Sometimes adults cannot handle their own affairs due to incapacity. You can prepare for this possibility in advance by naming a representative in the appropriate incapacity planning document. If you do not take this action, a guardianship or conservatorship proceeding could be initiated in the event of your incapacity. Guardianship & Conservatorship The way that these terms are used will vary depending on the jurisdiction in question. In some places a guardian is appointed by the court …
Powerball Provides Estate Tax Insight
The federal estate tax is applicable after you utilize the entirety of your $5.25 million unified gift/estate tax exclusion. Yes, the gifts that you give throughout your life are taxable as well. There is a $14,000 per person annual gift tax exclusion that exists outside of this unified exclusion. Once you give this much to one person in a given year you start using up your unified lifetime exclusion if you give more. Imagine winning a Powerball lottery prize. In May there was a …
Buss Estate Plan Enables Children to Run Lakers
Buss estate plan was put together to allow the children of Jerry Buss to retain control over the team. Jerry Buss planned for the eventuality of his own passing and thus, his legacy and family were both protected. He planned ahead and his children benefitted from his forethought and pre-planning. The six children of the recently deceased Los Angeles Lakers owner Jerry Buss are going to retain control of the team according to reports. The highly successful owner wanted to keep the franchise in …
Things a Last Will Can and Can’t Accomplish
Some people think about estate planning and say, "Oh, that's when you draw up your last will." In fact, a properly crafted estate plan could include other legal devices. First let's look at some things that a will can accomplish. Asset Transfers You can indeed arrange for the future transfer of your financial assets to your heirs through the execution of a last will. You name an executor or executrix to administer the estate, and he or she conducts the business of the estate after your …
How Is My Property Transferred If I Die Intestate in Smithtown New York?
Estate planning is important for everyone. Things don't just take care of themselves after you die. If you die without an estate plan in Smithtown New York, you will have died intestate. You may not be very happy with the way that your property is distributed if you do in fact die intestate in Smithtown New York. Intestacy Succession If you don't leave behind a last will or any other type of estate planning document to arrange for the transfer of your assets the condition of intestacy will …
Estate Tax Exclusion Increased for 2014
Back in 2010 the estate tax was repealed for one year due to provisions contained within the Bush era tax cuts. During that calendar year there was a great deal of debate about the future of the estate tax. If no changes were made to existing laws, when the tax cuts expired at the end of 2010 the estate tax would have returned in 2011. There would have been a $1 million estate tax credit or exclusion and a 55% maximum rate. After negotiations on Capitol Hill a new tax relief measure was …
Estate Taxes Consume Significant Portion of Koch Estate
When you read about the estate situations that many families face it can really open your eyes with regard to the impact of the federal estate tax. This is a death levy that carries a 40% maximum rate, and the exclusion is $5.25 million this year. If you don't have more than $5.25 million in assets you may find it hard to empathize. But what if you were fortunate enough to have say $10 million to pass along to your loved ones? Would you feel as though it was fair for the tax man to take 40% …
Life Estate Can Be Part of the Plan
There are various different legal instruments that can be used when you're planning your estate, and one of them is called a life estate. We would like to parenthetically point out the fact that there are websites out there that sell do-it-yourself last wills. Many people will buy into the idea that they can download one of these worksheets and their estate planning efforts have been completed. In fact, there are a number of things you should take into consideration before making this …
Three FAQs About Estate Planning
People have a lot of questions about estate planning, and we understand that. As a response we have assembled a library of free reports that you can access through our website. We pass along a steady stream of information on this blog, and we also offer free estate planning seminars. We encourage you to attend one of our seminars, and please feel free to download any of our free reports that you may be interested in. In this post we would like to answer three frequently asked questions …
Doors Keyboardist Manzarek Crafted Strong Legacy
Whether you know it or not you are crafting some type of legacy as you are living your life. People are invariably remembered for the things that they have done, and this is something to keep in mind. You can think about your legacy every step of the way, but admittedly younger adults are generally caught up in day-to-day affairs. However, when you're planning your estate and the eventualities of aging are upon you the concept of legacy planning may seem quite a bit more relevant. The …
QDT Provides for a Foreign Spouse
There are many acronyms that are used in estate planning to represent certain legal devices. One of these is the QDT, which stands for a qualified domestic trust. To understand why a QDT may be useful you should know a bit about the federal estate tax. After the enactment of the American Taxpayer Relief Act of 2012 parameters were put into place that are said to be permanent in that they have no particular expiration date. This does not mean that subsequent legislation could not change things, …
Inheritance Disputes Come to Reality TV
An inheritance dispute can wreak havoc with a family, especially if there is a lot of money involved. This is something to think about when you're planning your estate. If you are like most people you would like to think that your family members would be able to pull together and support one another after you are gone. It would certainly be disconcerting to think that the opposite dynamic would coalesce after your passing. The best way to avoid acrimony among family members is to discuss …
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