Federal estate taxes have been a source of funding for the federal government almost since the U.S. was founded. In 1797, Congress instituted a system of federal stamps that were required on all wills offered for probate when property (land, homes) was transferred from one generation to the next. The revenue from these stamps was […]
Whether the economy is expanding or contracting, Americans tend to be consistent with charitable donations. In 2012, as the U.S. economy continued to stabilize, Americans gave an estimated $316.23 billion to charity. That’s almost $18 billion more than the previous year.1 Tip: Importance of Itemizing. Charitable contributions are deductible only if you itemize deductions on […]
Many people have heard they should avoid probate, but few understand what probate is and how the process works. What Is Probate? Probate is the legal process that wraps up a person’s legal and financial affairs after their death. During the probate process a person’s property is identified, cataloged, and appraised. In addition, probate makes […]
Only about 40% of adults in America have a will, which may not be entirely surprising.1 No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone. Tip: Let Them Know. Your will may be a good place to outline your funeral wishes. […]
Put It in a Letter American actor Lee Marvin once said, “As soon as people see my face on a movie screen, they knew two things: first, I’m not going to get the girl, and second, I’ll get a cheap funeral before the picture is over.”1 Most people don’t spend too much time thinking about […]
And the Executor Is In her will, American businesswoman Leona Helmsley left $12 million in a trust fund to her dog Trouble. Her executors were responsible for seeing that her wishes were carried out. In the year after her death, they also dealt with challenges from two disinherited grandchildren, oversaw scores of properties and hotels, […]
Thanks to healthier lifestyles and advances in modern medicine, there are more Americans over the age of 65 than there have ever been. The U.S. Census Bureau estimates that by 2030, more than 20 percent of U.S. residents will be aged 65 and over, compared with 13 percent in 2010 and 9.8 percent in 1970.¹ […]
The amount of federal estate tax typically is determined by the amount of assets within the estate and your relationship to the deceased. Spouses and Nonspouses Spouses typically may inherit an unlimited amount of assets free of federal estate taxes. Estates bequeathed to nonspouses, in contrast, may be subject to federal estate taxes and state […]
The baby boomers have re-defined everything they’ve touched, from music to marriage to parenting and more lately what “old” means—60 is the new 50! Longer, healthier living, however, can put greater stress on the sustainability of retirement assets.There is no easy answer to this challenge, but let’s begin by discussing one idea—a bucket approach to […]
LegalZoom reported that 75% of small-business owners have no formal succession plan.¹ While the number may shock, it doesn’t surprise since so many small business owners are consumed by the myriad responsibilities of running their businesses.Nevertheless, owners ignore succession planning at their peril, and possibly at the peril of their heirs. There a number of […]
