The amount of money you can pass to your family through your estate is at an all-time high. But it will go down by at least 50% in 2026. Then big tax bills will be owed by your family. Right now, if you were to die, the government allows $11.7 million of your estate to…
What documents have taken on more immediate importance as the pandemic continues? Here is a list of documents to seriously consider dealing with immediately: Advance Health Care Directive — This document names someone to make health care decisions for you. You can describe your preferences for end-of-life care. Last Will and Testament — This document…
Legal Documents Every College-Age Student Needs As a parent, you lose the ability to make decisions on your child’s behalf when he or she turns 18. You no longer have the right to make medical decisions or speak with their doctors. If you would still like to have the ability to speak to your child’s…
Bitcoin and other forms of cryptocurrency have become increasingly popular forms of investment. But what are the benefits, and drawbacks, of these virtual investments in terms of estate planning? Can cryptocurrency even be passed to beneficiaries like other assets? The short answer is yes, but the process is much different than more traditional assets. One…
Beginning February 16, 2021, only the first $1,000,000 of taxable value can be excluded from reassessment of a transfer of a principal residence by a parent to a child. Additionally, the child must use the home as their principal residence immediately following the transfer. Let’s look at an example: Henry and Wanda’s principal residence, purchased…
