Over the years, several high-profile celebrities have died without either properly updating their estate plan or having one at all. The list includes Princess Diana, Prince, Heath Ledger, Michael Jackson and Kurt Cobain, all of whom were worth millions and among the most famous people on the planet at the time of their death.
Just as you have trust in a relationship, trusting your document and those with responsibilities in the trust are crucial to obtaining your objectives.
Qualified Charitable Distributions, which allow Individual Retirement Account holders in their 70s and older to divert some of their federally taxable required distributions to charity while reducing their federally taxable income, are back after a 2020 hiatus.
While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use of time with your attorney.
When you hear the word trust fund, you might think of the uber-wealthy giving their kids a big chunk of cash on their 25th birthday. However, trust funds aren’t just for the rich.
Under current rules, the federal estate tax won’t ever affect you, unless you’re quite wealthy. However, that could change rapidly, even if you are far from rich.
Ever since a group of philanthropists created the Giving Pledge in 2010, taxpayers have expressed greater interest in potential estate planning strategies that would allow them to leave a significant portion of their assets to charity upon their death.
Studies have shown that the number of family businesses owned by second generations and third generations dramatically decline for a number of reasons. One large reason is the lack of business succession planning for the family business.
Although uncertainty surrounding the likelihood of tax reform continues for the moment, there are still several wealth transfer strategies that can be considered by those wanting to make gifts.
If you’re in a blended family, you’re already aware of the emotional and financial issues involved in your daily life. However, what about the future?
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