Congress sets the amount that an individual can transfer tax-free either during life or at death. The current estate tax exemption is so high that very few estates will have to pay an estate tax.
Category: Estate Planning FAQ
While a will is one of the most important estate planning documents you can have, there are things that it won’t cover. A will is just one part of a comprehensive estate plan.
Don’t assume your estate will automatically go to your spouse when you die. If you don’t have an estate plan, your spouse may have to share your estate with other family members.
While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home.
While it remains unclear exactly what tax changes President Biden’s administration will usher in, two possibilities are that he will propose lowering the estate tax exemption and eliminating the stepped-up basis on death.
Life insurance can play a few key roles in an estate plan, depending on your age and situation in life.
Pets are members of the family, so it is important to consider how to provide for them in your estate plan just as you would the human family members.
Credit shelter trusts are a way to take full advantage of state and federal estate tax exemptions. Although such trusts may appear needless unless you are a multi-millionaire, there are still reasons to create them.
While it may seem great to inherit a vacation house, in actuality it may not be practical to keep the property, especially for tax reasons.
When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it.