If you don’t have a spouse or children, you might think you don’t need to do much estate planning. However, if you have any assets, familial connections, or interest in supporting charitable groups – not to mention a desire to control your own future – you do need to establish an estate plan.
A charitable trust can be set up in different ways and have various tax impacts. Two common types are the charitable remainder trust and the charitable lead trust. There are also variations within these categories.
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.
Broadway legend Stephen Sondheim left behind an estate estimated to be worth as much as $75 million to his husband, charities and a dozen other friends, court papers show.
I’ve decided I no longer want to leave my estate to my children. They are ungrateful brats. How can I set things up to give my money to charity when I die?
If you’re planning to leave your heirs any sort of inheritance, you’re already giving them a valuable financial leg up.
The new, buzzy Netflix documentary on the late, beloved, iconic public broadcasting TV host, painter Bob Ross—“Bob Ross: Happy Accidents, Betrayal and Greed”—documents how the artist’s son, Steve, now 55, was allegedly robbed of his late father’s inheritance by the artist’s business partners.
A recipient of a gift does not pay income taxes on the gift. However, the gift-giver may pay gift taxes, unless one of two exemptions applies.
With a draft bill from the House Ways and Means Committee on the table, all signs suggest that higher income taxes could be right around the corner. How they will affect charitable giving remains to be seen.
When there is a large inheritance at stake (or even when there isn’t), it is a great idea to get everyone on the same page. A family meeting can make that happen, and it can even be enjoyable.
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