Estate planning can help you pass on assets to your heirs, while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply.
More Americans turned their attention to life insurance, wills and trusts last year, as the coronavirus pandemic made the reality of death unavoidable.
Today, estate planning can encompass more than addressing your potential tax exposure. It frequently requires protection of a “fragile beneficiary,” who can include family members with disabilities, individuals struggling with addiction, spendthrifts and even minors and there are planning options available to do so.
Given the expectation the Biden administration will roll back some of Trump’s favorable policies of the past four years, tax consultants and accountants are already hard at work. But for HNW women, dealing with election fallout is minor, compared to the bigger fish they have been frying in the tax pan for decades.
Marilyn Monroe’s estate makes millions every year. At the time of her death in 1962, the icon’s net worth was $10 million, when accounting for inflation. In 2020 alone, she made almost as much as that. But fans of the late star might be surprised to learn that it isn’t her many movies that make her estate the most money.
Revocable trusts are a very popular and effective estate-planning tool. However, the trust will be ineffective, if you do not actually place your assets in the trust.