The cost of long-term care, such as a stay in a nursing home or home healthcare services, can be high. That’s why some older adults choose to add a long-term care insurance rider to their existing life insurance policies. When
An asset’s basis is its original purchase price, which determines how much tax will be owed when the asset is sold. When an asset is inherited, the so-called stepped-up basis resets this value to the asset’s fair market value at
The OBBBA includes several provisions that affect how individuals can deduct charitable contributions on their federal income tax returns. These changes influence both annual tax filings and estate planning decisions. Perhaps the most significant update is that the OBBBA makes
Marriage is considered a legal contract. Although the specific laws regarding property rights in marriage can vary from state to state (especially between community property states and common law states), marriage generally comes with certain automatic property rights. Here are
Caring for loved ones at both ends of the age spectrum often means your own financial needs come last. It may be harder to save for retirement, maintain your mental health, or stay afloat amid rising costs and job uncertainty.
Did you know that your family and/or friends have the right to challenge your will during probate proceedings? They are even entitled to object to its validity and various aspects of the inheritance left behind. As you can imagine, this
The executors are settling an estate — but the decedent owes money. What can the creditors take and what is reserved for the inheritors? There is no easy answer, and a variety of federal and state laws apply. To start with, retirement
If you own property and assets or have loved ones who depend on you to provide income or care, you should have an estate plan. However, some people hesitate to create one, fearing that taxes will eat up the lion’s
If you’re thinking of transferring assets to your children, grandchildren and distant descendants, you may want to consider using a grantor retained annuity trust (GRAT) or an intentionally defective grantor trust (IDGT). Both estate planning tools can be used to
Charitable trusts can be important components of any estate planning program, permitting individuals to make substantial gifts to favorite charities without giving up all rights to their property. A current tax deduction can be claimed by making a limited or