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.
When Philip Seymour Hoffman died, he left behind a will that was over a decade old. The will had been drafted by his real estate attorney/CPA rather than someone who specialized in estate planning. In spite of having three children, a trust had only been set up for the eldest son and the hefty fortune that was left to his girlfriend was subject to an enormous estate tax bill.
The future increase in estate taxes could cause problems for your inheritance and retirement income down the road. To protect yourself from heavy taxation, know what tax laws are changing, be proactive in your retirement planning, and look at perusing difference inheritance strategies such as gifting and life insurance.
Most people don't see the legal opportunities available to them. How can you make things a little smoother and easier with your estate disbursement?
It can be fairly easy to underestimate your net worth. After all, predicting the future value of your home and savings is merely hypothetical.
When it comes to property, many couples are unaware of the alternative methods of titling, as well as some of the trade-offs involved in selecting a particular form of holding property.
One of the first steps in determining your federal estate tax liability is determining what assets and property are considered part of your estate. The actual task of determining what is includable in your gross estate can require some in-depth analysis.
