We try to educate people about some of the intricacies of estate planning because many individuals go forward with certain misconceptions. They don’t understand the value of comprehensive estate planning because they don’t know all the facts. Imagine a mental picture of a family getting together after a funeral. Someone takes control of the proceedings … [Read More]
Wondering About Probate? Get the Facts
The process of probate is something that you should take into consideration when you are planning your estate. You may envision a somber meeting among family members where the last will of a deceased individual is read. In fact, things do not stop there. The estate must be probated when a last will is used … [Read More]
Estate Planning for Pet Owners
When you get up there in years you invariably lose people that were close to you. Your spouse and siblings may pass away, you no longer have interactions with your coworkers as a retiree, and you may not spend as much time with your children as you would like to. There is no substitute for … [Read More]
Providing for Your Grandchildren
It is no secret that grandparents generally have very special relationships with their grandchildren. When you are [Read More]
IRS Sets Adjusted Exclusion Amount
We recently reported on the fact that the budget agreement that was reached to stop the United States from going over the so-called “fiscal cliff” had some impact on the federal estate tax. The maximum rate of the tax went up from the 35% that was in place last year to 40%. The exclusion stayed … [Read More]
President Proposes Estate Tax Increase
We currently have a $5.25 million unified exclusion that applies to your estate and the taxable gifts that you have given throughout your life. The maximum rate of the estate tax and the gift tax at the present time is 40%. These parameters were supposedly “permanently” put into place after the passing of the American … [Read More]
Inheritance Tax Vs. Estate Tax
A lot of people think that an estate tax and an inheritance tax are one and the same, but in fact they are two different things and we would like to clear up the distinctions here. The estate tax is levied on the entirety of the estate before it is passed along to the heirs. … [Read More]
What Is Your Net Worth?
Financial planning attorneys will advise you to remain apprised of your net worth at all times. There are a number of different reasons for this, and one of them is the fact that you need to know exactly where you are in the present to determine if you are on the proper course for retirement. … [Read More]
The Estate of Ed Koch
The former mayor of the city of New York Ed Koch died on February 1st at the age of 88. He actually served three terms as the mayor of the city after serving as a member of the United States House of Representatives. More often than not you can learn something about [Read More]
Powerball Winner & Estate Taxes
The Powerball lottery is quite a phenomenon in the United States. Ordinary people have the opportunity to win extraordinary sums of money, even though the odds are extremely slim. Many of us have imagined winning this type of jackpot. We formulate all kinds of plans regarding what we would do if we were to come … [Read More]
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