The core of Estate Planning is the life of each human being. Do you recall the process that ultimately led to the completion of your estate plan? You asked a question or voiced a concern about estate planning. Do I need a living trust? Will my estate pay a lot in taxes at my death?
A DOZEN DOCUMENTS YOU NEED BEFORE YOU DIE It is no longer enough to just sign some papers establishing an estate plan. You also have to make your heirs aware of your estate plan and advise them where the documents can be located. Also some of the country’s largest insurers are failing to pay out
Modest estates: New tax planning considerations The landscape has changed for estate planning in the past several years since the gift and estate tax was set at 40% and the lifetime exemption was upped to $5,450,000 in 2016. Now many modest estates will have either no estate tax or a very nominal estate tax, therefore,
There are three basic forms of joint ownership: Tenancy in common; joint tenancy; and tenancy by the entirety. Anyone who owns property jointly should be familiar with the consequences of joint ownership. A tenancy in common exists when two or more persons own an undivided interest in the whole property. There is no right of
Your fiduciary is an integral part of your estate plan. Who should you appoint to coordinate your affairs upon incapacity or death? Consider these questions when making the selection: • What are the responsibilities of my fiduciary? The fiduciary you select should be capable of handling the responsibilities of the appointed role. Personal Representatives and
Yes, you have said, “This year, I will make sure that my family is provided for, just in case.” You know that an estate left without a Will creates a financial and legal burden for your family that prevents them from receiving the legacy you meant to leave them. But then you get busy at
The general rule governing the proceeds of any life insurance contract insuring the life of an individual is that the proceeds are not taxable, so long as the proceeds are payable to one or more named beneficiaries and not the estate. Some other principals regarding life insurance are: The proceeds are also non-taxable if paid