Debts, just like assets, are considered part of a person’s estate. When that person passes away, their estate is responsible for paying any and all remaining debts. The money to pay those debts comes from the asset side of the estate.
If you pass away without a will, a state court generally decides who gets your assets and, if you have children, who will care for them.
The Tax Cuts and Jobs Act of 2017 changed a lot of rules, but one thing remains the same: It is exceedingly difficult to evade the long reach of the taxman.
A common misconception is that you do not have to probate a will when your spouse dies.
Changes in tax laws could be affecting—and outdating—your clients’ wills and bequeathing plans.
The federal estate tax exemption is going up again for 2021.
The heirs of Samsung Electronics Co. Chairman Lee Kun-hee, who died Sunday, could face billions of dollars in inheritance taxes. However, that doesn’t necessarily mean they’ll have to cede control over the group by selling shares.
Steve Bing — who inherited $600 million from his real estate developer grandfather at the age of 18 — only had about $300,000 left to his name at his death, leaving him relatively broke.
Prince’s sudden death in 2016 triggered numerous court proceedings. First, probate documents had to be filed in court because Prince died without a will.
If you have not already been inundated with invitations to webinars, articles and newsletters regarding estate planning, you should consider doing so before the end of the year, since you undoubtedly will receive these over the next few months.
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