Joan Crawford, the movie star, was famously stingy in her will when it came to her four adopted children. She completely excluded her two oldest children, Christina and Christopher, from her will, and her other two children were left with just $77,500 each. While Crawford’s legacy seems harsh, the case was by no means unique. […]
Wills
Step-Up in Basis Rule is an Heir’s Best Friend
The step-up tax adjustment has been under siege for decades but has so far survived the onslaughts. The provision, which reduces capital gains tax for estates, has been controversial since the 1970s. Policymakers would still love to get their hands on the bonanza in tax revenues it represents. There is a counterargument: If the law […]
Should I Leave My Child a Buck?
Even the most meticulous parents can overlook important details when drafting their wills and allocating their estates. While the amounts left to beneficiaries may vary, the significance of precise wording should never be underestimated. Parents might even wonder: should I leave my child a buck? Conscientious parents might draft their wills after the birth of […]
How To Be an Executor
As an executor, you have a long list of duties and a fiduciary obligation to act in the best interest of the estate and its heirs. You also have anxious beneficiaries who are already dealing with grief. One of your many tasks is to keep beneficiaries informed of the progress in settling the estate’s […]
Do You Need a Will and a Trust?
Everyone wants to protect their families, even after they pass from this world. That’s the purpose of estate plans. But how do you know whether all of the elements of a good plan are in place? The first step is understanding the difference between a will and a trust: Because wills must pass through […]
How To Pick an Executor
An executor is responsible for ensuring your assets are distributed according to your wishes — a responsibility that introduces an element of legal and financial exposure. So choosing an executor is a serious decision. The person you select should have strong skills in at least some, if not all, of the following. Qualities to […]
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