In this informative webinar we discuss the critical aspects of Advanced Health Care Directives (AHCD) and Do Not Resuscitate (DNR) forms. We provide valuable insight into the purpose and significance of AHCD, shedding light on the key differences between the two documents and equip you with the knowledge to make informed healthcare decisions.
You’ve worked hard to earn the things you have today. You’ve purchased a home, invested wisely, secured a savings account, or started a business; you know these are life changing assets. That means you should plan for what happens to them when you pass away. One way to make a plan for your assets to be passed to your heirs is to create an estate plan or living trust.
The most common choice you have when setting up an estate plan is the choice between a will and a living trust. A will triggers probate unless your estate falls below a minimum threshold of value. In many states, the minimum threshold is about $50,000.
Myth 1: Estate Planning is only for the Wealthy Truth: Estate planning is for everyone, regardless of their financial status. […]
In the United States, nontraditional families, including blended families with stepparent or stepchildren relationships, now outnumber traditional families. Despite this […]
When it comes to inheriting assets, a critical concept that can profoundly affect your financial situation is the step-up in basis. This term pertains to the adjustment in the tax cost basis of inherited assets to their fair market value at the time of the original owner's death. A clear comprehension of the step-up basis is vital for heirs and beneficiaries, as it can have significant implications for capital gains taxes when an asset is sold.
Join us for an insightful webinar on “Understanding the Step-Up Basis for Assets Acquired from an Inheritance.” Discover the intricacies […]
When you create a living trust, it’s often tempting to try to shelter everything you own by putting all your most valuable assets in it. A revocable trust offers numerous benefits, protecting you from creditors while you live, giving you control over your assets, and offering flexibility in how you distribute your assets after death. It also protects your privacy and saves your beneficiaries from the probate process.
The distinction between an heir and a beneficiary is crucial in understanding their roles in estate planning. In the context of rights to an estate, heirs' entitlements are explicitly outlined under a Trust or Will. In cases where there is no formal Estate Plan, heirs are legally recognized as the next of kin, granting them rights to inherit property and assets in the absence of a Will or Trust. The succession order, dictated by state law, typically follows a pattern of spouse, children, descendants, and close relatives.
When it comes to estate planning, retirement assets, particularly Individual Retirement Accounts (IRAs), often constitute a significant portion of a deceased individual's estate. Unfortunately, these retirement accounts are also prone to estate-planning errors, exacerbated by recent changes in the rules governing distributions for inherited IRAs. Amidst this complexity, if you wish to leave your IRA to your heirs, there are crucial considerations to bear in mind.