Retirement Articles
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How to Reduce or Avoid Estate Taxes
The federal estate tax is a tax on the value of property a decedent owned at the time of his or her death. The tax is paid only by estates that exceed the exemption amount, which is $11.7 million for 2021. It is indexed for inflation each year. Tax rates range from […]
Understanding the Estate Tax
The federal estate tax is paid on the value of property a person owned at the time of his or her death. In 2021, the federal estate tax only applies to estates with values exceeding $11.7 million. The amount is indexed for inflation each year. How Estate Tax Works To determine […]
Bob’s Journal for 11/12/20
Medicare Premiums Will Increase in 2021 Along with Other Costs Medicare premiums will increase in 2021 along with other costs, the Centers for Medicare and Medicaid Services (CMS) recently announced. The monthly premium for Part B, which covers most doctor’s services and similar non-hospital care, will rise to $148.50. The Part B premium is $144.60 […]
What are the Most Commonly Used Probate Forms?
Probate can be a long and expensive process in which an estate is settled and distributed to the next generation of owners. During probate the estate’s administrator, who sometimes is called the executor or personal representative, prepares and files forms with the probate court. What is Probate? Probate is the legal process that […]
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10 Tips to Avoid Probate
Probate is the legal process that ensures your debts are paid and legal title of your assets is transferred to the appropriate heirs and beneficiaries. If you have a will, the probate process will determine whether the will is authentic and valid. Probate is necessary in all cases. While having a last will […]
What is the Difference Between a Testament and a Will?
There is no difference between a testament and a will these days. In recent times, the words “testament” and “will” are often seen together as “last will and testament.” A last will and testament is a legal document that outlines a person’s final wishes regarding the distribution of assets and property after death […]
What is the Definition of a Last Will and Testament?
The terms “last will and testament” and “will” often are used interchangeably and today mean the same thing. Both refer to a legal document that outlines a person’s final wishes regarding the distribution of assets and property after death and often other matters, such as the guardianship of minor children. Will is often […]
How to Write a Last Will and Testament
About 74% of Americans lack a last will and testament, often because they find it a confusing or difficult topic. Writing a will is not as difficult as many people believe, and many people can do it with or without a lawyer. A lawyer is not required for a valid will, but many people […]
