Controversy was generated when pop singer Prince passed away without a will or any other estate plan in place. Calculations from the IRS indicated that executors of the estate undervalued the overall assets inside by approximately 50% or $80 million. According to the IRS, Prince's total estate is worth over $163 million. The valuation that [...]
Whether you choose to go with an irrevocable trust or a revocable trust, it's important to think about the person who will be installed in the role of trustee. One of the most key differences between irrevocable and revocable trusts is who acts as successor trustee or trustee. When spouses choose to form a revocable [...]
If you are a Mississippi resident and also own property in a timeshare, you need to make sure this is accounted for in your estate planning. Timeshares can be very difficult to get rid of and it is very often the case that heirs of a timeshare owner do not want to take on this [...]
Trusts are a popular estate planning strategy because they accomplish multiple goals at once, including privacy, greater layers of control and allowing for support to the beneficiaries that you choose. When it comes to thinking about your taxable estate, you may be able to move some assets inside a trust for proper management, thus giving [...]
If you currently own an asset that you anticipate is going to appreciate over the coming years, you may want to take advantage of exclusions that are available to you today. The IRS has recently released guidance that indicates that you will not suffer a penalty for using up your gift exclusion exemption while you [...]
The Tax Relief Unemployment Insurance Reauthorization and Job Creation Act was signed into law in December 2010. This made significant changes to federal estate taxes, generation skipping transfer taxes, and gift taxes. This was the first time that the potability of an estate tax exemption was introduced. Portability is a concept that is only available [...]
If you are looking ahead to your future estate taxes and looking for a strategy to minimize them, a consultation with an estate planning lawyer can help you to address many of the most common issues and concerns that come up in connection to this. Savvy planning can make things easier for your loved ones [...]
There are many different kinds of trusts and you might use one or more to accomplish the goals in your estate plan. Because trusts can be complicated and minor mistakes can prove very problematic in the administration of the trust, you should use the support of an estate planning attorney to create yours. You can [...]
When you pass away, your estate could be taxed above certain thresholds established on an annual basis. This has risen to $11.7 million in 2021 with an exemption that is set to expire at the end of 2025. However, it is possible that legislative and fiscal pressures could push a change to occur sooner rather [...]
Many people often make the mistake of assuming that their will controls the distribution of their full estate. It's easy to forget that certain aspects are automatically excluded under the terms of your will. There are three common methods by which assets might be transferred to your beneficiaries after your death outside of what's named [...]
