Thanks to today’s favorable federal gift and estate tax rules, most people haven’t amassed enough wealth to worry about federal estate taxes. However, even if you haven’t had the good fortune to win the lotto or inherit millions from a wealthy relative, you still need an estate plan to protect your assets and your loved ones.
Today, almost everyone owns some sort of digital asset – and some of these assets can be quite valuable. But if your estate plan doesn’t account for digital assets property, your heirs may not be able to access them. So, factoring these intangibles into your estate plan is essential. What Are Digital Assets? Financial transactions are
Estate planning isn’t just for the rich and famous. For example, you may have family heirlooms (such as jewelry or artwork) or real property that has sentimental value to certain family members. Wills and trusts can help ensure that your estate is divvied up fairly after your passing. But you won’t be around to explain
For 2022, the federal estate tax exemption is $12.06 million (effectively $24.12 million for a married couple). With such a generous exemption, you might assume that you don’t need to worry about the federal estate tax if you die. Plus, after taking a beating in the stock market this year, the assets in your estate may
If you’re an executor or personal representative of an estate – or even an heir – eventually you want closure on the estate. Sometimes, estate proceedings continue to be open for years with no end in sight. There are certain steps that must be taken to close the estate. This article describes the general procedures. The
An inherent problem with wills and other estate planning documents such as trusts is that, when the time comes to put them into action, you won’t be around to explain or interpret them. Fortunately, there are strategies you can use during your lifetime to minimize the risk of a fight over your estate after your death.
When planning their estates, most people focus on major assets, such as business interests, real estate, investments, and retirement plans. But it’s also important to “sweat the small stuff” – tangible personal property. Examples include automobiles, jewelry, clothing, antiques, furniture, artwork, photographs, music collections, personal papers, collectibles (such as stamps, coins, or baseball cards), and mementos.
When drafting a will, you need to decide who’ll be the executor or personal representative handling your estate when you die. Individuals who serve in these roles are fiduciaries with a duty to properly administer your estate. When selecting an executor or personal representative, many people gravitate toward individuals they feel should handle the task –
Sometimes people attempt to make an estate plan without consulting legal and financial professionals. Mostly this is because they may have a general understanding of estate planning and believe they can do it themselves without paying for professional services. This may be valid to a point, but it often fails because of the detailed knowledge it
If you’re a business owner and a high-net-worth individual, you may want to gather your family members together to discuss the details of your estate plan. This can be especially important if you own a business that employes family members. These meetings are a little like the Scottish clan gatherings held hundreds of years ago