“Despite many attempts at repeal over the years, the modern U.S. Estate Tax has been in place since September 8, 1916. Each U.S. citizen and resident alien is entitled to a lifetime exemption from the federal Gift/Estate Tax called the Applicable Exclusion Amount.”
The applicable exclusion Continue reading
“Estate planning can come in a variety of forms, from basic beneficiary designations when you open a bank or brokerage account to more complex and comprehensive plans.”
The key reason for estate planning is to create a plan directing where your assets will go after you die. The ultimate Continue reading
“Develop a successful transition plan that will provide for you, your heirs, and your business.”
Most American farms or ranches are family businesses, started by one generation with the hope that the business will be transferred to the next generation. However, surveys show that only Continue reading
“Beneficiary mistakes can result in retirement plan assets being transferred to unintended beneficiaries.”
Beneficiary designations supersede all other estate planning documents, so getting them right makes an important difference in achieving your estate plan goals. Mistakes with Continue reading
“As family members age and require care, the burden of that care often falls on an adult child. For those that leave jobs to care for family members, it can become a financial hardship for the family.”
The idea that a family member or trusted friend may be paid to take care of an aging Continue reading
“Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.”
There are a few things all trusts have in common, explains the article “All trusts are not alike,” from Continue reading
“When creating an estate plan, one important question to consider is how to handle the transfer of personal property, including your home. A Qualified Personal Residence Trust, or QPRT, is something you may decide to create to minimize gift and estate taxes associated with your heirs.”
“Creditors typically try to collect on unpaid debt, by going after the decedent’s estate during a process called probate.”
When a person dies, it’s not unusual for them to leave behind some unpaid debt. What happens to that debt depends upon how their estate was organized, says the Continue reading
“’Per stirpes’ vs. ‘per capita.’ Making the wrong choice could cause an estate planning disaster.”
No one relishes the idea of planning for their own death, but the alternative of not planning and leaving your family members to sort out an expensive mess is a poor way to be remembered. Continue reading
“Did you name someone as an heir who is no longer in favor of you or—worse yet—has died? Who should get what they would have gotten? Are there now new people in your life—be they family members or not—whom you might wish to share in what you may have?”
An estate plan isn’t just for Continue reading