Transfer on death and payable on death are two designations used to transfer assets to beneficiaries when an account holder dies without going through probate. Payable on death means that the assets in the account are transferred to the beneficiary. Transfer on death not only transfers the assets to the beneficiary but also ownership of […]
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A prenuptial or prenup agreement is commonly used by one or both partners in a marriage to provide clarity and define expectations for the marriage. A prenup agreement can distinguish between separate and marital property. Separate property is defined as any assets owned by a spouse before marriage, as well as any gifts and inheritances […]
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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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As part of the Tax Cuts and Jobs Act (TCJA) of 2017, lifetime estate and gift tax exemptions are set at $13.61 million for individuals and $27.2 million for couples in 2024, adjusted for yearly inflation. This huge exemption increase was a relief to many families, as they were no longer subject to federal estate […]
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How Married Couples Can Use the Clayton Election and Disclaimer Options to Reduce Federal Estate Taxes Married couples with larger estates face uncertainty about the federal estate tax exemption when the second spouse dies. Currently, the 2024 federal estate tax exemption amount for an individual is $13.61 million. For married couples, the combined exemption amount […]
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A life estate deed in New York allows an individual, known as the life tenant, to retain the use and enjoyment of their home throughout their lifetime. Upon their death, title to the property passes to another person, known as the remainderman (or woman), without the need to go through probate. This important estate planning […]
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Over time, your estate plans will probably change due to marriages, divorces, births, and deaths. Many people leave their accounts and property to their children, assuming their wealth will eventually pass on to the next generation, but in some cases, transferring property and accounts directly to their grandchildren makes more sense. Gifting Money During Your […]
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Grantor retained annuity trusts (GRATs) are irrevocable trusts that grantors can use to place assets that are expected to increase significantly in value and distribute them to beneficiaries while limiting their estate and gift taxes. What is a Grantor Retained Annuity Trust (GRAT)? A GRAT is one of many options available in estate planning to […]
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If you live in one of the 26 U.S. states that have filial responsibility laws on the books, you may be responsible for providing basic needs and medical care if your parents cannot afford it. Filial responsibility describes the obligation or duty an adult child has to their parents. Some cultures, especially those where multiple […]
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