In 2017, the IRS announced that the estate and gift tax exemption for individuals would be a total of $11.18 million. Then, the following year, the IRS announced another change to the estate tax, bringing that exemption up to $11.4 million. This means that any and all estate plans previously built on the basis of
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There are things a living trust can and cannot do. While having a comprehensive estate plan is important, it’s also crucial to take note of the fact that a trust is not a form of magic, but a legal document with stringent rules determining how it may be used, and when it should be deployed.
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In the mind of most, estate planning is relegated to those approaching or within retirement age, with the financial health needed to think about wealth management, asset allocation, and eventual inheritance issues. However, there’s really more to estate planning than meets the eye – and the argument can be made that young couples should think
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When setting up a trust, it pays to be thorough. Most people who may have an interest in setting up a trust for their estate understand that a successfully developed and implemented living trust can often be the difference between a smooth inheritance process, and unnecessary consequences. Part of every trust is eventually deciding whose
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It happens all too often – someone passes away, and everything they own must now be passed down to the family. But who determines who gets what, and why? What if both of your adult children want custody over the family dog? Who gets the car? To whom goes the house? With or without a
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A person’s last will and testament is a very powerful document, if designed and executed properly. A will acts as a blueprint for the distribution of everything you own after you die, and can be used to assign more than just monetary value, giving you one last opportunity to address the family in a meaningful
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Selling properties in probate is a time-consuming process, but it’s an important task that helps families move on and prepare for the next stage of life. However, property in probate is prone to disputes, particularly if there’s an unclear will or multiple beneficiaries who want to lay claim to the house. A quiet title can
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Planning your estate is perhaps one of the most important things you can do for your family. Everything you’ve worked for throughout your life can continue to provide for your loved ones after you pass, but only if you handle your estate accordingly. While it’s tempting to cut costs with DIY estate planning forms, there
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When a person passes away, everything they own is transferred to others. How exactly that occurs, however, depends on different factors. When a person dies, their assets and wealth become their estate, which is appropriately distributed among their next of kin either according to their own wishes – as per proper documentation – or according
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An estate plan and make or break your family’s financial future. When misapplied, estate planning mistakes can cost your loved ones hundreds of thousands of dollars in legal fees and lost assets. On the other hand, a well-executed estate plan can mean that nearly every cent of what you own flows flawlessly to your loved
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