To help your loved ones avoid this troubling statistic, educate, and update your extended family about wealth transfer goals. Finally, it alerts them to the plan you created to achieve these goals.
Category Archives: Estate Planning
The person who was paid must not have been reimbursed by their insurance company. Reimbursed amounts do not qualify for eligibility under the unlimited medical exclusion tax-free gift category.
Planning to Receive an Inheritance Estate planning makes most people think about preparing accounts and property for loved ones. The goals include working in a tax-efficient way. Tax advisors protect clients from probate and disgruntled heirs. Also, they watch out for beneficiaries’ creditors, divorcing spouses, bankruptcy, and more. Finally, they try to prevent poor spending […]
From a practical perspective, the grandchildren’s parents often understand how to use the money for the benefit of their children. What’s more, they may spend or invest it appropriately on their children’s behalf.
If something happens, a successor trustee you previously selected steps in without court involvement. In such a case, they manage the trust on your behalf. You can also designate what happens to the trust’s money and property at your death.
Many estate planning attorneys struggle to formulate a concrete definition of the term. Nevertheless, most estate attorneys define elder law by the demographics they serve — the elderly and the disabled.
Even if Congress fails to act, in 2026, the current rate sunsets. This cuts rates in half to about $6 million per individual. This blog post discusses ILIT Trusts. So, read on.
he SECURE Act drastically decreased which individuals could stretch distributions over their life expectancy.
You can create unlimited profiles. Access to immediate information prepares your trusted agents to immediately answer difficult questions. For example, if you’re in an emergency room the app will provide info to your family members, leading to improved health outcomes. Because you can create as many profiles as you want, use MYLO to store info about yourself, your aging parents, spouse, siblings, children, and friends.
Although you may not own millions, your estate needs a proper legal plan, or an estate lesson plan. Estate is a general term referring to everything you own.