When you hire an attorney for estate planning, help with a loved one’s estate, or any other legal matter you want to make sure that the work gets done as quickly as possible and at the best possible value. Here are some tips to have the most useful and value-oriented law firm experience. The more […]
The new tax legislation raises the federal estate tax exemption to $11.2 million for individuals and $22.4 million for couples. The increase means that an exceedingly small number of estates (only about 1,800, nationally) will have to worry about federal estate taxes in 2018, according to estimates from the nonpartisan congressional Joint Committee on Taxation.
So, you may be wondering, is estate planning even still necessary?
To put it simply: Yes!
Michael Joyce has Alzheimer’s and suffers from memory loss. The disease had progressed so much that he forgot he was married to his wife, Linda Joyce, of 38 years. However, he had not forgotten that he was in love with her. Recently, Michael asked Linda to marry him, again. Instead of telling him they were already married, Linda said “Of course I will.” To her surprise, the next morning Michael woke up and asked, “So, when are we doing this?”
A payable-on-death account, also called a POD account or sometimes a transfer-on-death (TOD) account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance faster, privately, and at lower cost.
Is a POD account an appropriate solution for your needs? Let’s examine what POD accounts do and how they fit into the overall picture.
