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How to Avoid Estate Taxes

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With the estate tax making a comeback next year, people with taxable estates are once again looking for ways to minimize- or even avoid – their estate tax bill. You’re taxed on the value of assets you have in your “gross estate” at the time of your death, so the way to reduce your tax bill is to reduce the size of your gross estate. Here are the methods for doing that: Spend, Spend, Spend. Spending your assets is the obvious choice, and it’s also likely the least attractive. While spending … [Read more...] about How to Avoid Estate Taxes

Not All Property Is Subject To Probate

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Probate is the court-administered process for distributing your property to your heirs when you pass away. But, did you know that not all property has to go through the probate process? Generally, property that is titled solely in your name at the time of your death – and that no one else has any contractual right to receive – has to go through probate. Property that’s not in your name, or that’s in your name and someone else’s, does not have to go through probate. Knowing what property does … [Read more...] about Not All Property Is Subject To Probate

Inheriting? This Year, It Could Be Pricey

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We all know that the estate tax has been repealed for the year 2010 – and that it’s scheduled to come back, in some form, starting on January 1, 2010. But did you know that, along with the estate tax repeal came a change in the income tax rules that apply to inherited property? The change applies for this year only, and here’s how it works: When you inherit property, the IRS assigns a value to the property, called the “basis”. If you sell the property in the future, the amount of your gain … [Read more...] about Inheriting? This Year, It Could Be Pricey

Caring For an Elderly Parent: How to Cope

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It’s the last thing many of us expected to be doing, and yet as our population ages, more and more of us find ourselves as the primary caregivers for our elderly parents, often before our own kids have even left the nest. While most of us are happy to take care of our parents, the job can be grueling and exhausting and –let’s face it – thankless. Here are a few tips on how to cope. Don’t forget to take care of yourself. Of course, it’s important to get enough sleep. It’s also essential to … [Read more...] about Caring For an Elderly Parent: How to Cope

Ancillary Probate: The Basics

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Most people have at least a basic idea of what probate is – it’s the court process through which certain property is transferred to your heirs and beneficiaries after you pass away. But, did you know that your estate might be subject to probate in more than one state? The process is called ancillary probate, and it applies if you pass away owning property in another state that’s titled in your name, and that’s not subject to anyone else’s contractual rights. For instance, if, at the time of … [Read more...] about Ancillary Probate: The Basics