While you’re alive and have philanthropic goals, give appreciated assets held in a taxable account to charity. For charitable bequests, designate your IRA or tax-deferred employer retirement plan. Why? Suppose a hypothetical Al Cole wants to give $10,000 to charity this year.
Read More »What to Do to Reduce Estate Taxes
If you plan on leaving a sizable amount of money to your heirs, it’s understandable to be concerned about estate taxes. After all, the top Federal estate tax rate of 40% could take a nasty bite out of a multi-million dollar estate, and that’s not including any state taxes that may apply. With that in […]
Read More »Special Needs Trust Fairness Act Passes in Senate
People with special needs have won an important victory in the Senate where the Special Needs Trust Fairness Act passed unanimously. However, the fight is not over. For people with disabilities, special needs trusts are often a vital way to protect assets and ensure that they have the resources needed to meet their expenses. […]
Read More »Gift Giving and What to Do About IRS Form 709
Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you have to follow the gift-tax rules. Fortunately, those rules don’t require you to file a gift tax return every single time someone celebrates a birthday or other special event, but it’s important […]
Read More »Want to Spare Your Kids From a Family Fortune?
From shirtsleeves to shirtsleeves in three generations, goes the early 20th-century American proverb. Then there’s the 19th-century British version: Clogs to clogs in three generations. And from Italy, date uncertain: From the stable to the stars and back again.
Read More »Estate Planning for Your Works of Art
Art investors are nearly always advised not to invest in art at all, but to collect it. Buy what you like, the conventional wisdom goes, not what you expect to increase in value. But collectors still must contemplate financial matters, especially related to inheritance, advisers say. It’s essential for them to consider what will happen to […]
Read More »Homeless Man Claims His Inheritance Is Being Wrongfully Held From Him
A homeless man in New York City claims that he was left an inheritance of $100,000 that the executor of the estate has refused to give him for three years.
Read More »Estate Planning Attorney Pleads Guilty to Fraud and Other Charges
A Wisconsin estate planning attorney who faced 33 federal charges stemming from fraudulent activity and stealing her wealthy clients’ money has reached a deal and will plead guilty to five of the charges.
Read More »The Executor’s Cheat Sheet
One of the most important things someone can do to best ensure their estate is handled without a hitch is to appoint the right person as the estate’s executor, sometimes called a representative. So what do you need to do if you’ve been appointed an executor of someone’s estate? Being selected as an executor is […]
Read More »Managing the Digital Assets of the Deceased
According to a 2007 study conducted by Microsoft, the average web user has 25 online accounts ranging from social network accounts to banking and financial accounts. In America alone, nearly 72% of American adults have an online presence or use social media sites. These accounts are a part of the web that links almost everyone […]
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