Dealing with the loss of a loved one is never easy. When inheritances, homes, estates and mortgages are involved, tensions can run high within a family. It is easy to get lost in the paperwork and terms.
These vehicles let a family manage multiple interests, preserve parental control and protect assets from claims of creditors and divorcing spouses, among other benefits.
Did you know someone who is 65 today has a 70 percent chance of needing long-care treatment in the future? Even seniors who have saved up for their waning years can find it a challenge to pay for nursing home costs, especially when relying only on Medicare coverage.
For most families, the estate planning process is more involved than simply naming beneficiaries. While the primary goal of estate planning is transferring assets in an orderly and tax-efficient manner, it’s just as important to focus on preserving wealth across generations.
The federal estate tax exemption and gift exemption is presently $12.06 million. A married couple can transfer $24.12 million to their children or loved ones free of tax with proper planning. The exemption is tied to inflation, so it will continue to rise.
Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped for result to make the protection more likely to stick if your marriage doesn’t work out.
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Graber & Johnson Law Group, LLC is devoted to serving clients in the highly specialized areas of estate and business planning. Book a time to meet the Graber & Johnson Law Group Kansas Estate Planning Law Firm.