The administrators of the late musician’s estate recently settled a complicated dispute with the Internal Revenue Service over the value of Prince’s assets. The precise value was undisclosed, however, although it could exceed $100 million.
For more than a decade, Brown’s heirs and estate administrators, including Mr. Bauknight and Adele Pope, a former executor, have battled in court over the value of his estate.
If you’re planning to leave your heirs any sort of inheritance, you’re already giving them a valuable financial leg up.
Every estate plan should include three essential documents: a durable general power of attorney, a healthcare power of attorney and a last will and testament. Of the three essential estate planning documents, the will is the only document that is used after death.
At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate. The designation is both an honor and an obligation.
Probate is a legal process wherein a court oversees the settlement of an estate after the owner passes.
Under the new Biden administration, the president has made his intentions clear about the potential to change the tax code.
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.
If you want to protect your family’s legacy from unnecessary taxes, divorce and creditors over the course of many generations, a dynasty trust could be your best friend.
Most people have heard that each individual is allowed to gift $15,000 per year to another person without paying a gift tax. However, exactly what the gift tax is, and the consequences of going beyond $15,000, are less clear.