They say that death and taxes are the only two certainties of life. With this in mind, people routinely take steps to prepare for the tax man each year. Many individuals will engage accountants to assist with tax-preparation so that they do everything possible to minimize their exposure, and this is certainly a wise course of action. Everyone recognizes the need to plan ahead when it comes to taxes, but far too many people ignore the other basic certainty. When studies are conducted, they … [Read more...] about Do I Really Need a Last Will and Testament?
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Resources Are There for Charlotte Seniors
In the Charlotte area, there are resources out there that can be quite useful when you have attained senior citizen status. Before we guide you toward them, we would like to look at health care for Charlotte seniors so that you can recognize the importance of government programs and the distinctions between them Health Care for Charlotte Seniors As you are planning ahead for retirement, you should have a thorough understanding of government health insurance programs for seniors. Two programs … [Read more...] about Resources Are There for Charlotte Seniors
A Look at Kentucky Probate Laws
There are some intricacies that you may not take into consideration when you are planning your estate, and you may make decisions without understanding all the facts. With this in mind, we will look at Kentucky probate laws in this post, and we will examine some transfers that would not be subject to the probate process. Kentucky Probate Laws The heirs to your estate are not the only ones who may have an interest in it. People sometimes pass away with debt, and other interested parties may have … [Read more...] about A Look at Kentucky Probate Laws
Medicaid Eligibility Is Not Necessarily Permanent
There are numerous different ways to facilitate postmortem asset transfers. You should explore all of your options when you are devising an estate plan so you can provide for each person on your inheritance list in the ideal fashion. Different people in your family are going to be in different life situations, and you should give the matter careful consideration. If you act in an uninformed manner, you could make mistakes that result in negative consequences. With the above in mind, we will … [Read more...] about Medicaid Eligibility Is Not Necessarily Permanent
Kentucky Inheritance Laws Regarding Gifts
There are taxes on large asset transfers in the United States. One of them is the federal estate tax. To prevent people from giving away assets while they are living to avoid the estate tax, there is also a federal gift tax in place. Kentucky inheritance laws do not allow for a state-level gift tax or a state-level estate tax. There is a state-level inheritance tax in Kentucky, but your spouse, your children, your grandchildren, your parents and your siblings are exempt from the tax. With … [Read more...] about Kentucky Inheritance Laws Regarding Gifts
The Living Trust Is the Trust “For the Rest of Us”
Many individuals are under the impression that trusts are inappropriate and unnecessary if you are not extremely wealthy. This is actually a misconception, but it is widely held. Why would trusts be useful for wealthy people? Individuals who have been able to accumulate a great deal of wealth are exposed to the federal estate tax. This tax could be applied on transfers that exceed $5.45 million in value. It carries a 40 percent maximum rate, so it looms large for high net worth families. There … [Read more...] about The Living Trust Is the Trust “For the Rest of Us”
Estate Taxes: Will They Impact Your Legacy?
Once you have accumulated a significant store of wealth, the work is not done. Because of the existence of transfer taxes, you may have to take steps to preserve your wealth for the benefit of succeeding generations. Federal Estate Tax There is a federal estate tax that can be a significant factor for high net worth individuals. In 2016, the exact amount of the federal estate tax exclusion is $5.45 million. This is the amount that you can transfer free of the estate tax. Anything that you want … [Read more...] about Estate Taxes: Will They Impact Your Legacy?
News From the North Carolina Alzheimer’s Association Chapter
We have all heard of Alzheimer's disease, but when you understand all the facts, the wide reach of the disease may surprise you. It is actually the sixth leading cause of death in the United States, and it impacts a very significant percentage of senior citizens. As a Charlotte, North Carolina elder law firm, we understand the importance of Alzheimer's education. If you would like to learn some facts about the disease, you may want to visit the Alzheimer's Association website. You can also … [Read more...] about News From the North Carolina Alzheimer’s Association Chapter
Do You Need a Trust Lawyer?
If you are under the impression that you should use a last will to state your final wishes when you are planning your estate, you may feel as though you have no need for a trust lawyer. In fact, there are many different circumstances that would call for using a trust instead of a will. Let's look at the some of those situations. Special Needs Planning Let's say that you have an adult granddaughter with special needs in your family. She is relying on Medicaid is a source of health insurance. This … [Read more...] about Do You Need a Trust Lawyer?
What Is a Step-Up in Basis
What Is a Step-Up in Basis from John Potter If you intend to pass along appreciated assets after you pass away, you may wonder about the capital gains tax. Will the inheritors be forced to pay this tax on the inherited appreciated assets. The assets would get a step-up in basis. This means that the value of the assets for capital gains purposes would be equal to their value when you pass away. Learn more about what is a step-Up in basis in this presentation. … [Read more...] about What Is a Step-Up in Basis
