If you have a sizable estate, you may be familiar with the option of gifting assets as a way to pass on some of your family’s inheritance early. Before you begin gifting, you must understand the rules of the gift tax and the benefits and disadvantages of gifting your assets. Gift Tax The federal gift tax is a duty imposed upon gifts above … [Read more...] about Should You Gift Assets?
One of the initial steps to creating an estate plan is to evaluate how much your assets are worth and what debts you owe. The net worth of your estate can help your attorney to decide what level of estate planning you need. This evaluation will also determine if your family will have to pay estate taxes upon your death. Evaluating your net worth … [Read more...] about Evaluating Your Net Worth