Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read the linked article by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about contingent beneficiaries. Whom Do You Want to Get Your Assets? … [Read more...] about Whom Do You Want to Get Your Assets?
When you create your estate plan, you’re taking the time to make sure that your assets are given to the right people. By naming beneficiaries, you’re in control over how your assets will be distributed after your death. Unfortunately, your assets may not be able to be given to your first choice beneficiaries. Take a look at some of the information below to better understand the importance of naming alternate beneficiaries. If you have any questions, or if you need help creating your estate … [Read more...] about Naming Alternate Beneficiaries in Your Estate Plan
The Kiddie Tax can apply to the unearned income of children. Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax. Kiddie Tax is Worse Than Ever … [Read more...] about Kiddie Tax is Worse Than Ever
When someone passes on, his or her assets are typically left behind to a beneficiary. If you find yourself the recipient of money, you may have a big question on your mind: will I have to pay taxes? Before we go any further, remember this: it is a good idea to speak with a qualified estate planning attorney to ensure that you are paying all necessary taxes. Whether or not you are required to pay inheritance tax depends on how much money you are receiving, the state in which you live, and … [Read more...] about Taxes and Inheritances: Planning and Coping
Receiving an inheritance may be exciting for some, but stressful for others. There are many questions that arise when individuals get word that they are about to inherit from a loved one. The most common question is: will I have to pay an inheritance tax? Luckily, if you live in California, there is no California inheritance tax, but that is not true in every state. Here is what you need to know: What is inheritance tax? An inheritance tax, as the name implies, is a tax imposed by the … [Read more...] about Is there a California Inheritance Tax?
We live in very different times than we lived in decades ago. These days, you can simply ask your smart phone any question, and it will provide you with an answer instantly. The Internet has changed everything as well. There are many different do-it-yourself resources that you can access online, and boilerplate legal documents can be purchased and downloaded. This can make you wonder why you would ever need an estate planning attorney to devise your plan. Before you decide that you can … [Read more...] about Why Do I Need an Estate Planning Attorney?