Like a lot of estate planning vehicles, irrevocable trusts work very well for some purposesโparticularly for tax avoidance and asset protectionโand not so well for other purposes.
A Clark County judge has awarded Tony Hsiehโs father and brother administrative duties to begin the process of sorting out the Las Vegas visionaryโs vast wealth and estate, after he died last week and left no known will or estate documents.
The tragic recent death of Tony Hsieh, the 46-year-old former CEO of Zappos, reminds us of the importance of estate planning.
Debts, just like assets, are considered part of a personโs 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 affectingโand outdatingโyour clientsโ 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 doesnโt necessarily mean theyโll have to cede control over the group by selling shares.
2500 S Power Road
Bldg 14 Suite 132
Mesa, AZ 85209
Copyright ยฉ LifePlan Legal AZ. All rights reserved. Some artwork provided under license agreement.
Privacy Policy | Disclaimer
