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Estate Planning

Plan Carefully When Avoiding Probate

Posted September 4, 2008 4:54 PM

Dear Dr. Don, My ex-husband put his oldest son on all of his "payable on death accounts," intending to make it easier for the son to receive and manage the funds after death. This was also done to save that part of my ex-husband's estate from probate. My ex and I have two minor children together. My stepson was to be executor of his father's estate, which would have provided Read more...

See also: death, estate, minor, probate, tax, trust, will

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Estate Planning

Inheritance Raises Tax Questions

Posted August 19, 2008 9:50 AM

Today I answer two questions related to inheritance: Dear Dr. Don, My husband and his sister inherited money and other property after their father's death last year. What is their basis in the money they received from his retirement funds, IRAs, stocks, sale of his house, etc.? -- Flummoxed Flo Dear Flo, The assets are valued either at the date of his death, or six months later (if Read more...

See also: assets, beneficiaries, capital gains, inheritance, invest, ira, retirement account, tax

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Estate Planning

Avoiding Capital Gains Tax

Posted August 15, 2008 11:01 AM

Dear Tax Talk, My mother is buying a new home using money from an inheritance. She doesn't have to sell her current house, but feels that she needs to in order to take advantage of the $250,000 capital gains tax deduction. She is afraid that she will not be able to claim the deduction after a few years of living in her new home or that the tax laws will change to pre-1997 levels. I Read more...

See also: capital gains, home, inheritance, tax deduction, tax laws

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Estate Planning

Inheritances Can be Tricky

Posted August 14, 2008 2:28 PM

Amy Rose Herrick, chartered financial consultant and local author offers the following consumer tip for surviving a shaky economy: Inheriting money isn't always as easy as it looks. When the money is in a retirement plan, tax considerations make the financial planning tricky. This is becoming more of an issue as the World War II generation dies, leaving their retirement plans to Read more...

See also: 401(k), financial planning, heir, inheriting, ira, money, retirement, tax

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Estate Planning

Don't Make Estate Plan Without Help

Posted August 13, 2008 1:34 PM

Dear Dr. Don, I am ready to either make out a new will or create a trust. My wife owns six $10,000 Series EE bonds. The bonds are in her name and the name of her deceased father. They do not mature until 2018. I want to accomplish two things. First, I want to get my own name on the bonds as joint tenant with right of survivorship, so there is no hassle with probate or anyone else Read more...

See also: attorney, deceased, estate plan, probate, savings bonds, trust, will

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Estate Planning

8 Ways to Leave a Mess Behind for Your Heirs

Posted August 13, 2008 1:10 PM

If you've always hated your kids, your spouse and the rest of your family, it's surprisingly easy to make sure the acrimony and hurt feelings keep going long after your funeral ends. However, if you actually like your friends and family, avoid these mistakes in planning your estate. 1. Stay ignorant about the process. As with most things, but especially with estate planning, when you Read more...

See also: die, estate planning, funeral, lawyers, living trust, money, taxes

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Estate Planning

Want to Build Wealth? Break These 8 Rules

Posted August 13, 2008 11:37 AM

Being "upside down" is usually a negative term when applied to financial matters, but multimillionaire Robert Shemin believes that sort of thinking is ... well ... upside down. Shemin, author of "How Come That Idiot's Rich and I'm Not?" feels there are two positions when it comes to wealth: right side up and broke, or upside down and rich. Shemin prefers upside down. Read more...

See also: estate planning, financial, investing, real estate, risk, stocks, wealth

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Estate Planning

10 Good Reasons Why You Should Have a Will

Posted June 17, 2008 10:53 AM

If you've been putting off making a will, because the thought of your own demise is too much to bear--stop, and think of your family first. Here are the ten most compelling reasons why it's important to your family that you take action and make a will, and remember to keep it current. If you die without a will... 1. The court will appoint an administrator, for a fee. The Read more...

See also: estate, family, heir, money, trust, will

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Estate Planning

Be Sure to Read Your IRA Custodial Agreement for All Rules

Posted April 28, 2008 1:03 PM

Reading the fine print of a custodial agreement for an individual retirement account is about as exciting as the idea of having blood drawn. You're probably more focused on the IRA's investment options or rolling your 401(k) plan account into the IRA without running afoul of tax rules. Those are worthy issues, to be sure, but don't ignore that custodial agreement. One reason to Read more...

See also: financial planner, individual retirement account, investment options, tax planning

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Estate Planning

Why You Shouldn't Set Up Your IRA for a Trust

Posted April 28, 2008 1:02 PM

Only in special circumstances should a trust be the beneficiary of an Individual Retirement Account. An individual should be the designated beneficiary of an IRA unless there is an important and overriding reason to name a trust. Under the Internal Revenue Code, the beneficiary of an IRA can only be an individual, or a group of individuals, or a special kind of trust for which there Read more...

