The impact on estate tax planning would be enormous if proposed legislation becomes law.
There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death’.
Life is messy sometimes. Divorce, bankruptcies and lawsuits happen. They can potentially wipe out the inheritance you’ve carefully set aside for your loved ones. However, there are many trust options to help keep life from ruining your legacy.
Even those with the best of intentions can fall into the trap of estate planning misinformation. Estate planning attorneys frequently hear rumors and ill advice disguised as facts.
Estate planning is a crucial part of any holistic financial plan, and financial advisors often work with estate planning attorneys for guidance in this area.
The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It’s up to $11.7 million for 2021 ($23.4 million for a married couple).
Your DIY estate plan might miss important details.
There is a general understanding that every adult should have a last will and testament. However, for most people, exactly how that will is used remains a mystery.
Legendary actress Nichelle Nichols, best known for her role as Lieutenant Uhura on Star Trek, is caught in the middle of what has been a years-long conservatorship battle.
Reverse mortgages continue to be one of the most misunderstood retirement and long-term planning tools. Many myths surround the reverse mortgage program.
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
Talking about and thinking about death can be very uncomfortable. But avoiding the issue altogether and leaving yourself-or more importantly, your family members-unprepared for such a reality is even worse.
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