You may want to give to charity when you are planning your estate. Your legacy could then live on after your passing as some of your resources are utilized to make the world a better place. If you do have philanthropic aims you have to decide on a vehicle or vehicles of charitable giving. One option is the creation of a private foundation. When you look into the subject you may be surprised to hear that most of these foundations don't have any employees, and the majority of them … [Read more...] about Make Charitable Gifts Count
Taxes
Estate Planning Considerations for Same-Sex Couples
People who are involved in committed long-term same-sex partnerships may or may not have the ability to have their unions legally recognized in the states within which they reside. At the present time Indiana is not one of the states that will allow for gay marriages. This has some very profound implications on an estate planning level. There is a $5.25 million per person exclusion, but this only applies to asset transfers between people who are not married. If you are legally … [Read more...] about Estate Planning Considerations for Same-Sex Couples
Wealth Preservation Is Key
If you are the first person in the family to accumulate significant wealth you probably had to work hard in one way or another to put together these foundational resources. You also have to work hard to make sure that they stay in the family for generations to come. It is logical to assume that "money makes money." According to experts a lot of people who inherit large sums of money do embrace this mantra, but they ultimately sit around waiting for this money to multiply … [Read more...] about Wealth Preservation Is Key
Koch Estate Faces Heavy Taxation
The federal estate tax can absorb a lot of money that would have otherwise gone to people that you love. There are those who do not empathize, saying that everyone must pay his or her fair share of taxes. But is the estate tax fair? People who are exposed to the estate tax pay taxes throughout their lives, so it could be argued that they have indeed already paid their share and perhaps more than their fair share. Why should another tax be imposed upon the event of someone's … [Read more...] about Koch Estate Faces Heavy Taxation
Jerry Buss Leaves Lasting Laker Legacy
It may be difficult to empathize with people who have what many of us would consider to be very pleasant problems. However, the estate tax can in fact place a roadblock between you and your legacy. Imagine a situation where someone has invested his or her entire life into building a sports franchise. This person’s family members have been involved in the operation of the team. The team becomes almost synonymous with the family name. Over the years the team grows in value, … [Read more...] about Jerry Buss Leaves Lasting Laker Legacy
Three Things a Revocable Living Trust Won’t Do For You
There are some very useful things that revocable living trusts can do for you when you are planning your estate. One of them is the ability to address the possibility of incapacity. Around 40% of people who are at least 85 are suffering from Alzheimer’s disease, and of course this is not the only cause of incapacitation. So, incapacity planning is a must. With these trusts you can choose a disability trustee, and this individual or entity would be empowered to handle the assets … [Read more...] about Three Things a Revocable Living Trust Won’t Do For You
Tax Relief Act Positively Impacts Some Farm Families
The movie Secretariat is entertaining for horse racing fans and casual observers alike, but it is also instructive from an estate planning perspective. If you saw the movie you know that the family that owned and bred Secretariat was faced with the prospect of selling their farm just to pay the estate tax when family patriarch Christopher Chenery passed away. There are those who say that the estate tax is something that only rich people have to think about. In fact, there are many … [Read more...] about Tax Relief Act Positively Impacts Some Farm Families
Consider a Charitable Lead Trust
There are various different ways to incorporate charitable giving into a comprehensive estate plan. While giving is its own reward on a particular level, without question many people are more or less compelled to give to charity because of the tax advantages. One of the devices that can be utilized to great advantage, especially during our current era when interest rates are low, is a charitable lead trust. We will endeavor to provide a very simple, surface explanation here but we … [Read more...] about Consider a Charitable Lead Trust
Qualified Personal Residence Trust Can Deliver Tax Savings
The value of your real property does indeed count when the IRS is assessing the value of your estate. This is why many people find themselves subject to the estate tax even if they do not necessarily consider themselves to be extraordinarily wealthy in terms of cash. One way that you can reduce the taxable value of your home while you are arranging for it to be transferred to an heir or heirs in the future is to place it into a qualified personal residence trust. To learn about these … [Read more...] about Qualified Personal Residence Trust Can Deliver Tax Savings
Unlimited Marital Exemption & Estate Tax Portability
The amount of the federal estate tax exclusion stands at $5.25 million in 2013. The maximum rate this year is 40%. What this means is that the portion of your estate that exceeds $5.25 million is potentially subject to this 40% tax. The reason why we use the qualifier "potentially" is because there are things that you can do to gain tax efficiency if you work with a good estate planning lawyer. There is a caveat to the above however. You can leave behind an unlimited amount of … [Read more...] about Unlimited Marital Exemption & Estate Tax Portability
