Attorneys create legal documents, and this can paint a certain picture in your mind. There are legal necessities, but there is a human element behind it all. Estate planning lawyers are not motivated by document creation in and of itself. They use the documents to protect families. Consider the Magnitude People are sometimes flippant about the subject of estate planning. They assume that they will always have time to quickly draw up some type of will when they are senior citizens, and they … [Read more...] about Estate Planning Lawyers Protect Families
Estate Planning
State-Level Estate Taxes: Are You in the Clear?
When you hear about estate taxes, you may immediately think about the federal level. Many people are aware of the fact that the exemption on the federal level is quite high, so you could go forward with the impression that your estate will not be in taxable territory. It is true that there is a relatively high estate tax exclusion or exemption. In 2016, the amount of this exclusion is $5.45 million, and the top rate is 40 percent. Only the portion of an estate that exceeds the amount of this … [Read more...] about State-Level Estate Taxes: Are You in the Clear?
Can My Son's Creditors Take His Inheritance?
Some people are not good with money, and others run into financial problems that they really didn't cause on their own. This can be something that crosses your mind when you are engaged in your inheritance planning efforts. Clearly, if you were to leave a direct inheritance to a loved one through the terms of a last will, the assets would be in the direct personal possession of the inheritor. They would be treated like any property, and the inherited assets would be available to creditors … [Read more...] about Can My Son's Creditors Take His Inheritance?
Who Will Handle the Business of Your Estate?
The estate administration process should be addressed when you are devising your estate plan. You have to make sure that you empower someone to handle the business of your estate after you are gone. If you decide to use a last will to direct the distribution of your personally held property, the person who would handle the estate administration tasks is the executor or personal representative. When you draw up the will, you can nominate someone to act as the executor. Of course, you have … [Read more...] about Who Will Handle the Business of Your Estate?
Add Estate Planning to Your New Year's Resolution List
The advent of a new year brings along a sense of renewal. You can resolve to make certain changes that will be beneficial to you, and you may also decide to take care of some unfinished business. If you have been going through life without an estate plan, you may want to resolve to take care of the matter in 2016. Every adult should have an estate plan in place, and it is important for adults of all ages. There is more to estate planning than the creation of a last will. People sometimes … [Read more...] about Add Estate Planning to Your New Year's Resolution List
What Is a CLAT?
Giving to charitable causes and institutions can be quite rewarding when you are devising your legacy plan. If you are in a position to do so, you could engage in philanthropic acts that benefit worthy nonprofit organizations. There are various different ways that you can support charities, and one possibility is the creation of a private charitable foundation. When you think about private foundations, you may immediately flash upon the foundations that have been established by some of the … [Read more...] about What Is a CLAT?
Does My Spouse Get Everything If I Die Without an Estate Plan?
As estate planning attorneys, we often speak to people who are trying to control damages that are caused by inaction or improper planning. In many instances, people make assumptions based on inaccurate information, and negative consequences come about later on. Far too many people assume that there is a system in place that will take care of everything after you pass away if you do not have an estate plan in place. They go forward without any estate planning documents at all, because they … [Read more...] about Does My Spouse Get Everything If I Die Without an Estate Plan?
Estate Tax Can Loom Large for Farmers and Ranchers
An inventory of your assets will be called for when you get serious about your estate planning efforts. Clearly, you want to identify what you have to pass along to your loved ones when you are devising your plan, but there is another relevant factor. The federal estate tax can be applicable when assets are being transferred after someone dies. This tax carries a maximum rate of 40 percent, so we are talking about a very significant level of asset erosion. Everyone does not pay the estate … [Read more...] about Estate Tax Can Loom Large for Farmers and Ranchers
Annual Gift Tax Exclusion Will Stay the Same in 2016
When you give someone a cash gift, you are passing along money that you have left after you paid your taxes. It would be logical to assume that you can give gifts without any further tax consequences, but in reality, there is a gift tax in place. Fortunately, the tax is not a factor for most people, because there are exclusions that can be used to give a certain amount in a tax-free manner. One of these is the annual gift tax exclusion. This exclusion allows you to give a certain amount to … [Read more...] about Annual Gift Tax Exclusion Will Stay the Same in 2016
Can My Surviving Spouse Use My Estate Tax Exclusion?
The estate tax exclusion or exemption is the amount that can be transferred before the estate tax would be applied. There is no tax on asset transfers between citizen spouses, but you would have to use a portion of your estate tax exclusion to leave tax-free inheritances to others. In 2016, the estate tax exclusion will be $5.45 million after the Internal Revenue Service applies an inflation adjustment. This represents a $20,000 increase over the 2015 exclusion. Portability A … [Read more...] about Can My Surviving Spouse Use My Estate Tax Exclusion?
