Planning is an important part of understanding and controlling your finances. While it’s nice to receive an inheritance, not knowing how it might impact your taxes and other income-based reporting can cause stress. The short answer to whether you pay taxes on an inheritance is no, yet there are exceptions to that rule. Discussing your…
Passing a business along to the next generation is an admirable milestone but it requires many complex steps. There are many things to consider before starting the process, including a careful analysis of family dynamics, tax implications, and legal requirements. Having the guidance and thorough knowledge of an experienced business law attorney is critical to…
The grief and adjustment after losing a loved one is hard on the strongest of families. Yet it is frequently compounded by complex legal issues, especially if the deceased did not plan ahead for the distribution of their assets. Planning ahead can defuse this fraught situation with the help of an experienced estate planning attorney….
When a loved one dies, family members often want to account for their belongings and to make sure any division and distribution of assets is done fairly and legally. It raises the question, how are bank accounts handled after the account holder’s death? Do the funds automatically get transferred to a family member? Who decides?…
When a parent or guardian dies, the expectation is for their heirs to receive the benefit of the deceased’s estate, including properties, family heirlooms, and investment accounts. But there may be strings attached to the inheritance. One or all of the heirs may be required to meet specific criteria to receive their portion of the…
Passing assets and property to heirs after a life of hard work is the goal of many Americans. Understanding estate taxes, exemptions, and how they apply to your assets is key to strategic estate planning. A qualified estate planning attorney can guide you, explaining the tools available and how each interacts with your wishes. Taxes…
Keeping a piece of property in the family can be a point of pride and a sentimental touchstone. It’s also a way to transfer wealth to your children and grandchildren. Understanding and properly using the tools available to transfer real property requires planning. The counsel of an estate planning attorney can protect your assets and…
Coping with the death of a family member can be a trying and stressful time. In some families, these situations bring long-simmering disputes to the surface, particularly regarding inheritances and promises. When siblings can’t agree on ownership, a family member’s final wishes, or the execution of estate plans, legal expertise is required. An experienced estate…
Blended families constitute nearly 40 percent of all living arrangements in the United States. These occur when one or both parents remarry, adding stepchildren and additional grandchildren to the mix. These can be joyful groups and result in many new friendships but when considering estates and inheritances things can get sticky. An experienced estate planning…
Inheritances can be a mixed blessing. Cash can be a welcome infusion during a busy time of life, such as when children are in college. Inheriting property can be emotionally draining and burdensome. Receiving financial assets always prompts questions about taxes. An experienced estate planning attorney can help you determine how best to structure inheritances…
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