Although uncertainty surrounding the likelihood of tax reform continues for the moment, there are still several wealth transfer strategies that can be considered by those wanting to make gifts.
While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home.
My 91-year-old mother-in-law died on Dec. 13, 2020. There was no will, so we are currently working our way through the probate process. Her income was less than $20,000 a year from Social Security and we can’t find any tax returns she filed. Was she required to file?
By being very selective about who receives which type of money—whether Traditional or Roth IRAs, after-tax brokerage accounts, life insurance, etc.—you can dramatically cut the share that goes to the IRS and increase the amount going to your family.
I understand that most people don’t need a living trust because probate is simple in the state, but can having a living trust save you time or money?
Charitable remainder trusts give you more options and more control on how your heirs inherit, now that the “stretch” IRA is a thing of the past.
The death of a loved one is always a difficult time. The last thing most people want when they’re grieving is to have to deal with the IRS and state tax officials.
You’re closing in on retirement, but you’re not there yet. Are you on track?
The IRS determined that Prince’s estate is worth $163.2 million, well above the $82.3 million valuation submitted by Comerica Bank & Trust, the estate’s administrator.
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be tasked with carrying out a loved one’s final wishes.
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