Federal estate taxes were created in 1916, taxing estates valued at over $5 million. This amount changed to $50 million in 1932. In 1940, it dropped to $10 million, then $5, then $3. In 2002-2007 estates worth more than $2 million paid the tax.
A primary benefit of using TOD/POD designations is that assets held in the account will pass automatically to the beneficiary without having to go through probate.
For many parents, transferring real estate to their children is an important part of their estate planning process. There are several ways that parents can do this, each with its own advantages and disadvantages.
There are frequently asked questions that people have about revocable living trusts, wills, supported decision making agreements (new), powers of attorney and advance health care directives.
You Need a Digital Estate Plan “For most people, pretty much everything they owned could be held, sorted and doled out by their estate lawyer. Today, that’s far less true.” Laws about intangible assets used to be a legal niche practice area. However, today’s estate planning attorney addresses digital assets as much as tangible assets, […]
Have you been thinking about finally getting your Will and power of attorneys in place so you can finally check that off your to-do list? Wondering whether a Living Trust would make sense for you and your family? Need to nominate Guardians for your minor children? Want to avoid probate and court involvement in your estate? Need to […]
Estate plans are made up of many parts, including wills and trusts, as well as any additional documents or information that will help beneficiaries carry out the requests of the benefactor.
