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.

What If an Estate Owes Back Taxes?

My mother passed, and she was an administrator of my grandfather’s estate and the inheritances. The estate accumulated quite a bit of back taxes over the years. Will the IRS put a lien on that estate as well as hers to retrieve funds?

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.

Will Moving to a New State Impact My Estate Planning?

However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.

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 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.

How Can I Pass Wealth to My Children and Grandchildren?

Inherited assets come with benefits, along with some burdens

What Should Small Business Owners Know about Estate Planning?

Small business owners have their hands overflowing with issues, and they devote most of their time to matters related to the smooth running of the business. Having no time to think about other matters, they do not bother about estate planning for them.