Have you ever wondered what is considered part of your taxable estate? If you haven’t ever thought about it, you should. That’s because the size of your estate determines your estate tax liability. Currently, estate tax only kicks in if your gross estate exceeds $5,000,000 per person. Any amount above that gets taxed at 35%. […]
Estate Protection
You can do everything right; stay out of debt, save and invest, and your family may still have nothing to show for it if you aren’t careful. This category explains estate planning in plain English so you’ll understand and be empowered to take action the right action. It also describes the simple and inexpensive things you can do to protect everything you’ve worked so hard for all your life.
Note: You should speak to a qualified attorney before taking action. This is not meant to substitute for appropriate legal advice.
FEDERAL ESTATE TAXES – Smart Strategies in 2012 and Beyond
You might think you don’t have to worry about federal estate taxes anymore. Current laws exclude the first $5 million in your estate for estate tax. And to make it an even sweeter deal, a couple (if both are American citizens) can exclude up to $10 million. Does that mean you don’t have to worry […]
Estate Tax Changes to Take Advantage of Now
There have been a number of estate tax changes that make it easier to save money now and in the future. This is because there was a huge gift tax exemption passed that allows you to transfer up to $5 million when you die without paying any estate tax. But you don’t even have to […]
What is Per Stirpes and Why You Must Know
“Per Stirpes” is a very important term to you if you own retirement accounts. So what is “Per Stirpes”? IRA custodians never explain it but the term “Per Stirpes” come from Latin and it means “per branch”. These two words can mean success or failure when it comes to your retirement account beneficiary designations and […]
Beneficiary Designations – How To Avoid The Top 5 Traps
Your beneficiary designations are probably the single greatest estate planning tool you have available (other than a living trust). Yet very few people take the time to make informed decisions. Here’s a run-down of the top 5 traps and how to avoid them. 1. Different Rules Beneficiary designations are important. But IRA beneficiary rules are […]
Beneficiary Forms -How To File Them Out Correctly
Your beneficiary forms are one of the building blocks of your estate plan. You might understand all the IRA beneficiary rules but if you make a mistake filing out your forms, you’re in for a world of hurt. And this goes for your other money as well. Your non-retirement accounts (called “non-qualified” accounts) are also […]