Far too many people are going through life without estate plans in place, and sometimes an unexpected event will provide a wake-up call. For most of 2019, no one would have ever thought that intensive care units would be overflowing in just a few months. The pandemic was an enormous shock on many levels, but … [Read More]
What Is a Stepped-Up Basis?
The stepped-up basis is a term that applies to inheritances and capital gains taxes. We will take a look at it in this post, and we will provide a succinct taxation overview. Appreciated Assets Let’s say that your grandfather passes away, and he leaves you 1000 shares of stock that are worth $500 each. He … [Read More]
How Does a 529 College Savings Plan Work?
If you want to save money for a loved one to use to pay for college, you should consider a 529 college savings plan. From an estate planning perspective, this type of plan can be ideal if you want to set aside resources for a grandchild or great-grandchild. Tax Benefits There are considerable tax benefits … [Read More]
Adapt Your Estate Plan to Accommodate Individual Beneficiaries
A lot of people think that estate planning is a one-way street. You decide how you want to distribute your assets, and you express your wishes in writing. The beneficiaries will have to accept your decisions, and when they receive their inheritances, they are on their own. This is certainly one approach, and it can … [Read More]
Clock Is Ticking on Record High Estate and Gift Tax Exclusion
As a layperson, you have a lot of responsibilities on your plate on a day-to-day basis. It is unlikely that you are going to have a finger on the pulse of all the laws that relate to estate planning. On the other hand, an attorney in the field will be up to date at all … [Read More]
IRA Estate Planning: What Should a Beneficiary Expect?
Your individual retirement account is ostensibly supposed to serve as a nest egg that you draw from during your senior years. However, there may be a significant amount left in the IRA after your passing. To account for this, you name a beneficiary when you establish the account. A spouse beneficiary can roll it over … [Read More]
Five Ways You Can Unintentionally Unravel Your Estate Plan
If you are wise, you will establish a will or trust when you are a relatively young adult. The plan will be tucked away somewhere for safekeeping, and it is out of sight and out of mind. Along the way, you may take certain actions without considering the implications in light of your existing plan. … [Read More]
Out of State Estate Taxes Can Impact Your Estate
There are 12 states in the union that have state-level estate taxes. In all of these states, there is a certain amount that can be transferred tax free. This is represented by the credit or exclusion, and the remainder would potentially be subject to taxation. Connecticut is one of these 12 states, but there is … [Read More]
When Will You Put an Estate Plan in Place?
As you go through life and the years pass, you may start to think about your legacy. This is a start, but at some point, you have to actually act on the matter. Of course, it will seem like you have time to put a plan in place later on, but when will that time … [Read More]
What Is Estate Planning?
When you plan your estate, you make conscious decisions about the way that your monetary assets will be transferred after you are gone. A lot of people think that estate planning boils down to the creation of a will, but there are other ways to transfer assets. Personalized Planning There are different approaches that can … [Read More]
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