What are My Responsibilities if I’m Named an Executor?
If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility. While you have the option of declining the request, the person reaching out likely considers you to be responsible and detail oriented. An executor of an estate typically helps file paperwork, close accounts and distribute the assets of the deceased.
Can You Get a Tax Deduction for Giving a Gift?
In terms of federal tax law changes, the last year had much ado but little change.
What Can Trusts Do for Me and My Family?
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
Why Is Estate Planning Review Important?
Your estate planning is done, but is it? A periodic review is an important ongoing step to your planning.
What Happens to Parents’ Debt when They Die?
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
How to File Tax Return When Mom Passes Away
No one likes doing taxes, but the task is even more daunting when filing a return for someone who has died.
Does a Beneficiary Designation Overrule a Will?
Non-probate assets are those assets which do not go into an estate when the owner dies.
What Is Considered an Asset in an Estate?
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues or probate concerns.
What are Biggest Blunders in Wealth Transfer?
We are approaching the biggest wealth transfer ever, as Baby Boomers prepare to hand off their life savings to their heirs. However, will their heirs actually get the full amount of the wealth intended for them…or will a large amount be lost to unnecessary taxes?
Do I Need More than a Will?
You should be aware of what a will can’t or shouldn’t do.
