Terms of Use In 2025, you can give up to $19,000 in gifts to individuals in a year without triggering the gift tax. You can give away up to that limit to as many individuals as you’d like. You can make a gift of cash or other property to any individual each calendar year. If you give more than $19,000 in cash or assets like stocks, land, cars, etc. in a year to any one individual, you need to file a gift tax return. This doesn't mean you have to pay a gift tax, only that you have   More...

Terms of Use Estate taxes are often referred to as death taxes since they're imposed on the transfer of an estate after a person dies. In 2025, estates of up to $13.99 million are free of tax. Anything above $13.99 million gets taxed on a sliding scale from 18% up to 40%. If you leave an estate behind that is less than that amount, the estate won't owe any federal estate tax. All property left to a surviving spouse passes free of estate tax. All property left to a tax-exempt charit  More...

Terms of Use Yes, you need a will even if you have a living trust. A will provides back-up for any property that you failed to transfer into your trust before passing on, which can easily happen regarding newly acquired property. To protect against this, a will allows you to name someone as the beneficiary to get property that you haven't left to a particular person or entity. If you don't have a will, any property that isn't transferred by your living trust or jointly owned  More...

Terms of Use An executor is the person responsible for settling a deceased person's estate. As executor, your duties include inventorying, appraising and distributing assets; paying taxes; and settling debts owed by the deceased. You are legally obligated to act in the interests of the deceased, following the wishes expressed in his or her will. If all this sounds a bit overwhelming, keep in mind that you can hire professional help-for example, an attorney to help with the probate pro  More...

Terms of Use Paying the Debts of a Deceased Relative: Who Is Responsible? After a relative dies, the last thing grieving family members may expect are calls from debt collectors asking them to pay their loved one’s outstanding debts. According to the Federal Trade Commission (FTC), the nation’s consumer protection agency, a surviving relative usually has no legal obligation to pay the debts of a family member who has died. In fact, the rights of surviving relatives are covered b  More...

Terms of Use A living will is really not a will at all because it doesn't provide for the disbursement of property. Instead, it is a set of instructions documenting a person’s wishes about medical care for use at the time when you are unable to communicate or make decisions. Everyone has the right to accept or refuse medical care. A living will protects your rights and removes the burden of making decisions from family, friends, and physicians. Living wills define your desire to eith  More...

Terms of Use After you die, your relatives will be mourning the loss of you. To make things as easy on them as possible, it is a good idea to define what type of ceremony you would like and what you would like done with your body. This can be done by making arrangements with the mortuary yourself -- making your passing as easy as possible on your loved ones -- or by writing down your final wishes. Whatever approach is used, it generally is not a good idea to prepay funeral expenses since y  More...

Terms of Use: Probate is the legal process of paying the deceased's debts, taxes and distributing the estate to the rightful heirs. Determination of when probate is required is determined on a state by state basis. Most states allow a certain amount of property to pass free of probate, or through a simplified probate process. In addition, property that passes outside of your will -- such as assets that are jointly owned or included in a living trust -- is not subject to probate. Probate u  More...

Terms of Use Reducing federal estate taxes generally involves strategies that help reduce the taxable value of your estate, making it fall below the threshold for estate tax liability or lowering the taxable value of your estate. On the date of your death, if your estate exceeds the applicable exclusion amount, your estate may have to pay federal estate taxes. The exclusion amount depends on the year of death. If an estate is subject to federal estate tax, the net value of the estate (gro  More...

Terms of Use: Not having a will to determine what happens to your property upon your death is foolish. Not having a will to determine what happens to your children upon your death is unconscionable. If you die without a will, state law will determine what happens to your property. As such, your property will be distributed to your spouse and children or to other relatives according to a statutory formula if you don't have a spouse or children. If no relatives can be found to inherit your propert  More...