Since the 2009 exemption was $3.5 million, the return of the estate tax with an exclusion amount of just $1 million in 2011 is leaving a lot more people vulnerable. For many, the value of their homes is what is going to drive the total worth of their estate over that figure, so this is the area that they need to focus on. An estate planning tool … [Read more...] about A Look At QPRTs
Second marriages offer the complexities of blended families. A blended family is one where each spouse has brought children or property from a previous union. The situation is further complicated when you introduce new property and children from this second union. With proper estate planning, you can make sure every member of your blended family … [Read more...] about Inheritance Protection for Your Blended Family
When you pass away any funds that are left in your IRA will pass to your chosen beneficiary. In most cases, there is a good chance funds will be left to be inherited. Directly to Heir Passing funds directly to an heir creates three potential problems: if your heir withdraws all at once, he or she will owe income taxes on the entire account, your … [Read more...] about Should You Use a Irrevocable Trust for your IRA?
An essential aspect of estate planning is providing for your family members after you are gone. This is especially important if you have minor children. Until your children have reached adulthood they will need someone to care for them and financially provide for their needs. Name a Guardian You must choose a guardian for your children in case … [Read more...] about Including Your Children in Your Estate Plan