Estate planning can seem like a confusing endeavor, and you simply may not know where to begin. With this in mind, we are going to look at four must-have estate planning documents in this post in an effort to shrink the matter down to size. Asset Transfers The first component is an asset transfer vehicle, and many people assume that a will is the right choice unless you are extremely wealthy. In … [Read more...]
Beware of Risky Probate Avoidance Ideas
A lot of people have heard that probate is something to avoid when you are planning your estate, because it is a hassle for the rightful heirs. There are a lot of expenses that accumulate during probate, and it is time-consuming. Inheritors usually do not receive their inheritances while an estate is being probated by the court, and it will take eight months to 18 months in most jurisdictions. … [Read more...]
What Is the 2021 Gift Tax Exclusion?
Many people have concerns about the taxes that can enter the picture when an estate is being administered. The good news is that the laws are actually quite favorable. You do not have to report an inheritance that you receive through the terms of a Will, and life insurance policy proceeds fall into this category as well. We looked at the stepped-up basis in a recent post, but in case you missed … [Read more...]