If you’re set to inherit, you may be wondering what estate expenses are paid by the beneficiary. The answer can depend on what assets are passed on to you when a family member or loved one passes away.
Getting a step-up in basis when each spouse dies can be a big tax advantage. It has not been available to those who live in common-law states. However, it may now be–through a community property trust.
Probate court is a segment of the judicial system that oversees the execution of wills as well as the handling of estates, conservatorships and guardianships.
One sure-fire way your clients can reduce the size of their taxable estate is to give gifts to loved ones while they’re still alive. But when are ‘deathbed gifts’ considered to be complete for estate and gift tax purposes?
Property law can be complex and arcane, even for lawyers and judges. The rule against perpetuities is an example of how older property laws can influence how families transfer and inherit property rights.
Portability allows spouses to combine their exemption from estate and gift tax. This allows a surviving spouse to use the unused estate tax emption of the deceased spouse.
