Readers may have a misconception that trusts are an estate-planning vehicle only for the wealthy. In addition, since the federal estate tax exemption is over $5 million, some may regard the need for the tax-saving advantages of trusts as obsolete.First and foremost,...
Month: May 2015
Where do self-prepared wills or trusts fall short?
A do-it-yourself approach seems to be highly regarded in our culture. From home improvement projects to online tutorials and courses, Americans like to empower themselves to success.That spirit also resonates with our attorneys, who focus on estate law. We encourage...
Do earnings on an inherited asset implicate income taxes?
The act of receiving an inherited asset, whether it is real estate, investments or cash, generally does not trigger income tax. However, any subsequent earnings on that asset might be taxable. For example, interest or dividends payments might be subject to income tax....
Must assets without designated beneficiaries go through probate?
What happens when non-probate assets do not have a named beneficiary? They might wind up back in probate. For example, life insurance and retirement accounts generally transfer to the named beneficiary. If no beneficiary is named, however, a court may be tasked...
Can estate plans accommodate a reverse mortgage?
Readers may be aware that there are options for borrowing against the equity in their homes. One such option is called a reverse mortgage. A reverse mortgage is a loan insured by the Federal Housing Administration. It comes with several restrictions. Generally,...
