For the most part, the news is surprisingly good when it comes to taxes on inheritances. Generally speaking, you do not have to claim a bequest as taxable income with the exception of distributions of the earnings that are generated by a trust. Appreciated assets that you inherit get a step-up in basis, so you would not pay capital gains taxes on the appreciation. This being stated, there is a federal estate tax, but most people don’t have to be concerned about it because there is a high … [Read more...] about Beware of New York Estate Tax Exclusion Cliff
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Tax Proposals Could Alter Estate Planning Landscape
Senators Sanders and Whitehouse have introduced legislation in the Senate which would significantly alter the Estate Planning landscape. It would dramatically change the tools we use to plan for our clients. Time is of the essence. Read on to learn more. … [Read more...] about Tax Proposals Could Alter Estate Planning Landscape
Trust Administration: Choosing the Right Trustee
You may view estate planning as the execution of a document that is used to state your final wishes. This is obviously at the core of the endeavor, but you should also consider the administration phase. Someone has to complete the hands-on tasks to bring your wishes to fruition when the time comes. When you understand all the facts, you may choose a living trust as the centerpiece of your estate plan. If you go in this direction, the administrator would be the trustee. We are going to … [Read more...] about Trust Administration: Choosing the Right Trustee
An Overview of the VA Aid and Attendance Pension
People that serve in the United States Armed Forces for a minimum of 20 years receive “retired pay,” which is the term that is used in military circles to describe a retirement pension. In addition to this benefit, there is a Veterans Pension for wartime veterans that were not necessarily careerists. The Aid and Attendance Veterans Pension is an enhanced version that is available to some former service members, and we will provide an overview in this post. Eligibility Requirements The … [Read more...] about An Overview of the VA Aid and Attendance Pension
The Role of the Estate Planning Attorney
Clients often come to an Estate Planning attorney with specific ideas in their minds. The attorney’s role is to counsel them regarding their plan, not just to draw up documents to accomplish it. Read on to learn more. … [Read more...] about The Role of the Estate Planning Attorney
