Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust’s income, rather than the trust itself paying the tax. However, these beneficiaries are not subject to taxes on distributions from the trust’s principal.
Vanessa Bryant has filed legal docs to protect all of her children. She is asking a judge to amend Kobe’s trust, so she can provide for their youngest daughter, Capri, who was born after the most recent trust document was drafted and signed.
Many people are taking this time at home during the COVID-19 crisis to update their estate plan. Here are six critical estate plan components you should focus on, in light of the current pandemic.
Though most people who contract COVID-19 experience mild symptoms, it doesn’t hurt to be prepared if you do need to be hospitalized. It can feel scary thinking about getting sick or not being able to make decisions for yourself, but an estate plan is meant to ease your fears. After all, wouldn’t you feel better knowing that the burden of making health and financial decisions will never fall on unprepared family members?
When a family member or other loved one dies, the natural response is to feel overwhelmed. However, there are some very practical and legal matters that need to be attended to ‘immediately, if not sooner.’
The number of global coronavirus cases surpassed 900,000 on Wednesday—with more than 200,000 known infections, and a death toll that has quadrupled over the last week just in the United States. The health implications alone are terrifying enough, not to mention the economic turmoil or the emotional toll of lockdown measures currently affecting three out of four Americans.
When a member of your family dies, you could be left to pick up the financial pieces. Finding all the information you need can be challenging.
The COVID-19 crisis isn’t just costing Americans their freedom and jobs; it’s also forcing millions to contemplate their own mortality.
You’ve considered how you want your estate to be distributed after you die. Hopefully, you’ve even written a will to make sure your wishes will be followed. So, your estate is planned…right?
One Justice from the Florida Supreme Court commented that the expensive litigation far outweighed any savings resulting from the pre-printed form.