Deferring, minimizing, or avoiding estate taxes altogether is often an important estate planning goal for married couples. However, uncertainty surrounding what the estate tax laws and the value of their accounts and property will be at the first spouse’s death can leave a couple feeling that they need a crystal ball to make the right decisions. […]
A number of married couples think about their accounts and property as “yours, mine, and ours,” especially if either or both spouses have gotten or will be getting remarried, married late in life, or have brought or will be bringing significant amounts of money and property into the marriage. Deciding what should happen to all of […]
As a single individual, you may feel overwhelmed about estate planning. If you don’t have many assets, you may wonder if an estate plan is even worth it. Yet, for single people, estate planning matters very much, since there is more than just probating your estate. Questions of who can act on your behalf when you […]
“Basis” is a term used frequently in tax law. But for many, the term is unfamiliar and intimidating—perhaps something they feel is better left to a certified public accountant to worry about. Nevertheless, a basic understanding of the concept can be very helpful for understanding important estate planning strategies used by your attorney and financial or […]
The chances of a married couple dying simultaneously in a common accident or within a very short time of one another are probably quite slim. However, it does sadly happen. And it happens frequently enough that most states have laws to address the issue and the problems that can arise from simultaneous deaths. What are these […]
In honor of the recent Teacher Appreciation Week (the first week of May), we are taking this opportunity to say a bit “thank you” our teachers for their time and dedication to teaching the future generation. Teacher, you provide the foundational knowledge necessary to ensure the success of tomorrow’s leaders. We are here to make sure […]
It’s a constant, death and taxes. And even death doesn’t stop the tax man. As part of wrapping up your estate, your executor must file a final income tax return with the IRS. This tax return is for the portion of the last year you were alive. For Whom Must an Estate Tax Return Be Filed? […]
Although spouses receive special treatment when inheriting a retirement account such as an IRA (the ability to roll over the account into a personal retirement account and to stretch the distributions over their lifetime), the retirement account you leave for your spouse can still be seized in a divorce, a lawsuit, or a bankruptcy proceeding. It […]
