Home » Archive

Articles in the Estate Planning Category

Estate Planning, Probate and Estate Administration, Taxes »

[20 Sep 2017 | No Comment | ]

Property received by inheritance currently receives a “stepped-up” basis to its date of death value. Therefore, if that property is subsequently sold by you, any capital gain (or loss) to be reported on your personal income tax return is calculated as the difference between the sale price and the date of death value. The appreciation in value of that capital asset which occurred during the decedent’s ownership of the asset avoids capital gains taxation.

Estate Planning, Probate and Estate Administration, Taxes »

[20 Sep 2017 | No Comment | ]

Generally speaking, property received as a gift, bequest or inheritance is not included in your income for tax purposes. However, that property later produces income, such as interest, dividends, rental, etc., that income is taxable to you.
In addition, there may be taxable consequences relating to amounts you inherit from retirement accounts owned by the decedent, such IRA’s and annuities. Thus, if you are a beneficiary of such an account, it is prudent to consult with your tax or financial advisor to discuss your distribution options.
With such retirement accounts, any amounts …

Estate Planning, Probate and Estate Administration, Trusts, Wills »

[18 Apr 2012 | No Comment | ]

Estate planning focuses on the disposition of your assets after your death, but it can also involve planning for the use of your assets for your care if you become unable to manage your own affairs during your lifetime. When planning your estate, it is easy to make mistakes that sabotage your goals and cause chaos for your family. Below are some of the most common estate planning mistakes and oversights that later can cause chaos for your family. These can be avoided by seeking the guidance of an attorney who specializes in the field of estate planning.

Estate Planning, Probate and Estate Administration, Taxes »

[24 Sep 2011 | 5 Comments | ]

Every estate may be subject to two types of death taxes, depending on the total value of all assets including the taxable estate and to whom the assets pass. The taxable estate is not the same as the probate estate. The taxable estate includes both probate and non-probate assets.