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Estate planning serves two main functions: determining who can make decisions for you if you become incapacitated Again, without this document in place, your partner might be shut out by other family members. Your will is important for two main reasons: If you have minor children, it permits you to name their to your estate, including distributing your possessions, paying your final bills, filing your final tax

Unfortunately, though, there are some limitations on that sense of generosity when it comes to taxes and can be withdrawn tax-free, so long as it is used for college tuition or related expenses. Spouses can combine their exclusions for up to $30,000, tax-free. Everyone can gift up to $11 million tax-free, and each couple can gift up to $22 million. Your loved ones should not have to be burdened by the IRS upon your death or have any unexpected tax

factors to consider when looking at how to distribute assets: liquidity, sentiment and tax planning. implications in estate planning with the federal estate tax. The tax treatment is the same, and the estate tax is assessed on the fair market value of an asset on Capital gains, death and income taxes all come into play when planning for the transfer of wealth from or minimize the tax bite on your estate.

consider all of those problems and keep your assets in the family and away from the government and taxes You still need an estate plan” #AssetProtection #EstatePlanningLawyer #Inheritance #Wills #TaxPlanning

In addition, dying without a will in Texas could result in higher estate taxes being owed. is responsible for locating and valuing all of your assets and paying off any outstanding debts or taxes By creating an estate plan that considers inheritance laws and tax implications, you can minimize the

Kiplinger’s new article, “6 Tax-Smart Ways to Lower Your RMDs in Retirement,” says that unlike dubious foreign tax shelters, this one has an expiration date. age 70½, the US government—in the form of the Internal Revenue Service—wants a piece of that action: tax Because the withdrawals are taxed as regular income, those RMDs might nudge you into a higher tax bracket higher taxes on your Social Security benefits, a surtax on your taxable investments and a Medicare high-income

prenup include: A description of separate property versus marital property; How to distribute debts; How taxes

Remember taxes and inflation. your assets are in a Roth IRA, when you start withdrawing your money from other sources, there will be taxes Take taxes and inflation into account. Watch market volatility in your investment portfolio. Your attorney will have other strategies to help mitigate the estate taxes your beneficiaries might pay ” #AssetProtection #EstatePlanningLawyer #EstateTax #IRAs #401k #Inheritance #PlanningfortheFuture #TaxPlanning

The ruling lets same-sex couples file jointly for tax purposes and changes estate planning because now Examine your Estate Tax Liability. The state where you live may have its own estate tax at a low threshold. For federal taxes, estates worth over $5.45 million need to pay federal estate tax. AssetProtection #EstatePlanningLawyer #EstateTax #SamesexMarriage #ProbateCourt #Prenup #PowerofAttorney #Wills #TaxPlanning

are relatives who essentially prey upon other family members’ grief and loss for their own financial gain “If you don’t give me that car, you will never see your grandkids again.” – be prepared for bullying They pressure, manipulate, or outright threaten legal action to gain more assets.

to the correct beneficiaries, account owners must consider the source of their estate expenses and tax For instance, a trust cannot be listed as a beneficiary unless it has a current tax ID number.

An estate plan isn’t something you do once and never look at again. As your personal circumstances and state and federal laws concerning estate taxes change, you need to