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Estate planning insights and legal resources.
Estate Planning for Expatriates
The United States hosts the highest number of immigrants in the world, but increasingly, Americans say they are looking to relocate permanently to another country. A large percentage of wealthy Americans are also interested in buying real estate overseas and living there at least part-time. While moving overseas is often a lifestyle decision, the practical
December 18, 2023
Estate Plan Lessons from DeMuth v. Commissioner
Lifetime gifts are a popular way to reduce estate and inheritance taxes. Currently, only estates worth $12.92 million or more are subject to the federal estate tax. Twelve states and the District of Columbia levy an additional estate or inheritance tax. To lower their taxable estate at death, an individual may consider giving gifts to
December 18, 2023
Difference Between Transfer on Death and Payable on Death Designation
Adding a payable-on-death (POD) or transfer-on-death (TOD) designation to an account allows the assets (money and property) in that account to be passed to a named beneficiary when the original account holder dies. Like trusts, POD and TOD accounts bypass probate. They are also fast, easy, and usually free to set up. However, they do
December 18, 2023
Could a Testamentary Trust Be What Your Loved Ones Need?
One of the main reasons that a person creates a revocable living trust (a trust established during a person’s lifetime that they can amend or revoke) instead of relying on a will to transfer their money and property to their beneficiaries is to avoid probate. Probate is the court process during which a person’s will
December 18, 2023
How a Community Property Trust Could Save You Money in Taxes
When it comes to your family’s legacy, every dollar you can save from taxation counts. One way to keep your accounts and property out of the hands of the Internal Revenue Service (IRS) is to form a community property trust. How Does a Community Property Trust Work? Community property trusts can save you money on
December 18, 2023
Collecting Debts on Behalf of Your Deceased Loved One
People often engage in transactions that result in money being owed to them, such as loaning money to a friend or business partner or renting a house to a tenant. But what happens if someone passes away before they receive the money owed to them? Can someone else collect these debts? If your loved one
December 18, 2023
Can Artificial Intelligence Programs Write Basic Estate Planning Documents?
With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI program can create an estate plan for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no guarantee that
December 18, 2023
Blindsided: The Michael Oher Conservatorship Controversy Explained
Michael Oher has had a remarkable life so far. Born to a single mother struggling with addiction and growing up in and out of foster care, Oher went on to star as a University of Mississippi football player and was selected in the first round of the 2009 NFL draft. He played eight seasons in
December 18, 2023
Bills and Services to Cancel—and Keep—When a Loved One Dies
A loved one’s passing is challenging on many different levels. In addition to the emotional difficulty of processing someone’s death, there are also the many tasks that must be dealt with, such as going through their various accounts and taking the necessary steps to cancel them or transfer ownership. Most people subscribe to multiple digital
December 18, 2023
Beware of Unequal Contributions When Purchasing a House
At a time of record home unaffordability, more people are teaming up with friends and relatives to realize the home ownership dream. According to the National Association of Realtors (NAR), more than 75 percent of homes on the market now are too expensive for middle-income buyers. Just five years ago, this same income group could
December 18, 2023
Are You Single with a Minor Child? If So, You Need a Plan
You have a minor child who depends on you for their survival, so you need to make sure that they will be cared for if you are ever unable to care for them. By creating an estate plan, you can address your minor child’s care and custody and provide instructions about how your money and
December 18, 2023
Aaron Carter: A Life Gone Too Soon
Musician Aaron Carter, a former child pop star and younger brother of Backstreet Boys singer Nick Carter, died in November at the age of thirty-four. Aaron’s untimely passing is one of the more tragic celebrity deaths of 2022. It is also one of the messiest from an estate planning perspective. The late singer, who struggled
December 18, 2023