is correct. However, as for the idea that the assets will automatically … [Read more...] about These Errors Can Tarnish Your Legacy
Planning is important. If you don’t plan, your assets go pursuant to the state’s default plan, which may be very different from what you want. If you plan, you can be sure your assets go exactly to whom you want and in a manner that can benefit them the most. Make Your Own Plan … [Read more...] about Make Your Own Plan
If you’re young and unmarried, do you really need an estate plan? The answer is “yes,” if you care what happens to you and your stuff. Read on to find out how an estate plan can help someone who is young and unmarried. Estate Planning is for You, Not Just Your Parents or Grandparents … [Read more...] about Estate Planning is for You, Not Just Your Parents or Grandparents
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about a heart-breaking story of someone who didn’t plan and the consequences. Planning is Critical … [Read more...] about Planning is Critical
Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...] about Aretha Franklin Died Intestate: What Does It Mean for Her Family?
According to a recent article that is appearing on the Forbes website, the White House has just released its proposed 2015 budget. Some of the provisions are very relevant for those who are exposed to the federal estate tax and the gift tax. … [Read more...] about 2015 Budget Proposal Would Impact Estate Tax
You may be surprised to hear that the gifts that you give are technically taxable. The reason why you are not faced with a tax bill every time that you give someone a birthday gift is because there are exclusions. Let's take a look at these gift tax exclusions. … [Read more...] about Can I Give Tax-Free Gifts to My Children?
The goal for many is financial success. Of course, the fruition of this goal will lead to significant rewards. However, quite ironically there are potential penalties that go along with these rewards. When we are talking about penalties we are referring to federal transfer taxes. Though the powers that be would not technically define these taxes as penalties, many can't help but see it that way. … [Read more...] about What Do You Know About Transfer Taxes?
We’ve all heard about the federal estate tax. And you’ve probably also heard that Congress passed a $5.25 million exclusion. But did you also know that there’s a federal gift tax as well? And more importantly, that the monetary gifts you give could affect how much of your estate is exempt from taxes at your death? … [Read more...] about How To Give Gifts Tax Free
You have to be ready to take action when it is necessary if you want to preserve your wealth for future generations. With this in mind you may want to take advantage of a unique opportunity that exists for the rest of this year. The federal estate tax is unified with the gift tax, and there is a combined $5.12 million lifetime exclusion. That is, there is an exemption of this amount in place for the remainder of this year. … [Read more...] about Tax Efficient Giving: Action Required Before End of Year