Year: 2015
With millions of Americans woefully unprepared financially for retirement, many have come up with a workaround for not putting away a big enough nest egg. They plan on inheriting enough to pay the bills when they stop working. But what if the older generations don’t leave inheritances behind? Uh-oh. A recent retirement survey included 1,000 […]
If you do not have a will the state will provide one for you. And if you are married with young children and both parents die who becomes the children’s guardian will be up to the state’s court system. No will? No problem – the state will provide one for you. But how likely is […]
For those who are fortunate to enjoy their retirement and have enough money to leave behind, they might be wondering whether it is best to leave an inheritance or gift their assets? Although the percentage of taxes owed on gifts and inheritance is the same, one is inclusive and one is exclusive, and the dollar […]
Liberal comedian Bill Maher made an out-of-this-world comparison to poke a hole in the Republican argument that the estate tax threatens the livelihoods of “family farmers.” “More astronauts have been to the moon than farmers who paid the inheritance tax in 2013.” Bill Maher declared that more Americans have walked on the moon than farmers […]
Regardless of your state’s laws regarding same-sex marriage, same sex couples can and should start protecting themselves and their future with vital estate and financial planning. Legalizing same-sex marriage within state laws gives same sex couples equal inheritance rights in those states. However, if a state has not legalized same-sex marriage it is important for […]
Minnesota lawmakers are considering a big reduction in the amount of taxes owed when wealthy people die. In their $2 billion package of tax cuts, Republicans who control the Minnesota House would more than double the amount of money Minnesotans would have to amass before their estates are subject to taxes. The Waseca County News […]
If you don’t have a will, you’re not alone. You’re actually in the company of the majority of adult Americans and some decidedly wealthy deceased celebrities — a Supreme Court Justice, a rock star and even a princess among them. But your “last words” on your death bed won’t be the final say on your […]
Probate courts generate plenty of stories about bad guardians, people appointed by a court to look after a ward’s well-being or finances when they are too young or otherwise unable to take care of themselves. Then there’s Betty J. Coleman. Prosecutors say she lied about her criminal past to be named guardian of her granddaughter’s […]
Failing to take action or making the wrong moves can be costly for you and your heirs. Here are six blunders experts told us they see most often, and what to do instead. Estate planning experts have noticed some trends over the years when it comes to making mistakes in one’s estate plan. Some mistakes […]
The U.S. House of Representatives this week passed a bill to provide gift tax certainty to individuals who make gifts to 501(c)(4) social welfare organizations, 501(c)(5) labor unions, and 501(c)(6) trade associations. In a related move, the House also passed a bill to repeal the federal estate tax (H.R. 1105, the “Death Tax Repeal Act”). […]
