Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust is not as simple as giving a gift, it may be a better way to preserve assets for the future.
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Vermont senator Bernie Sanders has introduced legislation that would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently enjoy.
Inheriting a vacation home with your siblings can be a great thing or it can cause huge problems within the family. Planning ahead can help prevent sibling disagreements.
Due to the COVID-19 pandemic, you may no longer be able to visit right now. How can you continue to assist your parents from a distance? The answers depend on the types of help you have been providing, but here are a few options.
Creating and executing estate planning documents is just the first step. Once you have completed the documents, you need to know what to do with them.
With coronavirus dominating news coverage and creating alarm, it is important to know that Medicare and Medicaid will cover tests for the virus.
Before you commit to adding a trust to your estate plan, make sure you understand the differences between revocable (also called “living”) and irrevocable trusts because each offers advantages and disadvantages, depending on their purpose.
ABLE accounts are a game-changer for families with special needs, but there has been confusion about how the accounts work. Here are answers to basic questions about what ABLE accounts can and can’t accomplish for the special needs family.
Most low- and middle-income Americans qualify for free online tax preparation software, but do not take advantage of it. And anyone over age 60 can use the IRS’s Tax Counseling for the Elderly program.
While estate planning is important for married couples, it is arguably even more necessary for couples that live together without getting married. Without an estate plan unmarried couples won’t be able to make end-of-life decisions or inherit from each other.