Any time you give someone a gift, you are engaging in a taxable act. This is something that will go over the heads of most people because there is a $13,000 per year annual gift tax exemption. You can give gifts totaling this amount to any number of recipients each year without exposing yourself to the gift tax and its current 35% rate. Most people don't give gifts exceeding this amount to any one individual during a given year so it is usually not a factor. However, sometimes there are … [Read more...] about Can I Pay Someone’s Medical Bills as a Gift Tax-Free?
When Tallying Assets, Include Life Insurance Proceeds
As you take inventory of your assets, you are probably thinking that you want to see the total of your assets before you divide it among your heirs. This make sense, but you have to evaluate that total very closely in light of the potential ravages of the Federal estate tax. If your resources exceed the amount of the exclusion that is in place at the time of your death, the tax will be imposed unless you have taken steps to gain estate tax efficiency. When you are conducting this inventory, … [Read more...] about When Tallying Assets, Include Life Insurance Proceeds
Why Do Some People Avoid Probate?
If you have not researched the subject, you may think that a Last Will is something that family members handle among themselves after you pass away. The executor that you select reads the Will to the group, and this individual then proceeds to distribute your assets in accordance with your wishes. The truth is that things are not quite this simple. The probate court is involved when you utilize a Last Will to elucidate your final wishes. This court supervises the administration of the estate, … [Read more...] about Why Do Some People Avoid Probate?
Consider Children Before You Remarry
When you decide that you would like to get remarried, as a parent you have a somewhat delicate situation on your hands. You logically do not expect the union to end in divorce, but well over half of second marriages do not last. Third marriages are more likely to end in divorce than second marriages, so you have to consider the odds if you want to be pragmatic. And of course, there is also the possibility that you may predecease your spouse. If you don't take the proper steps, there is no way … [Read more...] about Consider Children Before You Remarry
Late Academy Award Winner had Rocky Relationship with Sons
It is important to address the possibility of a reduction in your cognitive abilities when you are making preparations for the latter stages of your life. People are living longer than ever, and once you reach your 80's you may suffer from a diminished capacity to make sound decisions. With the above in mind, we would like to highlight the rocky relationship that existed between the recently deceased Academy Award-winning actress Celeste Holm and her two sons. Holm was 95 when she died in July … [Read more...] about Late Academy Award Winner had Rocky Relationship with Sons
Wife of Painter Kinkade Challenges Holographic Wills
A holographic Will is a last Will that was authored and signed by the testator in his or her own hand. The popular painter Thomas Kinkade died in April, and his girlfriend at the time of his death has produced two holograph Wills that were written out and signed by Kinkade. The above sounds simple enough, but there is much more to this story. Thomas Kinkade died of acute intoxication having ingested lethal quantities of alcohol and Valium. An expert who evaluated the handwriting states that … [Read more...] about Wife of Painter Kinkade Challenges Holographic Wills
Final Affairs Can Be Matter of Public Record
There are multiple ways to arrange for asset transfers to take place after you pass away. The two most common methods would be the creation of a last will or revocable living trust. A revocable living trust may sound imposing, a vehicle that is only used by the rich. However, the truth is that these vehicles can be used to great advantage by people who would describe themselves as middle class. Indeed, it would be wise to discuss your unique situation with a San Jose estate planning lawyer … [Read more...] about Final Affairs Can Be Matter of Public Record
Man’s Best Friend Can Fill a Void
When you start to reach an advanced age, you invariably experience significant losses. People lose lifelong friends, siblings, extended family members, and even their spouses. As a result, it is not uncommon for senior citizens to experience loneliness, and this can result in the onset of depression. And in addition, as we all know senior citizens are often challenged by other health problems that may have nothing to do with their loneliness. The good news is that for many people a four-legged … [Read more...] about Man’s Best Friend Can Fill a Void
Deceased Performance Car Guru’s Family At Odds
If you are looking for a valuable and highly coveted classic performance car, you will not get far without coming across the name Shelby. We lost the legendary automotive designer Carroll Shelby back in May, but his incredible creations like the Shelby Mustang and the AC-Shelby Cobra will live on forever. Though Shelby passed away as one of the foremost automotive designers of all time, had he never designed a single motor vehicle he would have been an important figure due to his success as a … [Read more...] about Deceased Performance Car Guru’s Family At Odds
Imprecise Planning Can Yield Unintended Results
To make sure that your assets are eventually distributed in the manner that you see fit, you must make the necessary adjustments along the way while making sure that your estate plan is professionally prepared by a truly experienced professional. We often see cases that are held up in court for years because individuals did not plan ahead with the proper degree of foresight. In many instances, when people are disinherited they are not going to simply stand idly by with their disappointment. If … [Read more...] about Imprecise Planning Can Yield Unintended Results
