Estate Planning

The federal estate tax exclusion is the amount that you can pass along to your heirs free of taxation. In addition to the estate tax, we also have a federal gift tax. This tax exists to prevent people from giving lifetime gifts to avoid the estate tax. The exclusion is a unified exclusion that covers lifetime gift giving along with the estate that you are passing on to your heirs. There is an unlimited marital transfer tax deduction. You can transfer unlimited assets to your spouse either …

Our practice is dedicated to estate planning and elder law. We assist people who want to facilitate effective postmortem asset transfers, and we also help people who are concerned about the eventualities of aging. Incapacity is one of the contingencies that you may face as an elder, and durable powers of attorney are used to prepare for this possibility. Most people are aware of the fact that a power of attorney is a legal document that can be used to name someone to act on your behalf in a …

Some people think that trusts are only used by people who have very complicated and valuable portfolios. Indeed, there are trusts that are used by people who have estate tax efficiency and asset protection concerns. However, there are trusts that are used for other purposes. The revocable living trust is one of them. Revocable living trusts can be useful for a wide range of people, even those who are not especially wealthy. If you have assets that you want to pass along to your loved ones in a …

The matter of taxation is something that is naturally going to come to mind when you are planning your estate. There are various different taxes that can enter the picture, but we will focus on capital gains taxation in this post. Taxes on Gains When you purchase assets that can appreciate, the gains are potentially taxable. For tax purposes, the gains are divided into two categories: long-term capital gains, and short-term capital gains. These two types of gains are taxed at different …

The legal device known as the revocable living trust can provide many different estate planning advantages. In this post we will provide an explanation so that you understand why you may want to consider the creation of a living trust. Incapacity Planning Many people become incapacitated late in their lives. Alzheimer's disease is a leading cause of incapacity, but it is not the only cause. Once you reach your eighties, you may well become unable to make sound decisions on your own. If …

There are many different legal devices used in the field of estate planning. The most common estate planning tool is the last will or last will and testament. In the past, the will was used to transfer real property, and the testament was used to transfer personal property. During the current era, a last will is typically used to transfer both types of property. A last will can be a suitable choice for some people, but there are other vehicles of asset transfer that you should take into …

If you did not have a last will or any other estate planning documents expressing your wishes regarding asset transfers, what would happen to your property? This is a good question, and the answer is a multifaceted one. Basically, it all depends on the circumstances. Property that is in your direct, sole personal possession at the time of your death would be subject to the probate process. The condition that results from a total lack of planning is called intestacy. The probate court would …

We would like to draw your attention to the fact that the week of October 20th through the 26th is National Estate Planning Awareness Week. This week is very important, because most people in the United States are unprepared for something that is definitely going to happen. There are various different reasons why so many individuals are unprepared. A lack of understanding is one of the primary causes. Too many people simply don't understand why estate planning is important, and this is why …