Estate Planning addresses many concerns, not just taxes. It can protect beneficiaries from their own creditors, provide divorce and remarriage protection, and protect the benefits of children with special needs. In this post by my friend and colleague Steve Hartnett, an estate planning expert, you can learn more about how Estate Planning can help protect your beneficiaries by providing privacy and other benefits. Estate Planning is About More Tan Taxes … [Read more...] about Estate Planning is About More Tan Taxes
Many factors go into retirement decisions. This article by my friend and colleague Steve Hartnett, Director of Education at the American Academy of Estate Planning Attorneys, examines many of those factors, such as where to retire, access to healthcare, income taxation, estate taxation, property taxation, etc. This article also includes many links to helpful lists. Retirement is Complicated … [Read more...] about Retirement is Complicated
There’s a Republican blueprint for tax reform. Learn the general provisions of the plan and the uncertainties in it. Read on to learn more. … [Read more...] about Tax Reform and the Estate Tax
Learn how the Republican blueprint for tax reform would impact different families from an estate planning perspective. Read on to learn more. … [Read more...] about How Tax Reform Could Impact Various Families
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
When you think about estate planning, you may put it on the back burner, thinking that you will have time put a plan in place at a future date. Many people adopt this perspective, and as a result, most Americans are not properly prepared. Because of this tendency toward foot dragging, once you put your initial plan in place, you may feel as though the job is done. You have finally taken action, and you no longer have to feel this nagging sense of unpreparedness. It's great to put a plan in … [Read more...] about Can Tax Legislation Impact My Estate Plan?
We regularly get inquiries from our clients who are recipients of an inheritance. An ever increasing asset that is being inherited is a retirement account such as an IRA. Special considerations must be attended to when inheriting an IRA because of their special characteristics. In this blog, we'll discuss some of these considerations. Don’t automatically request to cash in the IRA. The income tax repercussions could be great and there are better options. If you opt for a lump sum … [Read more...] about Tips When Inheriting IRAs
The federal estate tax can be reduced or even eliminated with advanced estate planning measures for any estate. In fact, the federal estate tax is a voluntary tax; if you don’t plan, you volunteer to pay it. Here is a memorable federal estate tax lesson from the owner of Hooters, the infamous restaurant chain. When Robert H. Brooks died, his family sold Hooters, in part, because was it worth approximately $250 million dollars and the estate tax, at that time, was 46% or $115 million dollars. … [Read more...] about A Federal Estate Tax Lesson from a Surprising Source
The federal estate tax exemption is set to return to $1 million dollars on January 1, 2013 unless Congress passes new tax legislation. This means that you have about eight months to use your approximately $5 million dollar exemption (during life or at your death.) If you’re married, you and your spouse can jointly transfer about $10 million dollars worth of assets. Wealthy families across the country, who are getting good advice, are making transfers to the next generation now. Will you lose … [Read more...] about Need to Transfer Wealth to Avoid the Federal Estate Tax? Do It Now!