Probate is the legal process of estate administration. If you arrange for the distribution of your personally owned property through the terms of a last will, the probate court would provide supervision. Creditors are given an opportunity to come forward seeking satisfaction during probate, and interested parties would have the opportunity to challenge the validity of the will. This process serves a purpose, but it is not necessarily positive for the rightful heirs to an estate. In Vermont, … [Read more...]
You Need More Than One Will
A lot people that have not looked into the subject very deeply assume that the process of estate planning equates to nothing more or less than the creation of a last will. This is the most commonly used estate planning document, but there are many other legal devices that can be part of an estate plan. In fact, a last will is really not the best choice in many instances. Plus, it is important to understand the fact that there are different types of wills. If you use a last will as your … [Read more...]
Turning the Page on 2018 and Looking Forward to 2019
As we turn the page and bid farewell to 2018, we look forward to 2019. This article summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more. Turning the Page on 2018 and Looking Forward to 2019 … [Read more...]
New Estate Tax Exclusions for 2019
Many people are pleasantly surprised when they learn that, for the most part, inheritances are not subject to taxation. You do not have to claim an inheritance on your personal income tax return, and if you inherit appreciated assets, you get a step up in basis. This means that you do not have to pay capital gains taxes on gains that accumulated during the life of the decedent. That’s the bright side, but in addition to income taxes, there are other forms of taxation that can enter the … [Read more...]
Veterans Aid and Attendance Special Pension Can Ease the Burden
Before we explain the Veterans Aid and Attendance special pension, we should look at some statistics that are quite relevant. When you have been able to handle all of your own activities of daily living throughout your life, it can be hard to imagine a time when you will have significant limitations. Unfortunately, nearly 3 out of every four senior citizens will someday need living assistance. Of course, it becomes more likely as you reach your mid-70s and 80s. Some people can get all the … [Read more...]
Why Are Living Trusts Utilized?
When you work with an estate planning lawyer to devise your inheritance plan, you have access to knowledge that you would not have at your disposal if you were to go it alone. Your attorney will explain all of your options to you in detail, and at the end of the day, you can make very important decisions in a fully informed manner. With this in mind, we will look at the value of revocable living trusts in this post. Last Wills vs. Living Trusts One of the most common misconceptions that people … [Read more...]
2019 Estate Tax Change Can Affect Albany Residents
If you have been successful from a financial standpoint, you are in a favorable position when you are crafting your legacy. On the other side of the ledger, you have to address looming forms of asset erosion. There are death taxes that can take a toll on your family, and they can be considerable. Why do we use the term “taxes” in the plural? There is a federal estate tax that can impact people all over the country. At the time of this writing, it carries a whopping 40 percent maximum … [Read more...]
Giving Back
Giving back provides many benefits, whether in life or at death. The article explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover. Giving Back … [Read more...]
DIY Estate Planning Is Risky Business
Many people like to take on do-it-yourself projects to save money, and they can also be a hobby of sorts. Without question, there’s a lot of useful information on the Internet, and there are YouTube videos that provide step-by-step instructions in many cases. There is nothing wrong with adopting a “can-do” attitude in a general sense, but you have to know where to draw the line. This definitely enters the picture when it comes to estate planning documents like last wills. There are websites … [Read more...]
Top Five Estate Planning Tips
If you find yourself reading this blog post, you must be looking for some information about estate planning. You are definitely in the right place, because we have literally hundreds of posts that you can check out to build on your knowledge. There are also additional resources available on this website. But for now, you would do well to stay right here. In this piece, we are going to provide five estate planning tips that will make you aware of some facets of the process that can fly under … [Read more...]
- 1
- 2
- 3
- …
- 55
- Next Page »
