Category: Estate Planning
In general, the concept of testamentary freedom makes a person free to dispose of their property as they see fit when they die. However some decisions may be held to be against public policy and that freedom may be limited. Here are some of the key controversial estate planning decisions that may garner limitations and […]
Every decision you make, whether personal, financial, or legal, should be designed to maximize your control over your decisions – and your assets. Don’t give up control; you will never be glad you did. One part of estate planning is determining who will control your assets when you are gone. But what about when you […]
I have four sisters and brothers, and three have taken out loans against their share of any inheritance — significant loans, like in the $75,000 range. Dad has been tracking these loans and has provided in his will a formula for adjusting the split accordingly. However, he recently decided that these loans are to be […]
It’s a high-stakes multi-million-dollar sibling rivalry that reads like a Hollywood movie script and is playing out in a federal courtroom in Covington. And an end to the nearly 20-year drama may be just six months away, as a judge set a trial date for early May 2015 in the case that pits brothers against […]
My father-in-law left land to my mother-in-law, stating that it goes to the kids. A conflict has erupted. Now she wants to sell it so the kids will quit fighting. My mother-in-law is saying she wants the checks made to the kids separately. Would it be better tax-wise for her to just sell it and […]
Disinheriting a child can be a difficult choice for parents. However, if this is the intended choice, there are do’s and don’ts when disinheriting. Are you thinking about disinheriting an heir from your estate? Make sure you know what you are doing before tackling this sensitive subject. Although it is always a painful decision, some parents […]
My husband and I have decided we would want our kids to go to my brother and his family, who live in another city, a 10-hour drive away. We think my brother and his wife would raise them more how we would want them to be raised, especially when it comes to the big decisions. […]
These days, ethical wills are nonbinding documents that are increasingly seen as important legacy-building ingredients, say experts, because they can convey a person’s deep inner values and beliefs, even helping soothe ruffled feathers when dispensing family assets. If you want to pass down more than just your assets, you may want to consider an “ethical […]
In the past, most people didn’t have to worry about state estate taxes. Federal law provided an estate tax credit that reduced the federal tax bill by the amount paid in state estate taxes. In 2005, though, the credit was repealed, leaving big gaps between federal and state estate tax thresholds in the states that […]
As many estate planners anticipated, the Internal Revenue Service has raised the limit on tax-free transfers during life or at death. Starting in 2015 that amount, known as the basic exclusion, will go up to $5.43 million per person, from $5.34 million this year. In the spirit of year-end planning, there will be a change in […]
