During this crazy 2020 tax year, in addition to being faced with all the issues surrounding Covid-19, as well as the roller coaster ride of the stock market, we are also currently in an environment where the interest rates are as low as they ever have been.
Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.
LOIs may also include whatever you think may help the people you leave behind or who would take over if you are not capable.
What happens when a decedent’s will or trust does not provide for a decedent’s child?
To ensure your estate is settled in the way you want, it’s wise to do a bit of extra planning to keep your documents up to date.
Although there is often a progression of complexity in estate planning, this progression generally follows stages in life rather than specific ages.
Despite many attempts at repeal over the years, the modern U.S. Estate Tax has been in place since September 8, 1916. Each U.S. citizen and resident alien is entitled to a lifetime exemption from the federal Gift/Estate Tax called the Applicable Exclusion Amount.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
When creating an estate plan, one important question to consider is how to handle the transfer of personal property, including your home. A Qualified Personal Residence Trust, or QPRT, is something you may decide to create to minimize gift and estate taxes associated for your heirs.
