I Don’t Want the State to Get My Money & Other Concerns…
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. Even if you don’t have children or parents or […]
6 Ways a Lawyer Can Help with Finance
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 assign an individual whom you trust to act as your financial agent. These decisions may include […]
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. An article on cheatsheet.com does just that. Estate planning zeroes in on you being able to […]
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 exemptions. If one spouse dies and does not use up his or her […]
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 million last year. Still, most folks don’t need to worry about […]
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 estates. If you need assistance with a yours or your loved one’s estate plan, […]
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, says a story in the Wall Street Journal. The annual gift exclusion, however, will […]
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 to whom you want, how you want and when you want – with […]
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. While there is a $5.34 million exemption this year on the estate tax, you don’t […]
Finish Your Planning in 2014
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 discusses several of the many benefits that an estate plan can provide, such as: An estate plan gives the […]
