While you may not have federal estate and gift tax issues looming in your future, you may have other concerns you want to address to protect assets and provide for your family and others.
An inheritance often is seen as a financial windfall. However, there are times when people may want to consider saying thanks, but no thanks.
Without proper planning, the high costs of nursing home care can quickly deplete your parents’ savings, leaving them financially vulnerable.
The closer we get to 2025, the more complicated estate planning gets for people who have an amount between where the limits are now and where the limits might be in 2026.
A not uncommon estate planning scenario is an elderly parent who lives with an adult child, either at the parent(s)’s home or at the child’s home.
Failing to properly plan for disability, death, or the ultimate transition of a family business can lead to disastrous financial consequences for both the business and the family.
In early 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as a decade ago. With so much potential generational wealth on the line, there is always a risk that it will become the subject of a dispute.
The law sometimes appears to contradict itself. Specifically, the words ‘anything and everything’ do not always legally mean ‘anything and everything’.
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?
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.