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President Obama is expected to quickly sign, a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) (H.R. 4853). The new law follows through on the framework agreed to December 6 by President Obama and GOP leaders in Congress. The 2010 Tax Relief [...]
If your will is over 5 years old, you probably need to revise the documents. Why Do You Need To Revise or Update Now? Because the laws that effect your estate plan change frequently. For example, medicaid (nursing home laws), power of attorney rules, and estate, gift and inheritance tax laws change with some frequency. [...]
Most people are aware of the importance of establishing a will, but a legal document like that does not necessarily allow you to convey an array of important details and thoughts to your loved ones. To supplement your will, consider writing a letter of instruction. A letter of instruction, also known as an ethical will, [...]
Virtually any bank or brokerage account can provide that it is paid on death (“POD”) or transferred on death (“TOD”) to named beneficiaries. And IRAs, 401Ks, pension plans and insurance policies are typically made payable to designated beneficiaries. Nevertheless, these beneficiaries are often named with relatively little reflection, and without taking into account what might [...]
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 [...]
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 It was repealed, but only for one year.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 [...]
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, [...]