When someone dies without a will, the state determines who will receive the remaining assets. Unfortunately, the state’s decisions may not reflect the person’s wishes. Before you assume a deceased family member did not have a will, be absolutely sure.
STEPS TO TAKE:
VISIT
the county’s Probate Court to see if a will was ever filed.
LOOK
for a copy [...]
If you plan to move to a different state, be sure to have your estate plans reviewed by an estate attorney in that state. Changes may be needed. For example, laws governing state income taxes and state inheritance taxes differ from state to state. Some states require you to name an executor who is a [...]
People who suffer a serious financial setback or fail to set aside enough for taxes have more options than they realize when it comes to paying Uncle Sam. If you aren’t able to borrow or come up with the cash to pay your taxes, the next best step is to apply for the IRS’ installment [...]
The alternative minimum tax (AMT) was created in 1969 to ensure that wealthy Americans could not deduct their way out of paying taxes. But the AMT was never indexed for inflation—so millions of families now are being hit by the tax formula, which calculates a higher tax due than the standard calculation, just living in [...]
