One sure-fire way your clients can reduce the size of their taxable estate is to give gifts to loved ones while they’re still alive. But when are ‘deathbed gifts’ considered to be complete for estate and gift tax purposes?
A decade before his death, the billionaire owner of the Denver Broncos consulted with attorneys about the orderly handover of the team after his death. He crafted a carefully delineated trust that his hand-picked trustees would oversee.
Q: Is there a difference between a ‘living will’ and a ‘do not resuscitate’ order?
The pandemic has changed how many of us view our priorities. That includes whether to craft a will.
Wills often go through probate, which is the legal process for settling an estate. The rules are different for every state, so check with an attorney or your local county office to learn more.
Aretha Franklin’s long-standing $7.8 million debt to the Internal Revenue Service has been paid in full, her estate says in a new court filing.
The Setting Every Community Up for Retirement Enhancement (Secure) Act upended inherited IRAs for most non-spousal beneficiaries. The 10-year rule for withdrawing from inherited IRAs eliminated the ability to stretch inherited IRAs for these beneficiaries.
All couples can now take advantage of tax benefits for married partners, pass assets from one spouse to another with ease and qualify for Social Security spousal and survivor benefits. However, not all couples want to get married.
Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.
So why should you consider a more comprehensive plan than just leaving an out-of-state vacation home in your will?
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