Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.
Ultra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week.
Here is a list, in no particular order, of what needs to be done after someone passes to help you during this difficult time.
Advance directives typically consist of a living will and a power of attorney for healthcare.
Just 34% of adult Americans have an estate plan and 37% of respondents said they didn’t have a plan at the ready.
Doing some ‘upstream’ planning now will take the guesswork out of what’s coming your way.
An element of advance care planning, a living will is a legal document that provides specific instructions on how to carry out your wishes to receive or decline such treatments when you otherwise can’t communicate those wishes yourself.
Before approaching the subject of the will, you need to consider that the loved one may be guarded and resistant to talk about it.
When you own or operate a business, ensuring that this plan accounts for the future of the business is critical.
There are two documents everyone needs in their estate plan: The Durable Power of Attorney (DPOA) and a Health Surrogacy or Advanced Health Directive.