Serving as someone’s executor or personal representative under a Last Will and Testament can be a HUGE job, and may not be right for the faint of heart. Although nomination is commonly considered an honor, there is a lot of work involved, and an executor must have a great capacity for organization, attention to detail, the ability… Read More »
Posts Tagged: heirs
Another Kind of “Bucket List”: the New “Carry-Over Basis” Rule
Among the many changes in tax law to go into effect in 2010 was the change in cost basis for inherited assets. Previously, all inherited assets were “stepped-up” from their original value at date of purchase to their fair market value at date of death. In this way, if inherited assets were sold shortly after… Read More »
Test Your Knowledge: An Estate Planning Quiz
How much do you know about estate plans? And how do you know when you need one? Many people have a vague feeling that they should execute some kind of estate plan eventually, but think (hope) that they really don’t need one right now. On our blog we spend a lot of time telling people… Read More »
Procrastination is Not a Planning Tool
The number one reason that people die without protecting their assets or their heirs is not that they lack the money to create an estate plan, and it’s not that they don’t know that they need one, or how to create one—It’s procrastination. Most people who die without an estate plan in place do so… Read More »
Prepare Your Heirs for Tough Times with an Incentive Trust
In these troubled financial times many parents are re-thinking the wisdom of passing on an inheritance with no strings attached. Parents and grandparents still want to help give their heirs a financial boost, but now they want to pass on something else as well—the value of resourcefulness and hard work. How often have you longed… Read More »
Should You Share Your Estate Plan With Your Heirs?
If you have a significant estate to leave to your heirs—but you are still alive and well—to whom does that significant estate belong, you or them? This seems a silly question: of course the property belongs to you, but many adult children have come to count on the property their parents will leave them, and—rightly… Read More »