One of the most common concerns I hear is "I don't want the state to end up with my money." Fortunately, that scenario almost never happens. Money only escheats (reverts back) to the State when you do not have any heirs that could inherit your estate.
6 Ways a Lawyer Can Help with Finance
Business PlanningDurable Power of AttorneyEstate AdministrationEstate PlanningEstate TaxesFinancesLife InsurancePower of AttorneyWills
Working with your attorney to create a Durable Financial Power of Attorney (POA) ensures that, in the event you become incapacitated due to illness or injury, your financial affairs continue to be handled properly. With this document, you as
Basic Guide To Estate Planning
Since estate planning attorneys are deeply involved in the intricacies of the field, they sometimes forget that many people don't really understand what is involved. View image | gettyimages.com That's why it is usually good to review the basics.
Three Keys About Estate Planning
In 2015, you can leave gifts to other individuals upon your death worth up to $5.43 million free of any federal estate taxes. This is the so-called estate-tax exemption. If married, both you and your spouse are entitled to separate $5.43 million exempt
Protecting Against Taxes
When the ball dropped on New Year's, it signaled more good news for the fairly wealthy and their heirs -- the exemption from federal estate taxes jumped to $5.43 million for those who die in 2015. View image | gettyimages.com That's up from $5.34
How Will Estate Taxes Affect Me?
Arizona does not have an estate tax (also called "death taxes.") The federal estate tax is adjusted for inflation each year. In 2014, assets more than $5.34 million dollars are taxed at 40%. Currently, only .03% of Americans have federally taxable est
Exemption Increases Again
The Internal Revenue Service has announced that the estate tax exemption for 2015 has jumped to $5.43 million per person, up from $5.34 million, due to an adjustment for inflation. For a married couple, the exemption increases to nearly $11 million, sa
Estate Planning Not Only For The Wealthy
A widely held misconception says that estate planning is only for the wealthy, as a way to save on taxes. http://gty.im/102070486 A story on cnbc.com says that nothing could be further from the truth. Estate planning is about giving what you want
Some Estate Planning Myths
There are several myths about estate planning that can cause confusion and, if you believe them, can end up causing problems for your family, says an article on Forbes. com. Among them: 1) Estate planning is only for the rich. (Photo credit: NATEPE
Finish Your Planning in 2014
(Photo credit: James Marvin Phelps) If you don't have an estate plan, a recent article suggests that one of your 2014 resolutions should be to create one. Everybody, without exception, can benefit from the creation of an estate plan. The article discu
Incorporating Income Tax Planning Into Your Estate Plan
As estate-planning attorneys settle into the new tax rules for 2013, the focus of estate planning is beginning to take a marked shift. The $5.25 million federal estate tax exemption means that fewer people will have to plan to avoid federal estate taxes.
Does Portability Eliminate the Need for a Bypass Trust?
One of the many benefits of the American Taxpayer Relief Act of 2012 is that it made portability permanent. Often used as an estate-planning vehicle, portability allows married couples to share unused portions of their federal estate tax exemption. Anothe
Considering Gandolfini’s Will
Last June, "Sopranos" actor James Gandolfini died of a heart attack at the age of 51. Shortly after his death, Gandolfini's will became public. Since then, experts have considered the wisdom of the provisions in his will. As a recent article explains, exp
New Uses for Life Insurance
Prior to the tax law changes of 2012, life insurance policies were commonly used to provide cash on hand for the decedent's heirs to pay off any estate taxes. Now that estate taxes will apply to fewer estates, estate planning attorneys are exploring alter
New Budget Plan May Have Serious Effects on Estate Plans
Recently, President Obama released his proposed 2014 budget plan. As a recent article explains, financial advisers and estate planning attorneys have since been analyzing how the new plan will affect their clients. Under the new budget plan, the federa
