There is a more complete form of estate planning called legacy planning that you may want to consider. Your legacy plan could contain some financial elements, but you can also include some things that money cannot buy that are very valuable as well. Let’s look at some of the components that could be included in your legacy plan. Wealth Preservation We are going to primarily focus on possibilities that have nothing to do with money, but we should discuss the value of wealth preservation for … [Read more...]
IRS Releases Amount of 2014 Estate Tax Exclusion Adjustment
During 2010 the estate tax was temporarily repealed. This repeal was in place due to provisions that were included in the Bush era tax cuts. Under the laws as they existed during 2010, the estate tax would return in 2011. The amount of the federal estate tax credit or exclusion would be just $1 million. The top rate for estates in excess of $1 million was scheduled to come in at 55 percent. In 2009 the estate tax exclusion was $3.5 million, and the top rate was 45 percent. It seemed that come … [Read more...]
Wealthy New York Developer Died Intestate
When you die without a will you are said to have died intestate. Under these circumstances the probate court must sort things out utilizing the laws of the state of Nevada. If you are married and you have no children your spouse would inherit your property, and conversely if you had children but you weren't married your descendents would be your heirs according to intestacy rules. If you die with a spouse and children, the rules vary depending upon the number of children you have. If you … [Read more...]
Lawmakers Steer Away From Cliff; Estate Tax Rate Rises
The estate tax parameters we could expect for 2013 were hazy throughout last year. At the end of 2010 a piece of legislation called the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 was passed that implemented the rules for 2011 and 2012. Due to provisions contained within this act the estate tax exclusion was $5 million at its base with annual adjustments for inflation. The estate tax, the gift tax, the generation-skipping transfer tax was set at a flat rate … [Read more...]
