Category Archives: Assets
What To Know About Certain Assets That May Receive a Step Up in Basis
Completing your comprehensive estate plan is something that should be done with the support of a qualified estate planning lawyer. An estate planning lawyer helps you to look at all of the assets you own and all of your potential liabilities to determine how these may factor into your probate estate. Your entire estate… Read More »
Why You Need to Know About a Step Up in Basis for Estate Planning Purposes?
If you are considering the process of starting your estate planning or you are someone who will be inheriting assets in the future, you need to recognize how step up in basis could influence the value of those assets and your tax obligations. A step up in basis refers to federal tax laws that… Read More »
Have You Thought About How Your Children Will Divide Household Items?
These items can easily be overlooked in your comprehensive estate plan, especially when there are bigger ticket items such as a piece of property or substantial assets in a retirement account. But household items can also easily become the subject of an estate planning dispute or arguments among your children and other family members…. Read More »
How To Review Benefits And Insurance For Possible Incapacity Planning
Working through the financial and estate planning process means thinking about what happens to you or your assets if you become unable to speak for yourself or care for yourself. Planning for the unexpected and developing contingency plans is crucial, even though you hope you never have to activate these plans. Unwelcome events can… Read More »
What To Know About Naming Beneficiary Designations Following The Secure Act
Tax advantaged accounts, such as IRAs and qualified retirement plans like 403(b)s or 401(k)s require specific estate planning strategies. Creating a trust in and of itself may not be enough to protect the estate planning intentions of the creator of that trust. Revocable living trusts are usually funded with a person’s real estate, non-retirement… Read More »
James Brown’s Estate Settles For Sale Of $90 Million
Owning a lot of assets presents unique estate planning challenges, a lesson that has left many potential heirs of celebrity estates with more questions than answers in recent years. James Brown, like many other celebrities who have become the subject of recent study, did not complete his estate planning prior to passing away. It… Read More »
Should Tangible Personal Property Go into a Revocable Trust?
Many different kinds of assets can be appropriately placed inside a revocable trust in order to provide control, flexibility and privacy for how those assets are transferred to beneficiaries. Tangible personal property such as clothing, jewelry, personal papers, computers, books and household goods can be included in trusts, but might be more appropriate as… Read More »
How Does an Executor Gather Assets?
Before an executor can serve in their future duties as personal representative for a deceased person’s estate, they must begin by inventorying all assets. Identifying all assets that belong to the decedents and safekeeping them if necessary are two important components of serving as a personal representative. Safekeeping is especially important if the decedent… Read More »
Why Is a Date of Death Value So Important for Your Estate Plan?
When you pass away, the individual appointed as your personal representative is responsible for handling many different tasks in closing out your estate. One of these includes getting date of death values for all property inside a trust or in your estate. This is true and required even if only one person will inherit… Read More »
Study Shows that Some of America’s Wealthiest People Are Ready to Transfer Their Assets
The tax overhaul from 2017 has prompted many people to rethink their overall estate and tax strategies. The coronavirus pandemic has also made it easier for some of America’s wealthiest families to pass on assets to their grandchildren and children tax free. Volatile markets and plunging interest rates have created a unique opportunity just… Read More »