It is fantastic to be able to achieve all of your financial goals and be in a position to pass along a meaningful legacy to your loved ones. This being stated, you do have to contend with a significant challenge when it comes to wealth preservation. There is a federal estate tax in the United States, and it can have a huge impact, because it carries a 40% maximum rate.Before we get into the subject of gift giving, we should provide some extensive details about this death levy. Everyone does … [Read more...]
What Qualities Should an Executor Possess?
The estate planning process is going to culminate in the administration of the estate. When you use a last will to direct future asset transfers, you name an executor, and this is the person who will be handling the estate administration tasks after you pass away.There is a common misconception with regard to the estate administration process. You may imagine the executor calling family members into a study for a "reading of the will." The suggestion is that the executor can follow the … [Read more...]
Tax Planning for 2020
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2020 is just starting, it’s not too early to think about planning for whatever it may bring your way.Tax Planning for 2020 … [Read more...]
Can a Living Trust Be Contested?
To understand the context of the question that serves as the title of this blog post, you have to digest some background information about probate. The most widely utilized vehicle of asset transfer in the field of estate planning is the last will. Many people assume that a last will is the ideal choice, because it is a simple method to get assets into the hands of your loved ones after you are gone.In fact, it is not as simple as it may seem to be on the surface. If you were to execute a … [Read more...]
Make Estate Planning Your New Year’s Resolution
Earlier this year, Caring.com conducted a survey in an effort to get a feel for the estate planning preparedness of American adults. Unfortunately, the results were not encouraging.While 76% of people that responded said that they understood why estate planning is important, only 40% of these people actually had plans in place. As you might imagine, older people are more prepared than younger adults, but the statistics for those that are getting up in years are quite surprising.Only 18% … [Read more...]
