Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
Your DIY estate plan might miss important details.
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?
Elder Law is made up of three major categories, which can be broken down further into deeper topics.
We all have heard about family conflict stories. Someday, someone with the capital dies, and there is a war among family members.
If you live in California, you likely know it is one of the highest-taxed states when it comes to income taxes. However, there is some good news for those worried about estate taxes. California is part of the 38 states that don’t impose their own estate tax.
I was told that unlike wills, a trust doesn’t require probate and is not taxable. My main asset is a house that I want to pass on to my son. Would a living trust help?
There’s much to plan for in life — college, your wedding, your first child, life insurance — and with more than enough to keep you busy, it’s easy to forget about your will. After all, no one wants to sit around and dwell on their death, but it is perhaps one of the most important decisions you will make in your life.
Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.
An Uncle (or grandparent, sibling, or parent) died, leaving his IRA to one named niece (or grandchild, sibling, or child). However, everyone, including the named beneficiary, agrees–the decedent should have named all members of the class as equal beneficiaries. After all, he left all his other assets equally to all the class members. He surely meant for all of them to share the IRA equally too, right? Can’t we just ignore this mistake and pay out the IRA to everybody?