President Biden’s proposal to eliminate the step-up for calculating inheritance taxes targets a tactic that has long been a wealth-preservation tool. What are some of the ramifications of the proposal and what, after political wrangling, could be the tax implications for large inherited assets?
College savings accounts, known as the 529 Plan, can be confusing. Parents know that they have tax incentives. However, what exactly are those benefits? Which investment options make the most sense? Which costs are covered, and which aren’t? Many parents don’t care if they have so many questions. Here are answers to frequently asked questions about the 529 plan to help get rid of some of the fog.
My house is in my name and my son’s name. What happens if I need to go into a nursing home?
First, before making a gift or bequest outright to your youngest son, consider whether now or in the future he will possibly be eligible for governmental assistance based on his disability and his own assets.
Talking about death is not the most fun thing to do, especially when yours is the main topic. For this reason, you may postpone writing your will. You still have to write your will, if you want particular people to be in charge of your belongings after you pass away.
For some Medicare beneficiaries, health-care coverage ends up costing more than it does for most of their peers — and it’s not by choice.
I know of someone who was joint account holder with his dad for many years, then later his dad then appointed him as power of attorney. How does that work? Is the son still a joint account holder?
It may seem like a grim way to spend your free time, but planning your estate when you are young can actually give you the peace of mind you will need to enjoy your golden years in the future.
The Wealth Advisor’s recent article entitled “Beware of These Common Estate Planning Scams” advises you to avoid these common estate planning scams. Cold Calls Offering to Prepare Estate Plans. Scammers call and email purporting to be long lost relatives who’ve had their wallets stolen and are stranded in a foreign country. Seniors fall prey to…
My sister passed away. Her only possession was her home, which still has a mortgage and she left it to my son and daughter, her niece and nephew. What inheritance tax will there be?