Estate Planning Archives - Page 4 of 22

Use caution when creating an IRA inheritance trust

08/01/2019 by Report from Counsel

When you hold an IRA, those funds can be distributed to the person you name as beneficiary or to an inheritance trust. Before you name a trust as the beneficiary of your IRA, however, consider the pros and cons.

Paying taxes when you inherit a home

08/17/202004/30/2019 by Report from Counsel

When you inherit a home and sell it, you pay capital gains tax based on increase the value of the home after the date of the owner’s death. For example, if you inherit your dad’s vacation cabin, and it was worth $300,000 when he died, and you later sell it for $325,000, you’ll pay tax … Read more

Grandparents’ options for college costs

08/17/202004/30/2019 by Report from Counsel

With the cost of college tuition rising, some grandparents are pitching in. Grandparents who want to help out have several options, but many come with limitations or possible pitfalls: With the cost of college tuition rising, some grandparents are pitching in. Grandparents who want to help out have several options, but many come with limitations … Read more

Including frequent flyer miles in estate plans

12/05/2018 by Report from Counsel

When celebrity chef and author Anthony Bourdain died, his will contained a directive leaving his frequent flyer miles to his estranged wife to “dispose of in accordance to what she believes to be his wishes.”

Survey: Family drama causes estate issues

12/05/201812/04/2018 by Report from Counsel

Families face a variety of estate planning challenges, and family drama may be chief among them. In fact, 44 percent of planning professionals say family conflict is the biggest threat to estate planning this year, followed by tax reform (25 percent) and market volatility (12 percent), according to a recent survey.

Is an absent spouse an ‘abandoning’ spouse?

12/05/201811/21/2018 by Report from Counsel

When a person dies “intestate,” that means they’ve passed away without having made a will. If that happens, their property is doled out to surviving family members according to that state’s “intestate succession law.” This means the state is essentially creating a will for the person according to its idea of how most people would set one up, typically with a surviving spouse first in line, followed by kids, grandkids, parents, siblings and so forth.

When your parents die with debt

07/31/201807/30/2018 by Report from Counsel

At any age, the death of a parent is a difficult experience. But these days more adult children are dealing with an added stressor: the realization that Mom or Dad died with debt. In the past decade, there’s been a steep increase in debt among senior households. According to a report from the Employee Benefit … Read more

Changes in Estate Tax Law

08/17/202005/08/2018 by Report from Counsel

You might have heard about the recent changes to federal estate tax laws. The amount that can pass free of federal estate taxes is over $11 million (until December 31, 2025). While the federal estate tax will affect fewer individuals, persons domiciled in Illinois should be aware of the significant Illinois estate tax: Illinois imposes tax on assets passing at death to a non-spouse in excess of $4 million. Married couples can pass

Learn from celebrities’ estate planning blunders

12/15/2017 by Report from Counsel

We all can learn important lessons about estate planning from recent “bad” experiences of famous people. The AARP recently gathered their stories, and here are the highlights: Florence Griffith Joyner: Before her death in 1998, Olympic gold medalist Florence Griffith Joyner never told anyone the location of her will. Without the original document, it took … Read more

Protect your power of attorney from legislative changes

09/23/202012/15/2017 by Report from Counsel

Medical and financial powers of attorney are a critical aspect of effective estate planning, but are you keeping your documents up to date? It is recommended to have them reviewed every 2-3 years. Several legislative changes over the years have given financial institutions and healthcare providers reasons to reject powers of attorney. As new laws … Read more