Although gifts made within three years of your death are generally includible in your estate, an exception exists if a gift tax return was not required to be filed because the value of the gift was less than the annual exclusion amount. Transfers relating to life insurance policies, however, are an exception to this exception.
Category Archives: Estate Attorney
17
Mar
Mar
A last will and testament provides instructions about who should receive a person’s money and property when they die.
03
Feb
Feb
Parents of a special needs child could purchase life insurance for a child to benefit family caregivers.
20
Jan
Jan
With very few exceptions, state law governs estate administration. So, each state follows unique laws and regulations regarding probate and distribution of a decedent’s assets.
06
Jan
Jan
In addition to asset distribution, your executor makes a public notice of your death, files your final taxes, and records your will in probate court.
02
Sep
Sep
An annual itemized deduction is available for payment of state and local property, income, and sales taxes. This deduction cannot exceed $10,000, however.
19
Aug
Aug
With a nongrantor trust, the trust maker has given up all power over the trust and has no right to any of the trust’s accounts or property. In many circumstances, the trust maker may not even be a trust beneficiary.
15
Jul
Jul
Expressing your end-of-life wishes during a family meeting helps ensure that everyone stays on the same page when the time comes.
24
Jun
Jun
If you live in one of the above states, the debts your spouse incurred during marriage become your debts. As a result, if you cannot repay an insolvent estate, the court could rule you responsible for repayment.
13
May
May
By the time he died, Meat Loaf had appeared in hundreds of TV shows, endearing himself to a younger generation with roles in Wayne’s World and Fight Club. He married twice, and had two children.