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Posts tagged "Inheritances"

Family tries to secure 'hermit' uncle's $1.6 million estate

A retired factory worker from the Milwaukee area died after developing advanced dementia at the age of 92. Before his health began to fail, however, the man went to a financial advisor in Mequon to get help with a very conservative retirement investment. During the last several years of his life, he ended up giving power of attorney for medical and health issues to his investment advisor -- who he also made the beneficiary of his two annuities and his estate valued at approximately $1.6 million.

Estate tax planning: What happens to inheritances from overseas?

The world is getting smaller, and the borders between countries are becoming more porous than ever. Many Tennessee residents have close family and friends living overseas, and what does that mean for estate planning? It means that you could potentially receive an inheritance from someone abroad, and that means that special taxes will apply.

Inheritance: What millennials need to know

The millennial generation will be inheriting approximately $30 trillion from their parents, the baby boomer generation. This is a great deal of money, but no millennial can be certain what he or she will be inheriting until his or her parents reveal their estate plan. If you are a millennial, and your parents haven't told you their plans, you might want to talk to them about it.

Should a married couple set up a joint or separate will?

It's common that Tennessee residents do not begin thinking about estate planning until after they get married and start a family of their own. In the case of spouses, though, they will have the option of setting up a joint will or separate wills. This may cause you to wonder which route is better? Should you and your spouse combine your estate planning in a joint will, or should you keep your estates separated?

What property will I inherit after my spouse passes away?

If you and your spouse do not have a will set, as a spouse, you will receive the marital benefit of assuming sole ownership of your and your deceased spouse's entire marital estate. As for assets that are separate property of your spouse, or assets that do not fall under the marital estate, Tennessee state intestacy laws -- and the probate court -- will govern their distribution.

Estate tax laws for 2017

If you have a sizeable estate and plan to leave a multi-million dollar inheritance for your heirs, you need to ask yourself whether federal estate taxes will apply to your situation. If your estate is likely to be taxed, any amount above the federal estate tax exemption will be hit docked by 40 percent; therefore, you will probably want to take swift action to protect your estate from this exorbitant tax burden.

How to prevent family infighting after you're gone

Davidson families are tight, and there are usually one or two members of the family who serve as the "glue" that keeps everyone together and getting along. If you are the "glue" for your family, you might be wondering what will happen to them after you're gone. Will they still get along and spend lots of time together? Or, will they start to bicker and fight, or simply drift apart?

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