You should understand the taxation factors when you are planning your estate and let your family know what they can expect. We are going to look at the capital gains tax as it applies to inheritances here, and we will go on to provide a broader overview. Step-Up in Basis If you are in possession … [Read more...] about Will My Heirs Pay Capital Gains Taxes?
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Don’t Look Past These Estate Planning Details
A lot of people assume that they can put their estate planning responsibilities behind them if they take the time to draw up a simple will. This is certainly better than nothing, but there are some other details that should be taken into consideration, and we will look at a few of them … [Read more...] about Don’t Look Past These Estate Planning Details
DIY Estate Planning Can Cause Family Feuds
You may see advertisements for websites that sell do-it-yourself legal documents. They contend that you simply fill in the blanks and you can plan your estate for yourself without any legal assistance. There is a difference between the words “can” and “should.” Yes, you can use a boilerplate … [Read more...] about DIY Estate Planning Can Cause Family Feuds
Why Avoid Probate?
You may hear that a will has to go through probate, and it is natural to assume that this is a simple process that is no big deal. A court rubber stamps the matter shortly after the death of the testator, and the assets are distributed to the people that are named in the will as heirs. This is a … [Read more...] about Why Avoid Probate?
What Is Probate and Why Do People Avoid It?
Probate is the legal process of estate administration, and it is necessary if you use a will to transfer personally held assets. If you do not have any estate planning documents at all, the probate court would preside over the estate administration process. There are some exceptions to this rule … [Read more...] about What Is Probate and Why Do People Avoid It?
An Overview of the Federal Gift Tax
If there is a gift tax, is everyone breaking the law when they receive holiday and birthday gifts without reporting them to the Internal Revenue Service? Technically speaking, gifts are subject to taxation, but you need some background information to understand the situation. Federal Estate … [Read more...] about An Overview of the Federal Gift Tax
