In addition to thinking about how you want your assets to be distributed and who you want to include as beneficiaries of your estate, the estate planning process can help you have a say in how your assets are dispersed. Starting the estate planning process early is wise because you can ensure that your preferences […]
Estate Plan
Beware of State Estate and Inheritance Taxes
Estate and inheritance taxes are both types of taxes levied on the transfer of property at death, but they operate differently: An estate tax is levied on the estate of the deceased, while an inheritance tax is levied on the heirs of the deceased. There is a federal estate tax, which generally affects only the […]
Planning for a Special Needs Child
Planning for a special needs child takes special consideration, especially in terms of estate planning. To be sure your child is cared for the way you would like, you need to get your affairs in order. By following the steps outlined below and consulting with a qualified professional who can help you design a plan […]
What Is a Durable Power of Attorney?
How is a durable power of attorney different from a regular power of attorney? Essentially, a power of attorney authorizes someone else to handle your finances and medical care on your behalf. On the other hand, a durable power of attorney remains in effect even if you become incapacitated. With a power of attorney, […]
How To Plan for Estate and Gift Taxes
Federal estate tax in 2023 mostly remains an issue for the very wealthy — those with an estate valued at more than $12.92 million or $25.84 million for a married couple. Even with the generous exclusion, some estates may be subject to tax, i.e., you may be on the hook for state taxes. The tax […]
How To Value Items in An Estate
If you’re the executor of an estate, part of your job is to oversee the valuation of assets. Finding out how much the estate is worth and how that value is distributed will determine your approach to probate, the allocation of the assets among the heirs, and how much the estate will pay in taxes. […]
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