There are different types of taxes that can enter the picture when you are transferring assets. Many people have heard of the estate tax, and they assume that an inheritance tax and an estate tax are the same thing. In fact, these are two different types of transfer taxes. Estate Tax An estate tax is levied on the entirety of an estate before it is distributed among the heirs. There is a federal estate tax that is applicable in all 50 states. The maximum rate of the federal estate tax is 40 … [Read more...] about Will My Heirs Face Inheritance Taxes?
A man named Ray Fulk, who did not have any children or close relatives, died last summer in Illinois. He owned 160 acres of land that he inherited from his father that is valued at around $1 million. He was also in possession of over $200,000 in additional funds. Though he was by no means indigent he lived in a farmhouse that did not have any running water. He kept to himself and did not have very close friends according to reports. Apparently he did have access to television during the 1970s, … [Read more...] about Illinois Man Makes Interesting Estate Planning Decision
Contrary to popular belief, estate planning is not something that is confined to senior citizens. As unfortunate as it may be, people of all ages pass away every single day leaving loved ones behind. Estate planning can be accurately described as a core responsibility of adulthood. This is one reason why many employers immediately offer new employees life insurance policies (a part of estate planning), with the employer usually providing a base level of coverage at no cost to the … [Read more...] about Estate Planning: A Basic Responsibility Of Adulthood
As you create your estate plan, you will be forced to make decisions about how to distribute your assets after your death. Many individuals have trouble deciding how to do this. It can be especially difficult trying to decide if you want to leave unequal shares to your children. Take a look at the information below to help make this important decision. If you have any questions about choosing how to divide your assets when creating your estate plan, meet with an estate planning attorney. If … [Read more...] about Is it Okay to Leave Unequal Inheritances in My Estate Plan?