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Inheritance Planning

Recent Posts in Inheritance Planning Category


    People sometimes envision a hypothetical scenario. After a funeral family members gather in private and someone very close to the deceased somberly reads the last will. This person will distribute inheritances and everything is settled. The Probate Process In fact the above is a myth. The estate must pass through the process of probate before anyone will receive an inheritance. During this process ...
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    It is important to be completely honest with your attorney and share all relevant details with the possibility of an estate challenge in mind. If you have any reason to believe that someone could step forward to challenge your wishes after you pass away you should definitely let your attorney know about it. There are things that he or she could do to dramatically reduce the likelihood of a ...
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  • Dealing with an Unexpected Inheritance

    Sometimes, you might be expecting to receive an inheritance and you know what to do with it before it comes. However, if you receive an unexpected inheritance, you might not know what all of your options are and what to do with the inheritance. An estate planning attorney can assist you in making sure that you do everything you need to do with the inheritance. In some cases, you might not want the ...
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    Federal gift tax laws play an integral role in reducing an estate’s income tax liabilities. As a taxpayer, making lifetime gifts can reduce your estate’s gross tax liabilities since these gifts are not included as part of your gross estate at your death in most cases. According to the federal Internal Revenue Code, a gift is one in which real or personal property, cash or any other type of ...
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    The heartbreak and financial crisis of divorce strikes 50% of all first marriages and 60% of all second marriages. It’s normal to be concerned about protecting your children’s inheritances from divorcing spouses. As a bonus, you can protect their inheritances from creditors and predators, as well as divorcing spouses. The key to protecting your children’s inheritance is to pass the inheritance in ...
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    If you have young children (i.e. children under the age of 18), you need to carefully plan your estate to protect and provide for your children. You’ll need the basic estate planning documents to protect yourself as well, with additional documents and consideration for your children. In your will, you name guardians to raise your children if you die. Name back-up guardians as well in case your ...
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    Inheriting in a lifetime protected trust is the absolute best way to receive an inheritance. And, you should keep your inheritance in your trust. Why? Good question. And, we have good answers. Read on. When your inheritance is in trust, it’s protected. This means that it’s available for your use, and likely your children’s use, but no one else. The trust will be drafted with protective language so ...
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  • Schedule Your 2011 Estate Plan Review

    When you are in the business of estate planning you have an uphill battle when it comes to the matter of procrastination. People have a tendency to postpone the things that don’t seem to be immediately relevant to them, and nothing could fit this description more aptly than preparing for death. Though it is easy to relate to this line of thinking it can be quite problematic, because however we may ...
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  • GRATs Can Create Space

    When the value of your estate exceeds the estate tax exclusion amount your estate planning objective is to rearrange your assets to create space and bring the value of your estate under that exclusion. Giving gifts is one way of doing this, but of course the IRS is well aware of this so there is the gift tax to contend with. However, there are financial instruments that can be used to facilitate ...
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  • Young Children & Inheritance Planning

    There are those who proceed from the standpoint that estate planning is not something that younger people need to be concerned about, but the matter does not revolve exclusively around age. It is true that the possibility of death increases as you get older, but people of all ages die every day. The purpose of estate planning is to make preparations for the well being of your family if you were to ...
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  • Legislation Reduces Estate Tax

    Estate planning involves financial projections, and this can only be done with a reasonable modicum of accuracy when there is some kind of consistency within the numerical pattering you are working with. However, the recent wild swings in the estate tax parameters year to year has made estate planning quite challenging because what makes sense on December 31st of a given year may not be ...
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  • Remarriage & Estate Planning

    Planning your estate is not something that you complete with one single action. It is an ongoing process, and every time something significant happens in your life, it will probably affect your estate plan in some way. For this reason it is important to schedule a visit with your estate planning attorney every time one of these life altering events takes place. One such occasion is a change of ...
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  • Inheritance Plan in Action

    When you give gifts to the people who you would be leaving an inheritance to after you pass away you remove the value of these gifts from the overall value of your estate, and that is going to provide you with estate tax efficiency. Of course there is the gift tax that stands in the way of simply giving away all of your estate before you die to avoid the estate tax. However, there are gift tax ...
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  • Gift Giving Provides Tax Flexibility

    One of the big changes that the new year is going to bring along that has an impact on estate planning is the return of the estate tax. One of the provisions of the sweeping tax cuts of 2001 was a repeal of the estate tax in 2010, but it will be returning again in 2011. This in and of itself is highly relevant, but in addition to its mere reappearance, the estate tax exclusion amount in 2011 will ...
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  • Incentive Trusts Are Useful Estate Planning Tools

    When you evaluate your estate and recognize the fact that you are in a position to provide inheritances for your loved ones that will have life changing impact, you invariably feel a sense of profound responsibility. It is not as easy as simply handing over a large sum of money and letting the rest take care of itself. Having no financial motivations in life can prevent people from reaching their ...
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  • A QPRT Can Preserve Your Estate Value

    In 2011 the estate tax is back after a one year temporary repeal, and the thing about it that can take a lot of people by surprise is the new exclusion amount. In 2009 the exclusion was $3.5 million, so if the total overall value of your estate did not exceed this number it was not subject to the estate tax. However, in 2011 this figure has been shrunk down to just $1 million, and the maximum rate ...
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  • Service Rewarded with Veterans A & A

    Most people are aware of the fact that those who serve in the armed forces for at least twenty years are eligible to receive a retirement pension. This reward has always been a good recruiting tool because an individual could choose to join the military right out of high school, gain an education and job experience while serving, and then retire before the age of forty earning a pension while ...
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