See also: annual payment, beneficiary, defer taxes, income tax, individual retirement account, IRS

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Estate Planning

Protect Your Money With Trusts

Posted April 28, 2008 1:02 PM

I've heard and read about setting up trusts that can eliminate death taxes; protect assets from creditors; shelter money for college expenses; protect assets from divorce; have Medicaid pay for a nursing home without being broke first; and so on. Now I'm hearing that even corporations are escaping taxes by moving overseas. It seems to me that with the right lawyer, anything's possible. Read more...

See also: assets, creditors, death taxes, escaping taxes, financial planner, Medicaid, nursing home, protect

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Estate Planning

Who Should Inherit Your Wealth?

Posted April 28, 2008 12:28 PM

Establishing an estate plan involves much more than evaluating strategies to minimize taxes. The decisions you make on transferring your wealth will also reflect, consciously or unconsciously, your values. Should a trust distribute money to children or grandchildren while they are young, or only after they have reached a certain age or achieved a specified goal? Should all heirs be Read more...

See also: children, estate plan, heirs, minimize taxes, tax, transfer wealth, trust

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Estate Planning

How to Squash Estate Squabbles

Posted April 28, 2008 12:26 PM

Want to find out how much your family members really love each other? Just wait until a will is read. While family squabbles over wills and trusts are legendary, you can prevent them with careful estate planning. To stop estate squabbles in the first place, don't write a will guaranteed to cause tension, says Glenn Kautt, CFP and president of The Monitor Group, a financial and estate Read more...

See also: family, financial planning, trusts, wills

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Estate Planning

Do You Really Need a Will?

Posted August 27, 2007 3:41 PM

Let's say you don't have dependents and not much in the way of assets. So do you really need a will? No one ever truly needs one: State laws outline procedures for the disposal of assets when people die without having made out a will. In fact, legal experts estimate that more than half of Americans don't have a will or other estate plan in place at the time of their Read more...

See also: assets, beneficiary, dependents, estate plan, state laws, will

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Estate Planning

The Duties of an Estate Executor

Posted August 27, 2007 3:41 PM

One of the important provisions of a will is naming an executor or personal representative of the estate. The executor is a person or a bank selected for a position of special faith, trust and reliance. When an individual is designated executor, it is important that she and the testator both understand the requirements of the job. During the administration of the estate, the Read more...

See also: administration, asset management, assets, beneficiaries, estate, legal notice, will

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General Money

10 Reasons to See an Attorney

Posted August 27, 2007 3:41 PM

When should you consult a lawyer with your estate planning questions? In all of the following situations, the engagement of an attorney before the event is the most efficient way of minimizing both emotional and financial stress. These 10 scenarios are not exhaustive and completely ignore the need for legal counsel in any criminal situation. If the police or a regulatory agency are Read more...

See also: advice, birth, death, estate planning, financial planning, home sale, life insurance, marriage, tips

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Estate Planning

Seek Help When Establishing an Estate Plan

Posted August 27, 2007 3:34 PM

Question: Should I hire advisors to help me establish an estate plan? Answer: Yes. And here's why: Estate planning documents are complex and laws can vary from state to state. Definitely hire an estate planning attorney to help you create an estate plan -- he or she may be the most necessary member of your team. They create estate planning documents and helps you title assets so they can be Read more...

See also: estate, general, money

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Estate Planning

Make Your Final Wishes Crystal Clear

Posted August 27, 2007 3:34 PM

My friend Robert's aunt died recently from an extended illness. Rather than allowing her to die a natural death as she had wished, her husband insisted that she be kept alive regardless of the cost or discomfort. She therefore spent many miserable months on life-support systems that prevented her from dying with dignity. To add insult to her death, her husband, also contrary to her wishes, Read more...

See also: family, funerals, issues, wills

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Estate Planning

Help Your Parents Bypass Estate Taxes

Posted August 27, 2007 3:34 PM

By Jeff Fleming ThirdAge Money Expert Question: My parents are in their late 80s and only have individual wills to each other. Mother has assets totaling about $500,000, and Dad over $1.6 million. They don't like trusts for the cost. I am afraid their estate will lose over 50 percent above the $675,000 deduction. What can I tell them to do immediately? I am thinking about a bypass trust first, Read more...

See also: estate, general, inheritance, money, parents, planning, tax, taxes, trust, wills

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Estate Planning

Intricacies of Gifts Explained

Posted August 27, 2007 3:34 PM

Question: I understand that I can give up to $10,000 to a child without incurring a gift tax. The child assumes the original basis of the stock. Let's say I have some stock I purchased at $50 a share. Now it is at $70 a share. If I gift 100 shares of stock to one child, is it considered a $7,000 gift or a $5,000 gift? Do I pay capital gains tax on the $20 a share? Answer: Nearly everyone is Read more...

See also: advice, estate, general, gifts, inheritance, money, planning, taxes, value

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