After a loved one dies, their money and property that goes through probate must be distributed to the people legally entitled to it, either according to a last will and testament (also called a will) or the state’s default distribution scheme (found in its intestacy statute). While most people want the settlement process done as soon […]
Lifetime gifts are a popular way to reduce estate and inheritance taxes. Here in 2023, only estates worth $12.92 million or more are subject to the federal estate tax. Twelve states and the District of Columbia levy an additional estate or inheritance tax. To lower their taxable estate at death, an individual may consider giving gifts to […]
As the name suggests, ABC’s TV show Modern Family depicts the relationships and experiences between a fictional extended family. Throughout the course of the series, the show addresses many issues that families deal with each day. For a close-knit family, such as this fictional one, estate planning is crucial to ensure that everyone is protected when […]
Owning your own business or investment portfolio can be incredibly rewarding. However, to preserve the fruits of your labor and dedication, you must do everything you can to protect it. Whether you seek to protect yourself, your investments, and your family from taxes, creditors, or probate, a family limited partnership (FLP) is a strategy worth considering. […]
Cohabitation without marriage is becoming more common in the United States. Among eighteen- to forty-four-year-olds, the percentage of adults who have lived with an unmarried partner at some point is now higher than the percentage of adults who have been married. When you live with a romantic partner, it may feel as though you share everything. […]
No one wants to pay more taxes than they have to. To carry out this objective, many people search for the perfect estate planning tool that will allow them to control as much of their money and property as possible while reducing the amount they or their loved ones will have to pay the government. If […]
One of the many challenges of owning a small business is determining the appropriate tax classification of the business. When an individual owns a business entity that is classified either entirely or partially as an S Corporation, it is important to seek the guidance of an experienced estate planning attorney and tax advisor for planning how […]
There are many software programs, as well as websites, that sell do-it-yourself estate planning documents. These websites and form tools seem to offer a convenient and cost-effective alternative to working with an estate planning attorney. But do they really meet your needs and protect your family? Is online, do-it-yourself estate planning worth the perceived upfront savings? […]
