Generation-Skipping Transfer Tax
When it comes to federal taxes, most people are very aware of the federal income tax because, if they earn a paycheck, they cannot help but notice the deductions each pay period. But there are lesser-known taxes such as the capital gains tax (a form of income tax), the estate tax, the gift tax, and the generation-skipping transfer tax, which is perhaps the least-known tax scheme.
Top Four Estate Planning Questions to Answer When Using Assisted Reproductive Technology
Welcoming a child into the family is a major milestone in every parent’s life, especially if you have utilized assisted reproductive technology (ART). With this blessing comes the need for comprehensive financial and estate plans that are uniquely tailored to your family’s needs. As you continue your journey, we want to provide you with answers to some common questions you may have about planning for your family.
Think Your Estate Plan is Complete? Make Sure You’re Not Missing These Important Points
If you are among the minority of US adults who have prepared a will, living trust, and other end-of-life documents, you may think that your estate plan is settled. But you might want to think again. An estate plan is a living set of documents that should be regularly reviewed and updated. Even if you are vigilant about changing your estate plan over time, there may be aspects that you have missed.
Right of Occupancy Trust: A Trust to Protect Your Home and Your Loved Ones
Estate planning is about protecting you and your loved ones. Sometimes this can be a difficult endeavor when there is a loved one who may require additional support at your death. While you may want to give as much as possible to this individual, you may not want to do so at the expense of others you care about. A right of occupancy trust can help you plan for this situation as it relates to property use and ownership.
What is a Non-Grantor Trust?
Every trust has at least one grantor, also known as the trustmaker, i.e., the person who creates the trust. So, it can be confusing when terms like grantor trust and nongrantor trust are used. It is helpful to understand that neither of these terms refers to the existence or nonexistence of the trustmaker (the person who created the trust), but are terms that have to do with the trust’s income tax (typically not estate or gift tax) liability.
How to Keep Your Child’s Inheritance Out of Your In-Law’s Hands
About 40 to 50 percent of all marriages in the United States end in divorce. Regardless of how you feel about your child’s spouse, you must face the possibility that they could become your child’s ex-spouse. Should that day come, the money you leave to your child could be subject to a division of marital assets. But with careful estate planning, your child’s inheritance can be kept safely out of the hands of their spouse or former spouse.
What To Do if Your Trustee is Unresponsive
A trustee has a duty under the law to communicate with beneficiaries and keep them reasonably informed as to the progress of the trust administration. Unfortunately, some trustees fail to comply with this duty to inform, leaving beneficiaries in the dark as to what is happening with the trust. Some trustees are ignorant as to what their duties are under the law and think that being a trustee means that they can do whatever they want. Regardless, if your trustee is unresponsive to your requests for information regarding the trust, what should you do?
Powerful Provisions in Your Financial Power of Attorney
In a financial power of attorney, you designate a trusted decision maker (agent or attorney-in-fact) to act on your behalf if you become disabled or unable to manage your financial affairs. There are things that should be carefully considered before selecting the powers to give to your agent.
Using Assisted Reproductive Technology: What Happens to Unused Genetic Material at Your Death?
When you think about how you want your property to be distributed after your death, most of the time it is easy to identify that property—your home, your cars, your jewelry, etc. But what about the genetic material used in assisted reproductive technology, such as frozen sperm, eggs, and embryos?
Three Steps You Can Take Now to Protect Your Artistic Legacy
Although your death is probably a long way off, it is important that you have a plan to ensure that your affairs are settled in the way that you want. You have various options regarding who will receive your artwork.
Celebrate Your Independence – Claim Control of Your and Your Loved One’s Futures
Only about one-third of Americans have an estate plan—meaning that most Americans have given up their independence when it comes to deciding what will happen to them should they become incapacitated and what will happen to their property when they die.
Three Things You Need to Know about Cryptocurrency and Your Estate Plan
Cryptocurrency’s popularity has rapidly increased in recent years, with more people buying and selling it. Here are three things you need to know about cryptocurrency in relation to your estate plan.