Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part II
Pumpkin Kisses and Harvest Wishes
As the spooky season transitions into the season of Thanksgiving, it’s important to remember our why. Most of us do what we do for our families and loved ones. As the holiday season approaches, do something that will have a lasting impact on your family. Create a comprehensive Estate Plan. Make sure that you take the time to consult a qualified Estate Planning attorney who can provide advice regarding all the elements necessary to complete your plan. Read on to learn more. … [Read more...] about Pumpkin Kisses and Harvest Wishes
Estate Planning: There’s Something Here for Everyone – Part I
Despite knowing that they should have an estate plan, many individuals give excuses for failing to create an Estate Plan. They may rely upon advice from seemingly well-intentioned individuals that if they do not have a taxable estate, they don’t need a plan, or that each state has its own set of rules regarding distribution that gives assets to beneficiaries upon death. Some folks go so far as to suggest methods to avoid probate without truly considering the impact of those suggestions. This … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part I
Understanding and Manipulating Estate and Gift Taxes – Part II
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. If the property meets certain requirements, the Internal Revenue Code allows the unlimited deduction but includes the property in the surviving spouse’s … [Read more...] about Understanding and Manipulating Estate and Gift Taxes – Part II
Understanding and Manipulating Estate and Gift Taxes
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. Read on to learn more. … [Read more...] about Understanding and Manipulating Estate and Gift Taxes
Tis the Season for Giving
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. Creating a charitable giving strategy can be a great way for taxpayers to save on taxes while benefiting their community. Certain techniques can be used in conjunction with others to maximize the benefit of charitable giving. Read on to learn more. … [Read more...] about Tis the Season for Giving
The Estate Tax Implications of an International Marriage
Most people are not thinking about taxes and practical concerns when they decide to marry. After the honeymoon is over though, these issues can come up – particularly if you have entered into an international marriage. Because of the globalization of commerce and business over the last few decades, people are coming into contact with foreigners on a much more regular basis now than they did in the past. Often, these “encounters” end up leading to love affairs and even marriage. In fact, … [Read more...] about The Estate Tax Implications of an International Marriage
The Annual Gift Tax Exclusion in St. Louis – Gifting to Your Children
If you are fortunate enough to have a moderate to large estate to pass on to future generations you should be aware of the gift and estate tax repercussions of any gifts you make either during your lifetime or at the time of your death. Waiting to gift your entire estate at the time of your death could subject your estate to a hefty estate tax bill at the high rate of 40 percent. In St. Louis, one tax friendly estate planning tool that is often overlooked is the annual gift tax exclusion. … [Read more...] about The Annual Gift Tax Exclusion in St. Louis – Gifting to Your Children
Estate Taxes in Missouri: How Much Can I Transfer at Death Tax-Free?
Along with deciding who will receive your estate assets when you die, another important goal of a comprehensive estate plan is to minimize the amount of taxes your estate owes when you die. In order to do that, you must have a general idea of how much in estate assets you can transfer at death tax-free. In Missouri, your estate assets are potentially subject to federal gift and estate assets when you die. Each individual, however, is entitled to exempt up to the lifetime exemption limit for … [Read more...] about Estate Taxes in Missouri: How Much Can I Transfer at Death Tax-Free?
College Expenses—Do I Have to Pay Gift Taxes on Them?
We all know that the cost of sending just one child to college can be exorbitant. If you happen to have more than one child in college at the same time then you are undoubtedly feeling the crunch as they head back to school this month. Along with figuring out how to cover the expenses related to higher education, you also have to consider the tax implications of your expenses. As a general rule, any money you give to someone, or pay on behalf of someone, is subject to gift taxes. There are, … [Read more...] about College Expenses—Do I Have to Pay Gift Taxes on Them?
