Make this your new year’s resolution. Or don’t. Either way, these six things should give you peace of mind that your family and friends will not struggle through the probate process. 1. Make a list of your stuff Create a simple list of your assets with corresponding values – use a ballpark value if you don’t […]
Last week, The New York Times ran a piece called “Help for Planning End of Life Care.” The blog post, by Paula Span, discusses a new website called Prepare, which is to help people prepare for their death and communicate their end of life wishes to their loved ones. Here at Epilawg, we have talked […]
The American Taxpayer Relief Act of 2012 does the following: Tax Rates – For most individuals it extends the lower federal income tax rates that have existed for the last ten years. However, if you make more than $400,000 (or $450,000 for joint filers), your top rate will increase to 39.6%. Capital Gain Rates – Again for […]
We have written about the benefits of utilizing revocable trusts for incapacity planning, probate avoidance and out-of-state real estate. However, we often get the question from couples, “Why do we need two trusts? Why can’t we just have one joint trust?” To be honest, in some instances, a joint revocable trust might be the appropriate option […]
A couple of us here at Epilawg are big fans of Downton Abbey and are very much looking forward to tonight’s premiere of Season 3 on PBS. Without giving a ton of plot points away to those of you who have not yet watched the series (Season 1 is available on Netflix and both Seasons […]
February 16, 1935 – January 5, 1998 It has been 15 years since Sonny Bono died in a ski crash on Heavenly Ski Resort in California. Mr. Bono died at 62 years old. Mr. Bono was a famous singer and television star, most notably from The Sonny and Cher Show. Later in life, he became […]
Congress passed The American Taxpayer Relief Act of 2012 on January 1, 2013. Among its many provisions are the following pertaining to estate taxes:
The Minnesota Department of Revenue (“DOR”) is preparing a report that analyzes Minnesota’s current estate tax laws. The report will provide the Legislature with options to consider for changes to or elimination of the estate tax.
April 16, 1889 – December 25, 1977 It has been 35 years since the comedic actor, Sir Charles Spencer Chaplin, died at the age of 88. Chaplin started performing at the of age 5 years old, the child of two entertainers. Chaplin performed on stage and in the movies for most of his life. He […]
Scheduled to decrease January 1, 2013, the federal gift tax exemption will go from the $5.12 million to $1 million*. Many individuals have made substantial gifts this year to take advantage of the high exemption. The type of assets gifted vary; from unique art collections and family business interests to real property, securities, and cash. […]
This year, total student loan debt has climbed over the $1 trillion mark and tuition continues to grow at double the rate of inflation. Starting a college savings plan has never been more important. The earlier families get started, the better. Most of the time, families are well-intentioned and want to save for their children’s […]