While estate planning can be emotionally taxing, since you must consider a time after your own passing, it is important to be proactive, both for yourself and for loved ones.
Whether you own a cabin in the woods or a mansion at the beach, creating an estate plan will determine the best way to distribute a home to your children.
What happens if you are named an heir in an estate but you don’t want it? Does it go the person’s children if you reject the inheritance?
Estate planning is making decisions today for what you want to happen in the future.
The retirement law has set an earnings limit of 80 percent in order for you to continue your disability retirement.
One reason for having a will is to make sure your wishes are carried out. If you die “intestate” (without a will), your assets will be distributed by state law, not by your desires.
If you’re merely dipping your toe in cryptocurrency, it can be hard to imagine your crypto as something worth talking to an estate attorney about. But that $100 in fun money could grow to a significant percentage of your total investments, sometimes overnight.
Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in unless an estate exceeds $11.7 million.
An online form or a DIY will kit may be a more cost-effective option. However, hiring a lawyer could save you money in the future.
Estate planning is perhaps the area of tax practice where one must consider the whole.