There’s a lot to know when it comes to estate planning, but when you get down to brass tacks, it’s not so hard to understand the essentials. Read on for 3 things every estate plan should have, and contact Bradford & Holliman for a free consultation to make sure your estate plan is where it should be! #1: An Updated Will or Trust Wills aren’t hard to create, but they do require that your asset distribution goes through probate. Probate is a legal process by which a deceased person’s will is … [Read more...] about 3 Must-Have Estate Planning Items
The beginning of a new year is a great time to reevaluate your estate plan and make sure it’s up to date. Fewer than 50% of people have any estate planning documents set up at all, and many of the documents that do exist are woefully out of date. The planning you did when your children were born decades ago must be updated as your family and financial situation evolves. To create an effective estate plan, you need five documents. #1: The Durable Power of Attorney When it comes to taking … [Read more...] about The 5 Documents You Need to Update Your Estate Plan This Year
As we approach the beginning of a new year, you may be filled with the hope of a fresh start. And if you’re considering a New Year’s Resolution, we’ve got a great one for you: estate planning! While this may seem like a strange resolution, we think putting all your affairs in order is a great way to begin 2017. Read on to find out why! #1: Lasting Effects While most New Year’s Resolutions fall by the wayside sometime in February (we’re looking at you, unused running shoes), estate planning … [Read more...] about The Best Resolution You Can Make: Estate Planning!
You probably already know about capital gains tax – what it is, and how much you can expect to pay based on certain criteria. Today, we’ll look at some considerations that must be made regarding capital gains tax and how to avoid possibly expensive mistakes. The Personal Residence Exclusion When you sell your personal residence, you may exclude up to $250,000 of gain on that sale. If you’re married, you can exclude even more – $500,000. In order to qualify for this exclusion, you (or your … [Read more...] about Considerations Regarding Capital Gains Tax