What Is the Meaning of Step-Up in Basis?
Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
What Is a Life Estate?
A life estate is a type of property ownership or tenancy that grants an individual the right to use and enjoy a property for the remainder or their life. It gives an ownership interest to someone else.
How to Talk to Parents about Estate Planning
With nearly 90% of caregivers providing care to a family member, and the holidays rapidly approaching, it is an opportune time to check in with both aging family members, as well as those performing caregiving duties.
Is Surviving Spouse Automatically Your Beneficiary?
If the surviving spouse is a second or subsequent spouse and did not have any children with the decedent, the surviving spouse takes even less.
Don’t Delay Advance Directives
Some people think that, because their assets are jointly owned with a spouse or are in a trust, they do not need a Power of Attorney, or that if they become incapacitated, their spouse automatically has the authority to make medical decisions on their behalf.
Get These Estate and Tax Items Done Before It’s too Late
What estate planners need to accomplish for their clients before Tax Day, as well as the regulatory changes they need to be aware of while preparing for the big day.
How Trusts Help with Asset Protection
The idea of asset protection for the purposes of protecting against long-term care costs is becoming both more sought-after and more necessary.
What Did Kirstie Alley Do for Estate Planning?
Kirstie Alley enjoyed the fruits of her labor following a successful career in the limelight, leaving behind a $40 million fortune and massive real estate portfolio.
Some Assets Better Left Outside of Will
That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws.
How Should I Handle Memorabilia in My Estate Planning?
Memorabilia collections, by their nature, are specialized and unique. When considering your estate planning, it’s important to think about what you require of your beneficiaries — if you’re not planning on selling your collection — and how you can make that process as easy as possible for your family. What will your spouse or children have to deal with as they dispose of the items?
