A: The answer depends on how much money was in the account! If the amount is under $166,250, then yes, you can most likely submit to the bank what we call a “Small Estate Affidavit” to collect the proceeds. Remember, if there is a will that states who the account...
A: Here is a helpful checklist of things to stay on top of: 1: Take inventory of your digital assets 2: Add digital heirs to your accounts 3: Plan to pass on your passwords 4: Record your stories - hereafter.ai is a great website to check out to preserve your...
A: We have heard a number of our clients voice this concern over the years, and the short answer is yes, you will have 100% absolute control over all of your decisions, all of your finances, and all of your assets with a revocable trust! A revocable trust means that...
It is very common and understandable for people to set up their estate plan assuming all the people you want to leave money to are still living at the time of your own death. However, far too many court battles have taken place due to a lack of contingency planning,...
“I’m too young.” “I don’t want to think about death.” “My kids get along well, so there won’t be a fight over my estate.” “Estate planning is expensive.” “My estate isn’t big enough to warrant an estate plan.” “It’s a lot of work.” “I don’t know why I need one.”...
A: Because no one knows what type of medical treatment you want more than you do! Having an advance directive in place ensures that your wishes regarding your health care are carried out, even when you're unable to make your wishes known. In fact, in the absence of a...
It may have been easy, but it is far from the best way! With respect to capital gains tax liability, when your mom gifted you her property, she unfortunately also gifted you her tax basis. This means, for example, that if your mom paid $50,000 for the property - and...
Sadly, it has become much more common in recent years for elderly individuals, who oftentimes live in isolation, have reduced cognitive function, and are more susceptible to undue influence and financial exploitation, to do things like unexpectedly sign over their...
Service members have life insurance through Servicemembers’ Group Life Insurance. If you have a living trust, name it as the beneficiary of the life insurance policy. If you have minor children but don’t have a trust, you should definitely create one and name it as...
2022 update: $15,000 per year in 2021 and $16,000 per year in 2022 A: The short answer is NO: you almost certainly will NOT have to pay any gift taxes. Remember, under current law, you can make $11.58 million dollars’ worth of gifts in your lifetime without incurring...
