When you think about estate planning you probably focus those thoughts on the distribution of your estate assets after your death to your loved ones. In order for there to be assets left to distribute, however, you must also make protecting your assets part of your comprehensive estate planning efforts. Some of the threats to your assets are obvious, such as creditors; however, there are other potential threats that you may not have considered. Federal gift and estate taxes, for example, could … [Read more...] about Explaining Federal Gift and Estate Taxes
Losing a loved one can caused mixed emotions if you also received an inheritance from the decedent. An inheritance can provide a small boost to your budget or can lead to financial freedom, depending on the size of the inheritance. One thing you need to be sure that you understand if you received an inheritance is the tax implications of that gift. For example, if you are a resident of the State of Illinois, do you have to pay inheritance taxes in Illinois? While it is always best to consult … [Read more...] about Do I Have to Pay Inheritance Taxes in Illinois?
When you die all of your assets must be located and valued during the probate process. There are several reasons why this is required. One of those reasons is to ensure that Uncle Sam receives any gift and estate tax due on the estate. Gift and estate taxes are levied on all qualifying gifts made during your lifetime as well as on all assets in which you have an ownership interest at the time of your death. Topics covered in this report include: What Is the Gift and Estate Tax? The Lifetime … [Read more...] about Free Report: Will Your Estate By Subject To Illinois Federal Gift and Estate Tax
Will Your Estate Become A Subject to Federal Gift and Estate Tax from Robert Nash While this does eliminate any gift and estate tax exposure for your estate when you die, it can easily over-fund your spouse’s estate. Learn more about federal gift and Estate Tax in this presentation. … [Read more...] about Will Your Estate Become A Subject to Federal Gift and Estate Tax