estate planning Tag

Estate Tax Savings – Inflation’s Golden Lining?

[vc_row triangle_shape="no"][vc_column][vc_column_text] The inflation rate in the United States hit 8.2 percent year over year in the month of September meaning it is at a multi-decade high, according to NBC News. The spike in inflation has caused pain for many Americans due to the increase in food prices, housing prices, and medical care. However, there may be a golden lining to the ever-increasing inflation rate - reduced estate taxes. Reports indicate inflation could actually help save high-net-worth individuals close to $700,000 by reducing the estate tax bill that’s imposed on their assets when they pass on. How Inflation Impacts Estate Taxes Many people do...

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Battle for Baltimore’s Professional Baseball Future Will Be Determined by Estate Planning

Whether the Orioles professional baseball franchise is going to remain in Baltimore, Maryland is now an open question in the wake of lawsuit filed by Louis “Lou” Angelos (son of beloved team owner Peter Angelos) against his mother and brother. Lou Angelos filed his complaint with a Baltimore County court on June 9, 2022 demanding recent amendments to a family trust be voided. In addition, the complaint demand that his aforementioned brother, John Angelos (current CEO of the Orioles) be held liable for fraud and intentionally interfering with Lou Angelos’ inheritance. Proverbial Dirty Laundry Aired in Public When an estate-related dispute arises and is allowed to...

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Which Trust is Best for Leaving a Portion of Your Estate to a Charity?

When planning your estate, you may want to leave some money to a charity you support. If you are charitably inclined, there are two types of trusts you should consider utilizing to protect yourself from excessive taxation and maintaining the value of your future charitable donation. The two trust options include (i) the charitable lead trust and (ii) the charitable remainder trust. What is a Charitable Lead Trust? Compared to a charitable remainder trust, the roles are basically reversed when you set up a charitable lead trust. The charitable beneficiary will receive annual payments from the trust at the beginning of the...

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You Were Named the Executor or Administrator of an Estate – What To Expect

When someone is designated as a personal representative for an estate, their mind is often inundated with questions and concerns about what they are legally obligated to do. In many instances, personal representatives are named an Executor/Executrix or an Administrator/Administratrix. Similarities and Differences between an Administrator and an Executor You may be wondering, "What is different from being named an Administrator versus an Executor?" Well, an Administrator is the individual appointed by a court to oversee an estate when someone passes away without a Last Will and Testament. In contrast, an Executor is the individual named by a decedent in their estate...

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Advice on How to Plan Your Estate in the Midst of the Coronavirus Pandemic

The Coronavirus Pandemic has placed the fragility of life front and center for many people. It is a harsh reminder that each day is a gift and an unexpected event can limit the days we have on this Earth. A byproduct of this realization is that many Americans are taking steps to plan their estates. However, jumping headfirst into estate planning can be rather intimidating. You have to make important decisions about whether to create a will, a trust (or trusts), power of attorney for handling financial matters, power of attorney for medical decisions, and so forth. If you are interested...

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