Wills vs. Trusts. What’s the difference and which one should I have? Estate planning clients come in and usually start the conversation with, “I need to do my will” with the basic understanding that once the will is done their estate plans are set. While a will is a good …
Read MorePower of Attorney and How it Relates to Attorneys of Fact
An attorney-in-fact is the person you designate in your durable power of attorney to make financial and legal decisions on your behalf. In case you become incapacitated or are unable to make decisions for yourself. People tend to procrastinate on preparing these documents because “someday” they will get around to …
Read MoreEstate Planning for Non-Resident Aliens and Non-Citizen Spouses
Estate Planning for Non-Resident Aliens and Non-Citizen Spouses Non-Resident Aliens are not treated as advantageously as US citizens under the estate and gift tax rules by the IRS. For a nonresident non-citizen (“nonresident alien” or “NRA”) the applicable estate tax exemption is limited to $60,000, in comparison to $5,340,000 for …
Read More2013 Estate and Gift Tax Recap, and Estates & Trusts Income Tax Rates
Tax season began on January 31. Here is a brief recap the 2013 estate and gift tax exemptions. And the income tax rates for estates and trusts. The estate and gift tax exemption for 2013 was $5.25 million per individual. Portability rules applied for married couples, meaning their total exemption …
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