After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.
In today’s blog post, Brad Wiewel talks with NBC affiliate KXAN’s morning show, Studio 512, about estate planning tips for 2021. He and host Rosie
Maybe not tomorrow, but the sunset of our historically high estate tax exemptions is coming—and with the election on its way, it could be sooner than you think.
Probate is a process to transfer the assets after someone dies. For example, when a homeowner passes, probate allows for the home to be sold or transferred, if necessary, even though the owner is no longer alive to sign a deed.
If you’re single and die in 2020, you can have up to $11.58 million in assets before your heirs have to worry about paying a penny in estate taxes.
Unfortunately, due to hidden resentments, siblings still tend to end up in court suing each other and losing great chunks of their inheritance in the process all too frequently.
No one has to accept inherited assets. Inherited assets can be disclaimed.
What happens when a decedent’s will or trust does not provide for a decedent’s child?
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.
One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.
