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.
When the rapper Coolio died in September, he joined a group of notables that includes Prince, Howard Hughes and Pablo Picasso—all of whom died without specifying who should inherit their money and estate.
In the dark of the night, snuggled within the 4,000+ page Omnibus Bill meant to keep the machine of government well-oiled, lies a passage that may change the future of retirement saving.
Before making a decision on a beneficiary, it's very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
When the 7520 rate is low—as it has been for 15 years—opportunities for good planning abound. However, what about when the rate is high? Few estate planners have needed to ask themselves that question until very recently.
The federal lifetime gift and estate tax exclusion will increase for 2023, with possible increases for 2024 and 2025. However, these high thresholds are only temporary, unless there is a change in tax law.
