Today majority of blended families live together peacefully without any issues. However, what if one spouse dies suddenly? How are the biological children of the deceased spouse placed in terms of inheritance? It is particularly important for blended families to discuss matters related to estate planning before hand. Here are a few points that could help with estate planning for …
Estate Tax Planning and Inheritance
If you have a large estate with adjusted gross value coming to a minimum of $5.34 million starting 2014, a big chunk of it will be gobbled by the federal estate taxes. Although there is no state inheritance tax in Arizona, any trusts and estates exceeding state exemption will result in you paying income taxes. The list of other taxes …
Why Tax Planning Matters
Almost every financial decision you make has an effect on your taxes and, ultimately, your bottom line. Here are some things that can reduce your tax liability. Ways to Reduce Your Taxes Tax credits Tax deductions Eliminate tax penalties Choose correct filing status Timing of income collection Timing purchases and other expenditures Timing of buying and selling assets Using retirement …
Why Hiring An Expert For Your Estate Planning Is In Your Best Interests
Today, many tools and unlimited information regarding estate planning is available online. As a result, a greater number of people are gradually bypassing employing the services of a financial planner for documentation work. You might think it is a good idea from the point of view of a consumer as it helps with cost cutting. However, the fact is that even …