Estate Tax
An Introduction to High-Net Worth Estate Planning
Estate planning is an important concern for anyone who desires their affairs be handled according to their wishes after their death. Planning for high-net worth individuals and families is complex and dependent upon the particular desires of the family. High-net worth estate planning should be handled carefully, so that your estate, which you’ve worked hard…
Read MoreEstate Planning is for Everyone
A common planning misconception is that only those with vast assets need an estate plan. But, it is important to emphasize that estate planning is not just for the wealthy. For many, the word “estate” conjures up a Downton Abbey-like property and an overwhelming amount of zeros on your bank account balance, but estate planning is a must, regardless of your tax bracket. An estate plan concerns…
Read MoreHow Estate Taxes May Impact your Life Insurance Policy
In the process of estate planning, there are many things to consider. An estate planning attorney can be essential to formulating a sound plan that is best tailored to your individual situation and long-term legacy. Life insurance is a staple of many estate plans, but there is one factor that is often overlooked when people start thinking…
Read MoreEstate Planning Lessons from Tony Soprano
The tragic and untimely death of James Gandolfini shocked and saddened fans of the talented actor. And, since his will became public last month, there has been much commentary on the state of his affairs prior to his passing. The actor’s will exposes common estate planning problems that can easily occur with blended families. Gandolfini…
Read More"We are Family": Estate Planning for Adult Children Living at Home
With the state of the economy, the low unemployment rate for graduates, and the general cost of living, many children are continuing to live with their parents long after they turn eighteen. Having an adult child live with you can simultaneously be a benefit and a burden. Children at home can assist with the tasks…
Read MoreSame-Sex Marriage Estate Tax Milestone
Recently, with a landmark decision in U.S. v. Windsor, the U.S. Supreme Court has determined that a stipulation of the Defense of Marriage Act (DOMA) is unconstitutional. The decision in this benchmark case paves the way for gay couples to receive tax refunds on taxes paid because the federal government didn’t recognize their marriage. The…
Read MoreCelebrity Estate Planning Mistakes to Avoid
In an interesting article, Fox Business delved into the “Monumental Estate Planning Blunders of 5 Celebrities.” The piece looks at estate planning mistakes made from some well-known, now-deceased stars who’s estate ended up out of their hands. Leona Helmsley, widow of real estate tycoon Harry Helmsely, famously left a $12 million dollar trust to her dog, Trouble. Ultimately, this only served to cause trouble…
Read MoreEstate Planning Faux Pas
Estate planning is important. If you haven’t already considered an estate plan, there is no time like the present. When considering how to start this process, you should consider professional advice. Fields and Dennis has years of experience under its belt and can help you produce an estate plan that is secure, cares for all…
Read MoreDon’t Leave Your Legacy to Chance: Estate Planning For Lottery Winners
It seems pulled from the pages of a mystery story, but you may have heard it in the headlines recently. What happens if you win the lottery but die mysteriously shortly after? Urooj Khan may have gotten lucky when he hit the jackpot for $1 million in the Illinois Lottery, but shortly after things took…
Read More"Inheriting a Home, and a Loan"
We’ve discussed estate taxes quite a bit on this blog, because it can be a contentious and politicized topic; but while the word “inheritance” has a wealthy ring to it, most bequests come with strings attached. Estate taxes and the ways to “avoid” them are applicable to the minority. According to the Census Bureau, for…
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