Are readers are already familiar with the uncertain state of estate planning beyond 2013. Currently, the federal estate tax is set to go through some changes in 2013 unless action is taken before then. That means that until 2013, individuals are not subject to federal estate tax unless their estate exceeds $5 million, or they may give up to $5 million in gifts without paying federal gift tax. That amount is $10 million for couples.
In our previous post, we began looking at basic reasons for adults to think about estate planning, even young unmarried adults. As we noted, this week is National Estate Planning Awareness Week, and it is as good a time as any to start thinking about getting the wheels turning about how you wish to order your estate, if you haven't done so already.
Our Alpharetta readers may be interested to know that this week is National Estate Planning Awareness Week. Yes, such a thing does exist. As is probably obvious, one of the major goals of the awareness campaign is to encourage folks to begin thinking about and taking steps toward getting their estate in order. And that applies to everybody, not just seniors.
In our previous post, we began discussing how parents looking at giving unequal inheritances to their children need to consider the possibility that such arrangements may cause problems later on when they're gone. As we mentioned, legal challenges to the validity of the will are always a possibility when a child feels he or she wasn't given what they feel you would have wanted them to receive.
A recent Wall Street Journal article took a look at the problem of unequal inheritance, and the risks it presents in regard to later legal challenges.
In our previous post, we began looking at a list of estate planning issues which were suggested as important for women to understand. We present them as important for anybody to understand.
In a recent post entitled "Women and estate planning," we looked at an article written by Deborah Jacobs of Forbes online. The article was about the need for women to become more involved in the estate planning process, not help in the work of planning for the family's future, but also for their own sake. The fact is that women are more likely to see the effects of poor planning than men. And even when the planning is thorough, it isn't always in women's favor.
In our previous post we discussed the background events which spurred a longstanding probate battle that was recently resolved by the Georgia Supreme Court. The court ruled that Anne Melican is entitled to proceeds from the sale of a condominium previously owned by the Marietta millionaire car dealer with whom she had a 10-year affair.
A longstanding Atlanta area probate court battle has finally been resolved by the Georgia Supreme Court. We have discussed the long standing will contests involving Anne Melican in previous posts. Melican was the mistress of multi-millionaire Harvey Strother, who made his fortune through several Atlanta-area car dealerships. Strother's estate was estimated to be worth approximately $37 million when he died.
The status of a married Georgia couple's assets is important for estate planning purposes. Although many couples have separate bank accounts it is important to realize that your spouse will likely not have immediate access to your funds if something were to happen to you. Therefore it might be prudent to establish a joint account to provide for common expenses such as the mortgage in the event of an emergency.