What are Digital Assets in a Will?
Most family members may not have a clue what we have floating out in cyberspace. Accessing or deleting accounts can be tricky for family members, if they don’t have your login credentials.
Who Should I Name as Trustee?
You created your revocable living trust to hold your assets. You did so because of the probate avoidance and other benefits. You may have included sophisticated tax-planning provisions in your trust.
Do I Have to Pay Off My Deceased Husband’s Debts?
Losing your spouse is a painful, confusing time, but add to that repeated calls from an aggressive debt collector and a bad situation suddenly can get even worse.
What Taxes Have to Be Paid When Someone Dies?
Tax obligations continue on despite the passing of a loved one, and in some cases, come about because of it. Tax deadlines pose a challenge for grieving families.
Why It’s Necessary to Have a Medical Power of Attorney?
Selecting medical powers of attorney is an important step that aging parents should take to ensure they get the care they wan,t if they are unable to advocate for themselves.
Can Elder Financial Abuse Be Stopped?
The financial exploitation of elderly people comes at a great cost: It costs victims as much as $36.5 billion each year, according to the National Council on Aging. It can also be more difficult to detect than physical abuse and neglect because it’s often done by family members, trusted friends and caregivers.
Estate Planning when So Much Is Uncertain
Taxpayers should, of course, carefully consider whether to engage in a lifetime gifting strategy, which has other considerations beyond just estate taxes (such as the tradeoff with the ‘step‑up’ in basis, and non-tax family related considerations).
Is Estate Tax Exemption Going to Change?
The new numbers mean that wealthy taxpayers can transfer more to their heirs tax free during life—or at death. A lot more.
Now is the Right Time to Approach Parents about Estate Planning
If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. However, because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off—and even more pleasing to avoid them altogether.
Do Gifts Count Toward Estate Taxes?
A recipient of a gift does not pay income taxes on the gift. However, the gift-giver may pay gift taxes, unless one of two exemptions applies.
