Author Law Office of Glenn A. DeigPosted on Categories Estate Administration / Probate, Planning, Real Estate The stepped-up basis is a provision in federal tax law that adjusts the value of an inherited asset for tax purposes. It means that the cost basis (the original purchase price) of the asset is increased to its fair market value … Read More »
Author Law Office of Glenn A. DeigPosted on Categories Asset Protection, Estate Administration / Probate, Estate Planning, Planning, Trust & Wills Early in my legal career a person’s Last Will and Testament dictated where a person’s estate would go to and who was in charge. Today, a Last Will and Testament is still important … Read More »
Author Law Office of Glenn A. DeigPosted on Categories Asset Protection, Estate Administration / Probate, Planning There are different ways to handle bank accounts for estate planning purposes. If a client merely adds a Payable on Death (“POD”) designation on a bank/credit union account … Read More »
Author Law Office of Glenn A. DeigPosted on Categories Estate Administration / Probate, Estate Planning During my discussions with estate planning clients, many times the topic of leaving a certain vehicle to a certain beneficiary comes up. Clients will say, “if I still own my RAV4 I want it to go to my grandson who is going to college.” … Read More »
Author Law Office of Glenn A. DeigPosted on Categories Estate Administration / Probate, Planning, Trust & Wills To avoid a formal estate in the Court system, before July 1, 2022, the probate estate of the decedent must have been less than $50,000 less liens, encumbrances, and funeral expenses. … Read More »