With COVID-19 impacting more and more Americans, individuals across the country are scrambling to set up wills and end-of-life directives.
The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15, 2020, because of the novel coronavirus pandemic.
Nobody likes to think about their own mortality, and that’s why so many people go without basic estate planning documents. Often, an event like the coronavirus can be the kick in the pants you need to get your affairs in order.
Losing a loved one isn’t just an emotional burden — it also carries an administrative load. There are flower arrangements to pick, eulogies to write and a stream of paperwork to sort through.
Certain costs are adjusted yearly by the government and can affect premiums, deductibles and other cost-sharing aspects of Medicare. Even though each change doesn’t necessarily involve huge dollar amounts, they can add up and should be factored into your monthly health-care spending.
Guardianship can be a challenging topic for many families. Guardianship needs to be separated into two distinct time periods: while parents are still alive and after parents die.
The kiddie tax was created long ago to prevent wealthy parents from cutting their taxes by transferring a large amount of investments to their dependent children, who would be taxed at a lower rate.
Have you resolved to get your estate planning done at last or perhaps updated? Here is what you’ll need to do, and, just as importantly, what you don’t need to do.
Rosemary Woodward loved Rock Island and many area nonprofits. That passion and her longtime commitment to volunteerism will live on, with a $2.1 million gift from her estate to the Rock Island Community Foundation.
Social Security provides a guaranteed source of income in retirement, but what many don’t realize is that you’re not guaranteed to keep it all.
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