Most people enjoy giving presents and watching people open them. Gifting is also an important tool used while preparing an estate plan, but some gifts may be taxable by the Internal Revenue Service. Federal Gift Tax Explained In 2017, individuals can give up to $14,000 per person to as many people as they want. Spouses…
DetailsBenjamin Franklin said, “In this world nothing be said to be certain, except death and taxes.” Most of us pay taxes like income tax, sales tax, and capital gains tax. When it comes to estate planning, both death and taxes come into play. Fortunately, we can use strategies for reducing taxes that we owe. Income…
DetailsSwedish tennis legend Bjorn Borg retired in 1983 – at age 26. Jack Borden, an attorney from Weatherford, Texas, was still practicing law when he died at age 102. Some people retire because they’ve reached the top of their career and want to move on to something new. Others keep working from necessity or just…
DetailsSome people put off estate planning because they don’t want to think about death or feel they don’t have enough property to bother with. Others pay the lowest fee possible, either by hiring an inexperienced attorney or buying forms from an estate planning website. While it may seem like winning to save a little money…
DetailsEvery person leaves a legacy, a way for their families and friends to remember them. Legacies can consist of favorite memories, belief systems, and tangible assets like homes or financial accounts. No one can take away the memories you leave, but how can you go about protecting your tangible assets for the next generation? Why…
DetailsEntrepreneurs build businesses for various reasons. Sometimes it’s for the thrill of winning or facing the risk of losing. Or maybe an individual has a special talent that can be built into a profitable venture. At some point, however, business owners may find themselves in a position where they want – or need – to…
DetailsAfter Someone Dies Their Estate Lives On – At Least Until The Probate Process Has Been Completed We’ve all heard about cases that drag on for years while heirs fight about who gets what, all the while depleting the funds they hoped to inherit. Or about people who find out their loved one’s estate was…
DetailsWe’ve come to rely on electronics and the Internet for many things we used to do on paper. Nowadays, we use e-readers instead of paper books, smartphone apps instead of maps, and Internet sites instead of newspapers. One of the most important documents you will ever sign exists only in paper form – your Last…
DetailsWhen someone dies, what happens to their stuff? Financial accounts or insurance proceeds, may pass to beneficiaries right away. Other assets will be distributed after a probate proceeding, which can take one to three years. What if some assets need attention after the person’s death and before the estate is settled? Who will care for…
DetailsSometimes It’s Easy To Notice That Someone Needs Help, While Other Times It Just Seems To Creep Up On You One day, you or a loved one is fine. The next day you notice that bills go unpaid, homes are left unlocked, medicine isn’t taken on schedule, or food burns up on the stove. If…
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