Most people have heard that each individual is allowed to gift $15,000 per year to another person without paying a gift tax. However, exactly what the gift tax is, and the consequences of going beyond $15,000, are less clear.
Inheriting an IRA from a parent has a unique set of rules you need to know, which will help you make the most of the money you inherit and avoid a tax-time surprise.
Recent studies estimate that 39.6% of Americans 65 years of age or older are victims of financial abuse.
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.
A credit shelter trust is used to help married couples with significant assets pass their estates after their deaths to children or other beneficiaries without incurring estate taxes.
I’m a trustee selling a home in irrevocable trust for a parent who died. There are two beneficiaries who will get the sale proceeds with a stepped-up basis. I’m filing Form 1041 but do I still have to file a Form 1040 to report anything for the beneficiaries?
In this new installment of The Estate of The Union Podcast, Brad Wiewel is joined by Ann Lumley, JD, the Director of After Life Services
Use it to fine-tune the variables, including how much to give, how it changes your tax picture, how your cashflows are impacted, and how much is left to heirs.
Creating a will is important for all adults, but particularly those who have dependents—including adult dependents. Adding a trust to your estate plan can provide even more guidance.
This legal document can also be beneficial in other situations, such as if you want to leave an inheritance to someone but aren’t sure they will use the gift wisely.
