Search Results

Reference: University of Kansas (January 11, 2016) “A passion for architecture, reading sparks $2 million estate

Speak with an experienced estate planning attorney to make sure that this is the right strategy for your

Small Estate Affidavit – This administration is used to collect a small amount of money owed to the estate The entire assets of the estate, aside from the homestead, must be less than $50,000 and 30 days must or will not sign a small estate affidavit. There must be no debts due on the real estate. If not, the court will appoint an Independent Administration of the Estate.

If you have three grandchildren, that’s $42,000 a year that you can exclude from your estate. An estate planning attorney can help evaluate if a trust is a better option all around.

Giving the appreciated assets of stock or complex holdings like real estate or small business shares public charities that are in good standing with the IRS, so you can’t make gifts to split-interest trusts like a charitable remainder or charitable lead trust.

Estate planning. Everyone needs some basic estate planning, especially those starting families. Set up a meeting with an estate-planning attorney to help you with this.

You also have the option of creating a revocable trust with the bank named as the successor trustee.

That’s according to a report in the Chattanooga Times Free-Press entitled “Brock estate battle lives Reference: (Chattanooga) Times Free-Press (February 5, 2016) “Brock estate battle lives on as attorneys

elective shares or homestead rights, and have not thought of the effect of their remarriage on their estate representative of a deceased spouse; A right to an “elective share” percentage of the other spouse’s estate There are two ways in which a surviving spouse can get an intestate share of a deceased spouse’s estate limited to the intestate estate; and if the decedent leaves no descendants, then the surviving spouse will usually get 100% of the intestate estate.

Smart Business reports that there are many money-saving opportunities for businesses and individuals—via IRA conversions or Health Savings Accounts (HSA)—but it’s important to do so within the law and banking regulations to avoid hefty fines that can eliminate any savings. The article, “Money-saving financial tips for individuals and companies,” says that the unique feature of a Roth IRA retirement savings vehicle for individuals is that, unlike a traditional IRA, it lets you withdraw all of the funds in the account tax-free. However, be sure to read the fine print. If you earn $193,000 or more, you can’t contribute to a Roth IRA, but you can make contributions to a nondeductible IRA, which has no income limit. The bad thing is that the income accumulated is taxed at ordinary income rates when withdrawn. However, there’s a work-around: you can make contributions to a nondeductible IRA, and then convert it to a Roth IRA. Beware that if you convert a nondeductible IRA to a Roth, any IRA you have is considered converted on a pro rata basis, which could create ordinary income. Speak with an experienced attorney before moving forward. Likewise, an HSA can work like an IRA. Contributions go into the HSA on a tax deductible basis and can then grow tax-free, but it can only be used for medical expenses. However, if you can afford to pay for your health care expenses out of pocket, the HSA builds up tax-free and will accumulate indefinitely. You can use it to fund your health care through retirement or leave it to beneficiaries and they can use it for medical expenses. You can actually increase money saved for retirement or beneficiaries, just like an IRA. Reference: Smart Business (December 2, 2015) “Money-saving financial tips for individuals and companies” #IRAs #HoustonEstatePlanning #RothConversions #RothIRA #HSA

They’re an excellent estate planning tool.

Having No Estate Planning Documents. Work with an estate planning attorney to create these documents and help your loved ones overcome common HealthCareDirective #AssetProtection #IRA #401k #Medicaid #LivingWill #Wills #Annuity #RetirementPlanning #estateplanning