The federal tax code has very specific rules about how much you are allowed to give to others each year—and over the course of your lifetime—in the form of a gift. But not every gift is subject to tax. Learn how you can avoid gift tax via tuition and medical exemptions.
Most people believe that receiving a large inheritance from a loved one would be life-changing. However, one study found that about a third of Americans who had received an inheritance eventually experienced a decrease or no change in their wealth. If you're expecting to receive an inheritance, here are 3 steps you can take to make it last.
You might not want to reject your inheritance out of respect for the individual who left you their assets in a will or trust. On the other hand, an inheritance may create unforeseen logistical or financial problems. Problems that you are unable—or unwilling—to shoulder.
When someone passes away, the executor of their estate plays a pivotal role in managing and distributing assets as outlined in the will. Ideally, the executor maintains open lines of communication with beneficiaries to confirm that the estate is handled fairly and efficiently.
Failing to file probate can lead to significant legal complications and risks, especially for heirs, creditors, executors and estate administrators. Additionally, it may give rise to litigation, which can be time-consuming and costly.
Whether this is your first home or you're upgrading or downsizing, purchasing a home is a big event in life. When major life events occur, it is important to update many different entities and documents.
As a fiduciary, a trustee must act in the best interest of the trust's beneficiaries. Trustees are prohibited from self-dealing. They cannot use the trust's assets for their own benefit as opposed to the beneficiaries' benefit. Self-dealing can be much harder to identify in practice and is often done accidently. There are some safe harbor rules that can you can follow to prevent yourself from getting sued.
In today’s interconnected world, individuals often find themselves with assets and interests spanning across multiple countries. From investments in foreign markets to properties overseas, the global citizen faces unique challenges when it comes to estate planning.
Medicaid spend-down allows individuals to qualify for Medicaid by reducing their countable assets and income to a certain level. It is a daunting task, but with the right guidance and support from a qualified Medicaid attorney, the spend-down process can help accelerate Medicaid eligibility while protecting assets.
If a living trust doesn't make sense for your situation, but you still want to avoid the probate process, a transfer-on-death (TOD) deed may be the solution. When you die, the TOD deed (also know as a beneficiary deed) works to automatically transfer the property to your named beneficiaries without having to go through probate. If you change your mind during your lifetime about whom you have named as beneficiaries in the TOD deed, you can amend or revoke it at any time.
