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September 2016 Archives

YOU HAVE TO FUND A LIVING TRUST

In the past, we've talked a lot about the benefits of trusts, which, when properly managed, can help you administrate your property both now and after you are gone. The benefits of a trust don't start accumulating until you move property into the trust, though, so simply working with a lawyer to create a legal trust document isn't enough. You should always talk about how and when you will move assets into your trust when you work with a professional to create it.

Art heirs take battle over painting international

A groups of heirs in the United States is reportedly suing a museum in another country over the ownership of a single painting. They are asking that the painting, which they believe was stolen decades ago, be returned. In lieu of the return of the art, say reports, the heirs are asking for $30 million in settlement from the museum.

When filing for bankruptcy does age matter?

Filing for bankruptcy is seen by many as something that people do when they are unable to stay in control of their bills, but it's not always that simple. The reasons for filing for bankruptcy can be influenced by a person's age. A younger person's filing often comes as a result of running up too much credit card debt during a time when they did not fully understand credit. A middle age person might file after experiencing unexpected expenses, such as medical bills or home repairs, or after a period of unemployment. Seniors too find themselves considering bankruptcy, and it can be a hard step for many to take. However, it may be the right step, depending on what they have at stake. Here is some information seniors may want to take into account if considering bankruptcy as a debt relief option.

What is the alternate valuation date?

The alternate valuation date is one of two methods for calculating the value of an estate for the purpose of determining tax liabilities. Usually, the estate is valued based on the how much assets are worth on the fair market on the day the person died, but if the heirs can inherit more by reducing tax burdens, they might be allowed to use the alternate valuation date.

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