Estate planning might sound like something that’s just for wealthy people with huge beach houses and billions in the bank. However, the truth is that estate planning is something we all need to think about.
Failing to properly plan for disability, death, or the ultimate transition of a family business can lead to disastrous financial consequences for both the business and the family.
Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.
One goal of estate planning is to bring some certainty to a multitude of variables. Recent increases in inflation, interest rates and market volatility, however, are causing some experts to reassess their options.
Understanding the different treatment of gifts by the IRS, Medicaid and VA systems can ensure that property passes as expected.
There is no legal requirement that anyone give anyone else money or property when they pass. The law says that as long as you understand what you’re doing, you can give your assets to anyone you feel like giving them to, equal or not.
Here are four types of estate situations that could call for professional legal help.
Pandemics, inflation, rising interest rates, war in the Ukraine—uncertain times indeed! And yet, in the world of estate planning, almost every change in the zeitgeist offers its own suite of planning opportunities and applicable techniques.
Maximize the impact of your legacy and make sure it supports the people and causes that are most important to you.
Providing for future generations shouldn’t be (overly) taxing. To manage taxes as you pass down your assets, look into UTMAs, 529s, child IRAs and trusts.
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