A gift tax is a tax imposed on the gift giver, not the recipient. Therefore, it falls into a category different from income taxes. At first glance, gift taxes may seem complicated because there is both a lifetime exclusion amount and an annual gift exclusion amount. The current Internal Revenue Service (IRS) lifetime gift tax […]
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A power of attorney is a person who acts on your behalf to handle certain tasks or to make decisions when you cannot. As long as you are of sound mind, you can designate a person called an agent or attorney-in-fact to act on your behalf. As long as the principal or person who created […]
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In most states, to qualify for Medicaid benefits, your total assets must fall under a very small asset limit (along the lines of just a few thousand dollars). For new Medicaid applications submitted in New York, the asset limit in 2026 is $32,532 for a single applicant and $43,781 for a married couple. An irrevocable […]
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Even though 64% of adults view estate planning as important, a 2024 survey conducted by Caring.com reveals that only 32% of Americans currently have a will, marking a 6% decline from the previous year. This is the first decrease in estate planning rates since 2020. Among those without a will, 40% believe they do not […]
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As of the end of 2022, approximately 18.6 million individual taxpayers owed the Internal Revenue Service (IRS) a total of $316 billion in overdue taxes. Yes, you can buy a house if you owe taxes, but getting a mortgage can be more difficult if you owe taxes to the Internal Revenue Service (IRS) or state […]
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Your last will and testament is one of your most important estate planning documents. Although only about 42% of U.S. adults have a will, this critical document enables you to provide instructions regarding how you want to pass on your accounts, property, and other assets and, if you have minor children or pets, how you […]
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Decanting is pouring liquid from one container to another. When decanting wine, the process is supposed to be done carefully to avoid disturbing any sediment or impurities that may have settled at the bottom of the container. Wine exposed to oxygen, over time, becomes vinegar. So, how does this apply to an irrevocable trust? Typically, […]
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Whether you are a relative, beneficiary, or executor of an estate, you may need to know how to claim deceased bank accounts without probate. Generally, the process to claim a deceased person’s bank account is straightforward if there are clearly defined payable-on-death beneficiaries or a joint account owner, but occasionally, there may be no beneficiaries […]
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A joint bank account is a common way to share funds with another person, such as a spouse, partner, or child. Upon the death of one account holder, if the joint account has rights of survivorship, the assets in the account pass to the surviving joint account owner. Besides joint tenants with rights of survivorship […]
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A last will and testament is an important part of your estate-planning documents. Using this document, you can express your wishes for how your possessions will be distributed, name an executor to manage your estate, and appoint guardians for minor children or pets. Accounts with beneficiaries should be left out of your will to avoid […]
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