A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
Executors can use additional information in administering estates, especially if the executor is unrelated to the decedent.
Social Security benefits are a vital source of income for many retired Americans. However, as with any income, the federal government is able to tax Social Security benefits—how much depends on the retiree’s income.
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
In terms of federal tax law changes, the last year had much ado but little change.
Money Talks News’ recent article entitled “7 Social Security Benefits You May Be Overlooking” says that the Social Security Administration provides payments to spouses, children and those with disabilities, among others. Let’s look at this in detail. Spousal benefits via a husband or wife. Spouses can get up to half of their husband’s or wife’s…
You have many options to make sure your wishes are followed after you die.
Make Your Child a Tax-Free Millionaire! Want to jump start your child’s retirement with a million dollar tax-free account? Consider this: The million dollar idea
Planning for your future should start after you get a job. Therefore, it is advisable to start saving a certain percentage of your salary every month and buying assets whenever you can. That will guarantee that you will have a comfortable life after retirement.
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