Choosing the right Agent under a Power of Attorney is one of the most important choices. This article discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more. Selecting an Agent … [Read more...]
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful. Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...]
How Are Trusts Taxed?
Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more. How Are Trusts Taxed? … [Read more...]
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful. Grantor Trusts Provide Flexibility and Ease … [Read more...]
Are All Asset Transfers Subject to Probate?
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...]
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...]
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