The Internal Revenue Service Today announced new inflation-adjusted limits for 2023 that will allow well-off individuals to transfer much more to their heirs tax free during life—or at death.
Few will argue that the most important time to have a will is when you are parents of young children.
An estate plan works like the operating system on your phone or computer. It runs in the background. However, it needs occasional updates to keep the plan current.
If the surviving spouse is a second or subsequent spouse and did not have any children with the decedent, the surviving spouse takes even less.
The problem is that while you expect to die of old age, this is not always guaranteed–which may cause uncertainties in the way your assets are distributed.
Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.
It goes without saying that everyone should have an estate plan.
How will Tom Brady divide their assets and fortune? Did they sign that prenup?
Here’s a simple financial question: who is the beneficiary of your IRA? How about your 401(k) or annuity?
Estate planning helps you avoid many unfortunate situations. While it can take some time and money upfront, you can avoid many worse problems later on.
1601 N. Flamingo Road, Suite 1
Pembroke Pines, FL 33028
1601 N. Flamingo Road, Suite 1
Pembroke Pines, FL 33028
