Federal estate taxes were created in 1916, taxing estates valued at over $5 million. This amount changed to $50 million in 1932. In 1940, it dropped to $10 million, then $5, then $3. In 2002-2007 estates worth more than $2 million paid the tax.
There are certain provisions that people often forget to put in a will or estate plan that can have a big impact on a family.
How this is handled now depends on the plans the deceased made when they were alive. For some people, that might mean probate.
Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
Larry King’s widow Shawn has dragged her sister Shannon into her $100 million lawsuit accusing her ex-business managers of conspiring with the late TV legend’s son and transferring millions to third parties without her consent, RadarOnline.com has learned.
A study by the financial services research firm reveals just how big a problem family secrets can be, as reported in Financial Advisor’s recent article “Family Wealth Transfers Undermined by Secrecy.” Most asset holders plan to share their wishes and intentions with family members before they die. However, the research reveals only about half actually do.
President Joe Biden is proposing a series of tax increases on investors and top-earning Americans in his annual budget request to Congress.
In certain instances, particularly when there is no Will, the system ensures that all accounts and property are distributed in accordance with state law.
Memorabilia collections, by their nature, are specialized and unique. When considering your estate planning, it’s important to think about what you require of your beneficiaries — if you’re not planning on selling your collection — and how you can make that process as easy as possible for your family. What will your spouse or children have to deal with as they dispose of the items?
Everyone needs to worry about estate planning. That planning doesn’t only pertain to what happens when you die but what could happen if you end up incapacitated.
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