Lewis established an irrevocable trust, in which he named ‘his son’s spouse’ as a beneficiary. At the time Clark, the son, was married to Vivian.
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.
Many people are under the impression that since they have a trust, they don’t need to do anything else. That’s not true. The trust you created years ago may not be appropriate for you now.
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.
While no one wants to think about his or her own death, planning for the inevitable is an important part of protecting your assets and those you love.
One important aspect of estate planning is deciding what will happen to your home after you die. The answer might be fairly cut and dry if the home is fully paid for. If it’s not, though, you’ll need to consider the financial ramifications for your estate and for the person who inherits the home.
If you have not already been inundated with invitations to webinars, articles and newsletters regarding the estate planning you should consider doing before new legislation passes, you undoubtedly will receive these over the next few months.
If you do not learn from your mistakes, you are doomed to repeat them. In Estate Planning, if you do not learn from other’s mistakes, you are likely to repeat them.
It can be scary, to not trust your own mind. That is the betrayal sufferers of dementia feel every day—and there are many of them. “Of those at least 65 years of age, there” are “projected to be nearly 14 million by 2060,” says the CDC.
Inherited assets come with benefits, along with some burdens