The step-up in basis reduces the capital gains tax on inherited assets. It is an effective way to preserve an inheritance and save money.
If you’ve delayed getting your estate planning documents together, this year, 2021, is the year to get it done. Think about it. You are stuck in this pandemic which took away your control over so many things. You cannot travel and visit with others as you wish. This entire time can be viewed as a complete time waster, if we do not act to create something of value. How about using 2021 to create the joy of accomplishment?
People under the age of 65 account for more than 20% of COVID-related deaths in the US. However, young people are less likely to have estate planning documents, like a will or advanced directive, in place than those of older adults. This means that many people who are dying from coronavirus likely do not have documents in place to dictate who cares for their children or what happens to their home or money.
Turning eighteen is a special time in life. High school graduation, new job, and possibly college. While your son or daughter may still seem like a “child” to you, turning eighteen brings about many legal changes for your newly-minted adult. But, there are some things that parents of 18 year olds must know. Parents of …
Parents of young children often wonder if it is the best idea list their minors as account beneficiaries. Usually, a parent will list the spouse as the main beneficiary, but would like to name children as a contingent beneficiary, in the event something happened to both parents. This practice of naming minors as account beneficiaries, along with a few others set forth below, will cause many unintended consequences.