Estate Planning
We Have to Have Hope
Mon, 2010-04-12 12:47 | 
jmrigtrup's blog | 
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Tags: Debt & Credit, Estate Planning, Investment, Retirement, Saving, Taxes
FAQs on the Death of the Estate Tax
FAQs on the Death of the Estate Tax - Before you dance on the grave of the death tax, remember the immortal words of Mark Twain: [Kiplinger]
Very good article about estate tax possibilities in 2010.
What Is Included In A Person's Estate For Federal Tax Purposes?
In a word, everything. The size of the probate estate has nothing to do with the size of the gross estate, which is the starting point for determining whether an estate is subject to federal estate tax. The gross estate is reduced by allowable deductions to calculate the taxable estate. Avoiding probate by keeping property out of ...
Transfer On Death (Tod) And Payable On Death (Pod) Accounts
These are ordinary financial accounts of various types, for which the owner fills out a form to name a beneficiary (payee). The payee automatically receives the account balance on the death of the owner. Until then, the beneficiary/payee has no rights in the account, since the beneficiary can be changed, or the account depleted or closed.
Trusts As An Alternative To Probate
Trusts are often used to avoid probate court and for a variety of other reasons. A trust is a creature of the law that can take legal ownership of one's property while one retains all the advantages and disadvantages of controlling and using it. If a decedent has placed property into the name of a trust, this property technically does not belong to...
The Federal Estate Tax And Life Insurance Proceeds
A life insurance policy payoff is part of the policy owner's private contract with the insurance company. It should promptly go to the named beneficiaries with no probate court involvement, upon proof of the insured's death. Death benefit payments from a policy owned by the decedent to a named beneficiary are excluded from the probate estate. The proceeds are also excluded from...
Lifetime Gifts Versus Transfers At Death
The federal gift tax rates and estate tax rates have been and will remain the same under current law. Unless the repeal of the estate tax actually takes place, one can transfer more assets with lower gift and estate tax consequences through lifetime gifts than with testamentary gifts (bequests through a will). This is due, in part, to the fact that...
Do You Need An Attorney To Help You With Estate Planning?
Many people engage attorneys to help articulate and implement your plans, including the drafting of appropriate documents. In almost all cases, it is a good idea at least to consult with a lawyer at some point, even if only to review the plan and documents you might have prepared for yourself to be sure they comply with the laws of the state in which you...