Practical Estate Planning Tips That Are Often Overlooked

  So you have gone through all of the work to get your estate planning documents finalized, you have had your signing meeting with your attorney, and now it is time to celebrate that you are done, right? In most cases, the answer is not quite yet. There are few items that are often overlooked that are essential to truly finishing your estate plan. I have listed two of the most important items below: Check Your Beneficiary Designations – Immediately … Continued

Here’s why the rich hate the estate tax

  Death and taxes may be unavoidable. Taken together, they become a firestorm. The federal estate tax has been a hot-button issue since it was first imposed under the Revenue Act of 1916, when 10 percent was levied on portions of an estate exceeding $5 million. The reason this one component of fiscal policy remains so hotly debated and highly politicized is because Americans are largely divided over its impact. Some believe it is a tool to prevent the concentration … Continued

Three Reasons To Use A Professional For Estate Administration

  “Being named executor of an estate places many legal and fiduciary responsibilities on that person. An executor must wrap up the decedent’s affairs, arrange for the payment of any income and estate taxes, and distribute the assets of the estate,” explains Pat Rufolo, Chairman of the Private Client Services Group, McElroy, Deutsch, Mulvaney & Carpenter, LLP. “In most cases, people choose a loved one or family member to serve as executor. Unfortunately, I have seen executors make mistakes during … Continued

Transfer on death deed

    Thanks to the 84th Legislature, Texans have a new, easy way to transfer real property to someone else upon their death. It does not involve going through probate court, which can be a lengthy and costly process. It also allows the owner to keep the exact same rights to the property that they’ve always had while they are alive – they can get the property tax exemption, use it as collateral on a loan, or sell the property … Continued

When the Superrich Die, Here’s What’s in Their Wallets –

Pretty interesting. The superrich are different from the very, very rich. For one thing, they own more art. Estate tax data recently released by the Internal Revenue Service show what the wealthiest Americans possess when they die—and where the money goes. First, a few basics. The returns in the data sample were all filed in 2014, which means they came largely from the estates of people who died in 2013. That year, the tax applied to estates of individuals exceeding … Continued