The Sensible Taxation and Equity Promotion (STEP) Act would get rid of what’s known as the step-up in basis to tax the unrealized gains of certain estates at death.
Step-up in basis refers to the way the value of an asset is readjusted for tax purposes upon inheritance.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which passed in late 2019, was only the start of changes for the retirement industry. A bipartisan bill, which has been nicknamed “SECURE Act 2.0,” is in the works.
If you are in a committed relationship but are not married to your partner, estate planning is essential. Unless you each draft a will and designate the other person as a beneficiary, your assets will pass to other family members and your partner will receive nothing when you die. Further, without proper planning you won’t
When setting up a will and other estate planning documents, many clients are concerned about making the most efficient use of their attorney’s time. While these meetings are bound to raise some questions you hadn’t thought of, there are things you can do to prepare.
The more thought you put into certain goals and wishes (including those below), the easier it is for your attorney to create a set of documents that reflects your intentions.
When setting up a will and other estate planning documents, many clients are concerned about making the most efficient use of their attorney’s time. While these meetings are bound to raise some questions you hadn’t thought of, there are things you can do to prepare.
“Deathbed marriages” between couples where a suitor (often a much younger one) marries someone with a short life expectancy due to age or terminal illness are usually looked upon with suspicion. However, not every deathbed marriage is an insidious case of an opportunistic con artist trying to get his or her clutches into an elderly … Read more
There’s a lot to think about when you move. In all the hustle and work of a relocation, certain things can get forgotten. Once you have the utilities on and the boxes unpacked, it’s time to have your estate planning documents reviewed by an attorney in your new home state.
In a world gone increasingly remote, managing your digital assets has become an even more important part of estate planning. From email accounts to digital photos and cloud-based storage, almost everyone owns some kind of digital asset.
The COVID-19 pandemic triggered a rise in estate planning, and yet too many Americans still aren’t planning ahead.
Last spring, news reports were rife with stories of
Tax changes are expected under the new administration. We don’t know how quickly President Joe Biden will move to enact his tax proposals, or whether the Democrats’ thin margin in Congress will be a moderating force. Many analysts believe that economic recovery will be the administration’s first priority, meaning we might not see immediate action. … Read more