Moving from one state to another is often time-consuming. You may spend days looking for the right home or apartment, and more time painting, remodeling or ripping down outdated wallpaper — not to mention countless hours bubble-wrapping and then unpacking fragile items.
But to really make sure your move is perfect, you need to review
Probate is the process by which estate assets pass to a person’s surviving heirs after death. With certain exceptions, any asset the decedent owned in his or her individual name must go through probate.
If a decedent dies with a valid will in place, it is referred to as a testate estate. If the decedent
As a result of legislation enacted in 2015, the filing deadlines for certain tax returns due in 2017 have changed. Congress included tax return due date legislation as a revenue provision in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. The legislation, signed into law in July 2015, made changes to
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for April 2017, reflecting increases from the March rates. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for April 2017:
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Annual |
Semiannual |
Quarterly |
Monthly |
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Short-term |
1.11% |
1.11% |
In most states, including Missouri and Illinois, 18 is the legal age of majority. At that age, a person becomes an adult in the eyes of the law and gains all of the rights that go along with adulthood. Any person under 18 is a minor and, generally, does not have the legal capacity (or
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for March 2017, reflecting decreases from the February rates. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for March 2017:
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Annual |
Semiannual |
Quarterly |
Monthly |
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Short-term |
1.01% |
1.01% |
An often-overlooked estate planning trap involves including individuals who are not U.S. citizens as part of an estate plan.
If someone who is not a U.S. citizen or resident is given control over a trust, either as a trustee or a beneficiary, then the trust will be treated as a foreign trust and will be
Q: What do you think about the future of the estate tax now that Trump is president? I heard one of his proposals was to eliminate the estate tax. Do I need to even be concerned with estate tax planning going forward?
A: I understand your concern. President Trump’s tax reform proposal, as described on
The following is a general overview of the estate, gift, generation-skipping transfer (GST) and basic income tax rates for 2017.
Estate tax: Generally, a person dying between Jan. 1, 2017 and Dec. 31, 2017, may be subject to an estate tax, with an applicable exclusion amount of $5.49 million (increased from $5.45 million in 2016).
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for February 2017, reflecting increases over January’s rates. AFRs, which are published monthly, represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for February 2017:
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Annual |
Semiannual |
Quarterly |
Monthly |
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Short-term |
1.04% |
1.04% |
1.04% |