Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes, which can substantially affect the distribution of money and property to a married couple’s loved ones. Portability can make a significant difference when it comes to the taxation of an estate. What Are […]
Joint trusts are beneficial for many married couples, especially if they have a stable relationship, do not have many creditors, and do not live in a state where their estate may be subject to a state death tax. Compared to separate trusts, they are easier to fund, allow the surviving spouse to have complete control […]
It is better to give than to receive. But if you give a gift above a certain amount, you might end up owing money to the Internal Revenue Service (IRS). The federal tax code has very specific rules about how much you are allowed to transfer to others each year—and over the course of your lifetime—in […]
Estate planning offers many ways to leave your inheritance to your children, but it’s just as important to know what not to do. Here are some common estate planning mistakes that you should avoid. “Oral Wills” If you feel you have a good rapport with your family or don’t have many assets, you might be […]
