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While many people think that estate planning is only for the wealthy, experts say that’s not the case.
The deceased person’s beneficiaries, meanwhile, get to receive assets from the estate. In terms of executor vs. beneficiary rights, there are several differences with regard to what type of authority each one has.
There are certain provisions that people often forget to put in a will or estate plan that can have a big impact on a family.
Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
People approaching retirement ponder numerous questions. However, I’ve found that many of the most important questions revolve around the word ‘when.’
There is no Florida estate tax, although you may still be subject to the federal estate tax. It’s one of 38 states in the country that doesn’t levy a tax on estates, regardless of size.
Nobody likes thinking about what happens if they should become incapacitated or die. However, we all need to have a plan in place for just these possibilities.
During your life you will likely accumulate money, property and other items of value. These are your assets. Taken together, these assets — also known as your estate — paint a picture of the wealth you’ve built over time. Rather than lose all you’ve built when you die, planning your estate ahead of time can help you preserve your wealth by transferring your assets to your children or other beneficiaries.
Most estate planning starts with a will. The legal document covers what to do with your assets and provides important direction on the care for minor children.
As divorce and second marriages become increasingly common, more people find themselves raising children who are not biologically their own. Estate planning for blended families should address this unique situation.
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