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Posts tagged "Inheritances"

Your inheritance: Is it taxed in Washington State?

It can be hard to deal with tax season, and one of the biggest issues is the state tax that is found on every paycheck. However, there are some states that treat you differently. One is Washington. In Washington, there is no state tax, but that can affect other taxes, such as your inheritance tax or property taxes.

Inheritance surprise? Here's what to do with it

You weren't expecting to receive an inheritance when your grandparents passed away, but you found yourself being told that one was going to be coming to you. You were shocked at the amount of money that had been left behind for you, just as you were surprised to find that you were left your grandparents' family home.

Choose the right distribution for a child's inheritance

If you have children who have been left inheritances, it can be difficult to decide when to allow them access to those funds or assets. For the most part, children don't grasp the full value of what they've been given, so you want to wait until they're old enough to understand that they're receiving a large amount of money, a home or another valuable asset.

Vital questions to ask before planning your estate

Before you start planning your estate, it's important to understand the lay of the land. For example, what kinds of things do you want your estate plan to achieve, and how will you go about planning your estate to achieve them? Because most estate planners and will drafters don't know what they need or what options are available, estate planning attorneys are skilled at asking their clients the following questions:

How Anthony Bourdain's trust kept his true wealth confidential

Not long after the death of celebrity chef Anthony Bourdain, it was revealed that his estate held a seemingly low value of approximately $1.2 million. However, the seemingly low value of Bourdain's estate is not likely the true amount of the late chef's estate because the TV star also had a confidential trust, the details of which will remain unknown.

Do you need to leave money to someone with a substance problem?

Substance abuse is a common problem and most families have at least one person who is struggling with it. If you have someone like this in your family, and you plan to leave this person a sizable inheritance, the situation presents a unique estate planning challenge: How do you leave money to someone with a substance problem while preventing the individual from spending it on a potentially life-threatening addiction?

What are the primary parts of the probate process?

Probate is the legal process that happens after someone dies. Probate court proceedings will determine the assets that someone has left behind and how to distribute them to heirs. If your loved one or relative has died, and probate proceedings are about to begin, here's what you can expect from the process:

What if there are two different versions of my loved one's will?

When two different versions of a will exist, it can create confusion for the heirs and beneficiaries -- especially if the two versions set forth drastically different asset distribution plans. Not only does this create the potential for family in-fighting, but can also result in the wishes of the original creator of the will to not be adhered to.

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