The new federal tax rules are great for wealthy people who are creating their estate plans. That's because, according to the new tax exemptions, you'll be able to pass your estate on to your loved ones federal estate tax-free as long as your estate isn't worth much over than $11 million.
Finding the best way to address your assets when considering your estate plan can prove difficult. You may need to determine who should receive certain property, how your remaining years could affect potential inheritance amounts and how your surviving loved ones could potentially utilize the funds or other property you bequeath to them. Luckily, the options available for estate planning could help you answer many of these questions.
Imagine your grandmother has taken out a joint bank account in both your and her names. She put $50,000 in the account and told you that when she passes away, the money will be yours. Sadly, this day has come and you're experiencing the mixed blessings of having some much-needed extra money on hand while also experiencing the emotions of losing your dear grandmother. You also have a very important question on your mind: Do you have to pay taxes on this money?
Many people don't think that they need to have an estate plan in place, but you just never know when your time is going to be up. It's best to have your plan in place now so that you can rest assured that your loved ones will be taken care of when you are gone. We understand that you might not be ready for this process right now, but we're here to help you walk through the steps.
If you are constantly struggling to keep up with monetary obligations, like so many others, you could be experiencing the burdens of debt. Overwhelming amounts of debt can have a substantial impact on your everyday life, and the financial uncertainty of similar concerns could leave you feeling stressed out and emotionally drained.
Losing a parent is hard, even when he or she has lived a long, full life. Emotions run high immediately after a parent dies, and life may never be quite the same again. However, for those adult children who learn that they didn't receive as much of an inheritance as their brother or sister, then other emotions can begin to crop up.