If you plan to pass your business to your offspring, there is more to keep in mind when creating your succession plan than your descendants—there are also their spouses—especially if they become ex-spouses.
Per stirpes in a will means that a deceased’s child’s share will pass to the deceased’s child’s children in equal shares, if any.
The For the 99.5% Act reduces the estate tax exemption to $3.5 million per individual and $7 million per couple. The bill adds higher tax brackets for larger estates.
A will is a legal document, governed by the laws of each state, written to guarantee that your possessions will be left upon your death to the people or organizations you specify.
Qualified Charitable Distributions, which allow Individual Retirement Account holders in their 70s and older to divert some of their federally taxable required distributions to charity while reducing their federally taxable income, are back after a 2020 hiatus.
What are the advantages of putting assets into a trust?
While the tasks of dealing with an estate after someone passes may be simple administration, the work associated with it is often quite complicated.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
Aging parents grow stubborn, and researchers are uncovering the reasons why.
Looking for an extra incentive to spend some quality time with your grandchildren? Try telling their parents that it could extend your life.
3000 County Road 42 W. Suite 310
Burnsville, MN 55337
