How Do I Divide Up My Assets, Without Dividing Up My Family?
February 20, 2020
Nobody really likes getting a smaller piece of the pie.
- 1067 N. Mason Road, Suite 3, St. Louis, MO 63141
Nobody really likes getting a smaller piece of the pie.
A trust is an account that gives a person control over who will receive their assets during their lifetime and/or at their death.
The death of a beneficiary scenario can arise in settling either a probate estate or a trust administration. The beneficiary’s death affects both the administration of the first decedent’s probate estate or trust and the administration of the beneficiary’s own estate.
Many older clients faced with choices regarding late blooming relationships—whether from death or divorce—are confronted with a decision. Should they remarry or should they continue the new relationship without marriage.
Luke Perry’s passing on March 4, 2019 was a sad moment for many, since his iconic role on Beverly Hills 90210 is forever etched in pop culture. However, in the eight months since his passing, it has become clear that unlike most celebrity estates, Luke Perry was financially savvy.
Taxpayers can benefit from higher thresholds for U.S. estate and gift taxes, even if they don’t die until after the tax overhaul expires in 2026, the Internal Revenue Service said.
Portability first emerged as an estate planning strategy in 2011 and 2012 from the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. It was made permanent by the American Taxpayer Relief Act of 2012.
Having a trust is just one important piece of the puzzle, when planning for your financial legacy. Another piece: your trustee.
I’m in my 80s and have a substantial sum in retirement accounts that I plan to leave to my children. Will they have to pay estate taxes on it?
More than likely, most people may not want to envision a time spent in court, arguing with siblings and other family members, or fighting with financial institutions and health providers to uphold end-of-life wishes and the management of personal assets.
1067 N. Mason Road, Suite 3
St Louis, MO 63141
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