Estate Plan Concerns under Biden
Now that there is a Democratic majority in the Senate and the House of Representatives, estate and gift tax law changes are expected to occur in 2021 or 2022.
Now that there is a Democratic majority in the Senate and the House of Representatives, estate and gift tax law changes are expected to occur in 2021 or 2022.
Depending on your family situation and the value of your estate, forming a trust can be an important addition to your farm transition plan.
Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that planning is to have any likelihood of succeeding.
When something is tailored to one’s needs, everything can go smoother.
Every family has one–or maybe more–black sheep. They’re people who march to their own drum and handing them an inheritance could be problematic.
Even those with thorough estate plans might have neglected to discuss details with potential heirs.
Has a family member or close friend asked you to serve as their executor, trustee or power of attorney? If you accepted the responsibility, do you know what this entails? Have you been given a copy of the documents you were named under? Do you know when you would begin serving in these roles? These are all important questions to ask or consider.
Taking a few simple steps now can potentially help save your beneficiaries thousands in legal fees and taxes.
Is it better to transfer the title of the home to us, or to leave it as it is given her age and go through probate?
As parents, we often want to help our adult children who need a financial boost. Many times, this assistance comes in the form of a loan.
Copyright © Huizenga Law Firm, P.C. All rights reserved. Some artwork provided under license agreement.