There are people who don't understand the importance of legal advice when they are considering the subject of estate planning. They reason that arranging for the transfer of assets to their loved ones after they pass away should be a simple matter that anyone can handle on his or her own. Perhaps this line of thinking makes some sense on the surface, but the powers that be present obstacles that can be confusing and costly to the uninitiated. With this in mind you would do well to … [Read more...] about Inheritance Tax and Estate Tax: What's The Difference?
Taxes
Inheritance Planning: The Receiving End
Estate planning attorneys are going to routinely assist people who are endeavoring to prepare their assets for eventual transfer to their loved ones after they pass away. However, professional advice can also be extraordinarily useful when you receive an inheritance, especially if it takes you by surprise. When people pass away unexpectedly at a relatively young age their heirs may find themselves in possession of significant financial resources all of a sudden. If you had no … [Read more...] about Inheritance Planning: The Receiving End
Unknowns Stoke The Embers Of Procrastination
When you look at the statistics on the subject you find that most people who are under the age of 50 do not have an estate plan in place. And beyond that, the fact is that a significant percentage of people who are over the age of 50 have not comprehensively planned for the future either. While there may be a few who have never given the subject any consideration at all, most people know that they should execute the appropriate estate planning documents. These individuals … [Read more...] about Unknowns Stoke The Embers Of Procrastination
What Is Your Definition Of Wealth?
There are those who say "tax the rich" and this is a populist battle cry that make sense to some people. But when it comes to the Federal estate tax and the gift tax with which it is unified you have to be careful that you are informed and that you are not advocating against your own interests. There are individuals who float the notion that these federal levies are something that ordinary people do not have to worry about because they are only imposed on the wealthiest … [Read more...] about What Is Your Definition Of Wealth?
Facebook Moguls Employed GRAT Strategy
Indianapolis estate planning lawyers are always going to emphasize the fact that every case is different and it takes experience and expertise to craft a plan that is ideal in light of your unique circumstances. Tax considerations are always going to be of tantamount importance because the federal estate tax and the gift tax with which it is unified carry quite a wallop. At the present time the rate of the gift/estate tax is 35%, and this is no small nibble. But at the end of this … [Read more...] about Facebook Moguls Employed GRAT Strategy
Understanding Tax Laws Is Key
It is said that ignorance of a law does not excuse you of a crime if you violate it. Similarly, not being aware of a tax does not excuse you from having to pay it. This is something to keep in mind when you are giving gifts of significant value to your loved ones. You may think that there should be no charge imposed by the government simply because you decided to transfer assets to your loved ones. Because of this you may not be aware of the existence of the gift tax, but it … [Read more...] about Understanding Tax Laws Is Key
Should A Tax Be Levied Upon An Individual's Death?
They say that the two inevitable eventualities are death and taxes and this is certainly true. But... should the event of your death be a taxable one? A lot of people would say no, but there is in fact a federal estate tax in place that many people refer to as the "death tax." Let's break it down. Suppose you save as much as you can every month from the time you have a paper route as a kid until you become a senior citizen and you end up accumulating quite a nice nest … [Read more...] about Should A Tax Be Levied Upon An Individual's Death?
Tax Efficient Giving With A GRAT
You have to be aware of the federal gift tax if you give gifts beyond the exclusion amount. This is a matter that is a bit complicated because of the unification of the gift and the estate taxes. There is a $5.12 million exclusion so you can give gifts up to this amount free of taxation. But, since the gift tax is unified with the estate tax if you used up your entire exemption giving gifts while you are alive all of your estate would be subject to the estate tax. There are … [Read more...] about Tax Efficient Giving With A GRAT
Social Security: What Is The Maximum Benefit?
When you are planning for retirement Social Security is probably going to be a subject that is on your mind. In fact, Social Security income is the financial foundation of most people who receive their benefit. Exactly how much you receive is going to vary depending on how much you paid into the program over the years and when you retire. If you were born in 1960 or after you become eligible to receive your full Social Security benefit at the age of 67. If you were born in 1954 … [Read more...] about Social Security: What Is The Maximum Benefit?
Estate Tax Parameter Changes Loom
Indianapolis estate planning attorneys will always remind their clients that estate planning is an ongoing effort. Things don't stand still, and as time marches on events invariably take place that render your existing estate plan obsolete. If you procrastinate about making the necessary adjustments you could be placing your family members at risk on one level or another. With the above in mind you would do well to understand the fact that there are some estate tax parameter … [Read more...] about Estate Tax Parameter Changes Loom
