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Myth 1: Jointly owning all your accounts and property means that you need no estate plan because the survivor will automatically become the sole owner of everything as a matter of law. Fact: While it is true that the survivor may automatically become the sole owner of jointly owned accounts and property, depending on the…

Americans are, quite literally, getting buried in debt, with nearly half expecting to pass away with outstanding debts.[1] As a general rule, a person’s debts do not go away when they die. Some types of debt, such as federal student loans, are typically forgiven upon the debtor’s death, but private loans and cosigned accounts may…

Many believe that once they set up and fund a revocable living trust, property held in the trust will completely avoid federal estate taxes after they die. In reality, a living trust does not provide any unique estate tax avoidance strategies. The primary mechanisms for reducing estate taxes—the unlimited marital deduction and the charitable deduction—apply…

Social Security wasn’t meant to be a primary source of income for retirees when it was first created in 1935. It sought to provide an umbrella of protection for people who couldn’t save enough for retirement. Most Americans didn’t think much about Social Security, perhaps because they were living shorter lives and relying on guaranteed…

If you are a homeowner who is falling behind on your real estate taxes, you may end up facing foreclosure on your property. Because your property taxes hinge on the value of your property, you may find your taxes rising beyond what you can afford. Before your situation becomes more serious, be sure to educate…

Parents of adult children with disabilities know that their child’s disability needs may change over the course of their lifetime. Planning for the future well-being of an adult child with disabilities is, therefore, a responsive, ongoing process. The life expectancy of many adults with disabilities has increased over time. For example, according to research, life…

After losing a spouse or longtime partner, it’s difficult to look past your grief. However, it’s crucial to understand the important and timely decisions you must make regarding your finances and personal estate plan. Estate planning is an ongoing process, as it accounts for changes in marriages, deaths, divorces, and births of children and grandchildren.…

With the arrival of the new year, revisions to the annual gift tax and estate tax exclusions will be going into effect, as recently announced by the Internal Revenue Service (IRS). Gift Tax Exemption for 2024 Every calendar year, you can gift up to a certain amount to another individual (or individuals) tax-free. These gifts…

Probate is the legal process of formally recognizing a will after a person dies, naming or validating an executor to administer the estate, and distributing assets to intended beneficiaries. It also requires paying the decedent’s outstanding debts and federal and state taxes. Each state has different laws determining whether probate is necessary. Sometimes it is…

Your heirs may not see eye to eye on family circumstances, particularly regarding inheriting your estate. Relationships can change and intensify when you die. Underlying issues can bubble to the surface, creating tensions over your estate and possibly tearing your family apart. Even if your children get along well, the distribution of your assets can…