When income is received from any source, you are naturally going to be concerned about taxation. This will enter the picture when it comes to estate planning, and there are some misconceptions out there. In this post, we will take a look at the subject and pass along three facts about taxation that you should understand when you enter the estate planning process. Inheritances are not subject to regular income taxes. If someone leaves you an inheritance through the terms of a last will, you … [Read more...]
Communication Can Prevent Inheritance Disputes
For a lot of people, estate planning is simply a matter of slicing up a pie. You decide who will have a seat at the dessert table and how large the respective slices will be for each individual. In a very basic sense, there is truth to this, but there is much more to take into consideration if you want to plan your estate effectively.First, you have to recognize the fact that there are different types of “pies” as it were. The way that assets are distributed if you use a last will is … [Read more...]
Study: 57% of Adults Have No Estate Plans
They say that the only two certainties of life are death and taxes, and everyone is well aware of the April 15th date that approaches all too rapidly. With few exceptions, most people are diligent about making preparations for tax day. Yet, for some unknown reason, the majority of the same folks totally ignore the other inevitability that we will all face at some point in time.A while back, a website that is focused on legal matters did some research to get a feel for the estate planning … [Read more...]
Succession Planning for Business Partners
There are many tools in the estate planning toolkit, so there are various strategies that can be implemented depending on the circumstances. This is one of the reasons why it is important to discuss your situation and your options with an estate planning attorney. If you make assumptions without enough information, you may make mistakes that could have been avoided.This can apply to people that are partners in small businesses. You may assume that you have no choice but to leave your share … [Read more...]
A Look at Tax-Free Gift Giving
Many people that reside in our area have been very successful financially, and we have developed numerous relationships with high net worth families over the years. We continue to build on them, and it is gratifying to help successful people preserve their legacies for the benefit of their loved ones.One of the most important things to take into consideration when you are engaged in the estate planning process is the potential for taxation. Though there are state-level estate taxes in some … [Read more...]
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax.Kiddie Tax is Worse Than Ever … [Read more...]
An Alphabet Soup of Irrevocable Trusts
There are certain trusts that can be looked at as asset protection trusts for people that are exposed to the estate tax. These would be irrevocable trust, but there are other trusts that fit into this category that can be useful for other purposes. Since the names of these devices are wordy, they are often reduced to acronyms, and we will provide some decoding in this blog post. Supplemental Needs Trusts (SNT) and Supplemental Security Income (SSI) One of these irrevocable trusts that is not … [Read more...]
Making Trusts More Flexible
Trusts can be drafted to be quite flexible. This article examines several ways you can add flexibility to your trust. This added flexibility will increase the usefulness of your trust.Making Trusts More Flexible … [Read more...]
When and Where You Die Matters
Where you die matters. While you’ll pay the same federal estate tax no matter where you die, 1/3 of the states have a separate estate or inheritance tax. The most populous state, California, is the latest state to consider adding a state estate tax. Read on to learn more.When and Where You Die Matters … [Read more...]
Trust Protectors Add Flexibility
Trusts can be drafted to be quite flexible. This article examines how Trust Protectors can add flexibility to your trust. This added flexibility can increase the usefulness of your trust.Trust Protectors Add Flexibility … [Read more...]
