Although legislation was passed this year on the estate tax, limiting the top tax to 40 percent, with only estates worth over $5.25 million subject to the tax, President Obama’s budget still wants to return to the 2009 levels starting in 2018. Under the proposal, starting in 2018, the top estate, gift and generation skipping [...]
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Some people complain that family wealth is a curse. Kids get too much too soon. They lose motivation. Family members focus on money to the exclusion of all else. And it can lead to low self-esteem, since you inherited the money and didn’t make it yourself. All that can be true. But an article in [...]
Forbes blogger Deborah Jacobs has written a book that will tell you everything you need to know about estate planning. It is called “Estate Planning Smarts” and it is described as a “user friendly, action oriented guide” to estate planning. It has been updated to reflect the latest changes to estate tax policy. It is [...]
Now that the confusion over the federal estate tax is resolved — the $5 million exemption is now permanent — you may think that’s the last you’ll have to worry about estate taxes and exemptions. Wrong. Each state has its own estate tax laws. So depending on where you live, your estate may not be [...]
It’s a fact: married people are generally wealthier than singles. Of course, that may seem obvious. Two people can live more cheaply together than apart. But a study done at Ohio State University found that, over and above that obvious fact, married people had 93 percent more wealth per person than single people. They found [...]
Now that the confusion over the federal estate tax is resolved — the $5 million exemption is now permanent — you may think that’s the last you’ll have to worry about estate taxes and exemptions. Wrong. Each state has its own estate tax laws. So depending on where you live, your estate may not be [...]
Download PDF of this article here: Questions answered about estate tax exemption and related issues As you probably know by now, the issue of the estate tax exemption was finally resolved by Congress without major changes being made. The lifetime exemption will remain at $5.12 million, although the tax rate for amounts over the exemption [...]
As you probably know by now, the issue of the estate tax exemption was finally resolved by Congress without major changes being made. The lifetime exemption will remain at $5.12 million, although the tax rate for amounts over the exemption increased slightly, from 35 percent to 40 percent. And the annual gift tax exclusion rose [...]
If you are planning to leave property or other assets to heirs by using a trust, one of the most important considerations is deciding who will run the trust once you are gone. The person you chose — your fiduciary — is responsible for managing the assets in the trust and making distributions to your [...]
If you are planning to leave property or other assets to heirs by using a trust, one of the most important considerations is deciding who will run the trust once you are gone. The person you chose — your fiduciary — is responsible for managing the assets in the trust and making distributions to your [...]