Estate planning attorneys and CPAs all keep an eye on letter rulings to see if IRS decisions have any bearing on their own client’s situations. In this case, a taxpayer is setting up a revocable trust and wants to use a Charitable Lead Annuity Trust known as a CLAT. A…
Here’s a legacy that you may not want to leave for your family to pay: your credit card debt. It doesn’t go away when you die. Three out of four consumers die in debt, says Yahoo Finance’s recent article, “What Happens to Credit Card Debt When You Die?” That means…
“Until death do us part” sounds very different when you are in your twenties and getting married for the first time. As a couple travels through a life together, the time comes to create or revise an estate plan. Granted, the estate planning process isn’t as much fun as planning…
One of the reasons for a pre-nuptial agreement, is to clarify who owns what in the marriage, and what happens to property if the marriage should dissolve. In a community property state, everything is “ours.” If you live in a community property state, like Texas, and you are married, both…
Being named an executor for someone you care about is an honor. It means they trust you and your judgment explicitly. However, it is an honor that comes with responsibilities. The role of an executor varies with the size and complexity of the estate. The executor is charged with making…
Estate planning is not as much fun as vacation planning, but it is something you do for your loved ones to save them a lot of stress. It can also provide a surprising sense of relief to have this task completed. It’s hard for anyone to consider their own mortality.…
Wealth transfer occurs in a number of different ways, and sometimes there are too many choices. How do you decide which strategy to use? Start by educating yourself about some of the fundamentals of lifetime gifting. Gifting strategies are used to minimize the tax burden on estates and preserve assets,…
A will serves several purposes. It gives you the power to distribute your possessions, according to your own wishes. It also lets you name who should take care of your children, if they are minors when you die, and of your pets, if you provide for them in the will.…
Target date funds are growing in popularity, in part because they don’t require investors to do anything in the way of fund management. Are they right for you? That depends. Like any investment, there are pros and cons to using target date funds for retirement savings. The concept is easy…
When you die, the assets you’ve accumulated during your lifetime have to be distributed. If you don’t make a plan, your family may be left to clean up a legal mess, quarrel amongst themselves, or watch as a long-lost family member is given everything by a court decision. An estate…