Serving Queen Creek, Gilbert, Mesa, San Tan and the entire East Valley
Many estate executors focus on estate taxes and forget about income taxes. That can be an expensive mistake.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago—as well as the scheduled 50% reduction in the size of the federal estate tax exemption four years from now—has resulted in a renewed interest in estate planning for IRA and 401(k) accounts owned by married couples.
Once more hesitant to plan ahead, clients in today’s environment are much more proactive and willing to take action in the near term, rather than waiting and risking having to pay higher taxes down the line.
My mother passed, and she was an administrator of my grandfather’s estate and the inheritances. The estate accumulated quite a bit of back taxes over the years. Will the IRS put a lien on that estate as well as hers to retrieve funds?
Estate planning is not a requirement. No one can force you to make your will, create a power of attorney or to own your property in a way to avoid probate. As a result, people too often let common estate planning excuses stand in their way.
In estate planning, the use of trusts to manage the distribution of assets is becoming increasingly more common. However, for many people, the idea of setting up a trust during his or her lifetime is overwhelming and perhaps even unnecessary.
For couples who face depleting their own assets, using a Medicaid-compliant annuity could be a way to preserve assets and still qualify for Medicaid.
Being married is significant both for a married person’s lifetime estate planning and subsequent administration of the estate at death. Important rights and responsibilities exist between married persons.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
You have many options to make sure your wishes are followed after you die.
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Gilbert, AZ 85296
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