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January 2013 Archives

Things to consider when choosing an heir

As of January 1, the tax laws allow for taxpayers to avoid estate taxes up to the amount of $5.25 million and $10.5 million for couples. As great as this may be for the 'ultrawealthy,' there may be concerns about leaving these large sums to their heirs. As we have seen over the past decade or so, the children of this ultrawealthy class don't seem to manage their affairs particularly well, and often find themselves embroiled in tabloid drama. The Wall Street Journal addressed this question in an article entitled "Can you trust your kid with $5.25 million?"

Body to be exhumed as result of lottery estate issue

Pennsylvania residents may be familiar with a recent story from the midwest. The investigators of a possible murder will be allowed to exhume the body of a lottery winner who died of cyanide poisoning shortly after his $1 million windfall. The judge agreed that there was reason to allow the medical examiner to exhume the body for additional forensic evidence in order to determine if the man was murdered. In addition to the criminal justice aspect of the case, the estate must also be determined.

Tax tips for estate planning

With the 'fiscal cliff' topic in the news and tax-filing season upon us, the issue of taxes is certainly on everyone's minds. The topic of taxes comes up in estate planning, as well, in regards to seeking the most beneficial exemption level. Estate tax liability issues ought not to be taken lightly.

Make estate planning part of your healthy New Year's resolutions

Every year many of us make a New Year's resolution or two usually regarding our physical health. Some want to lose weight and exercise more, or perhaps cut down on some particular food group, but what about your financial health, isn't that important too? There are a number of steps we can take to better plan for our future financial health as well as our families by resolving to establish an estate plan this year.

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