Your Information source for wills, trusts, estate tax minimization,
powers of attorney, living wills, health care directives, special needs trusts,
asset protection, charitable giving, guardianship, succession planning,
retirement and estate administration. |
Inaction by Congress has left the dying/inheritance process in chaos! Uncertainty reigns! No one knows what to do!
Although in 2010 ONLY there is no limit on the amount of money and other assets a person can leave to heirs without having to pay federal estate taxes, there are a number of critical caveats.
CAVEAT #1: The [...]
The federal estate tax, or “death tax” is in the news these days.
This year (2010) there is no federal estate tax. It was repealed, but only for one year. The federal estate tax will be reinstated in 2011, with a $1 million exemption and a maximum effective rate of 55%. In general, this means for [...]
A power of attorney is a very important estate planning tool, but in fact there are several different kinds of powers of attorney that can be used for different purposes. Before executing this crucial document, it is important to understand what your options are.
A power of attorney allows a person you appoint — your [...]
Inheritance Tax, also referred to as the death duty, is the set of taxes which has to be paid by the heir on inheriting the estate of a deceased person. This tax is calculated after taking the total value of the property and money into consideration. The norms of inheritance tax can differ from nation [...]
People who provide for their beneficiaries in their estate planning documents generally do a good job with their financial assets but are oftentimes remiss in providing detailed instructions regarding their tangible personal property (ie. household furnishings, jewelry, collections etc…). This is usually due to the erroneous belief that these assets don’t hold much value. However, [...]
If you live in New Jersey, then you’re lucky enough to live in one of the two states that collects both a separate state inheritance tax and estate tax (the other is Maryland). Currently the following rules apply with regard to the New Jersey inheritance tax:
•Charitable organizations are exempt from the tax.
•All other beneficiaries are [...]
Where physicians are most likely to lose wealth is through bad marriages, bad investments, bad tax planning, or a combination thereof.
When a child is born, many people purchase a life insurance policy for him or her. The parent is typically the owner and beneficiary of the policy, and many of these policies are known as industrial or debit policies. There were several purposes for these policies, namely to provide a death benefit, to add cash [...]
1) How do I begin the probate procedure?
The person that wishes to be appointed to represent the Estate will bring a certified copy of the death certificate and the original Will. While the Surrogate can begin the paperwork anytime after death, probate cannot be completed until the day following the tenth day after death.
2) [...]