Tag: Estate Planning

Estate Planning is very important when it comes to officially owning what you have and who’s part of your family legally. An estate plan gives you the right to ownership and who’s responsible for wielding them after you pass. estate planning is what’s needed for an easier living for the afterlife.

5 Things to Consider About Your Online Assets and Estate Planning

5 Things to Consider About Your Online Assets and Estate Planning

Gone are the days where assets were mostly tangible, not anymore. Currently, there are numerous online assets you can pass on to your loved ones or beneficiaries after your death. What are Online Assets? Online Assets are assets you have on your smartphone, computer, Internet, and in the cloud. They require a code to access […]

Out of the Narrow Place: Reflections on Queer Advocacy during the COVID-19 Pandemic

Out Of the Narrow Place: Reflections on Queer Advocacy during the COVID-19 Pandemic

For so many persons, the pandemic shut down made their world smaller and narrow with the restrictions and limitations that came alongside with it and everything being focused on COVID-19. As such, the mental health of children and young adults is being challenged greatly like never before. The effect of the pandemic on the mental […]

Bill Seeking to Curtail Lower East Side Skyscraper Passes

Bill Seeking to Curtail Lower East Side Skyscraper Passes

Steps had been moved intently by individuals from board in a city addressing the Lower East Side to shortening the arranged high rises in her area. The said City Council collectively supported a content alteration recorded by Margaret Chin, Intro 1685, that would permit nearby inhabitants and chose authorities to get included before enough than […]

Emory law helps Medical resident with Estate Planning during Covid 19 crisis

Estate Planning during Covid 19 crisis

The Emory University School of Law Volunteer Clinic for Veterans (VCV) dispatched a program to give advance orders, wills, and other domain arranging help to clinical inhabitants finishing their preparation at Emory University School of Medicine. The new Medical Residents Assistance Program upholds Emory’s 1500 clinical inhabitants and colleagues with fundamental data, meeting, and references. […]

Differences between wills and estate planning

So many persons may happen to have estates across countries with families and loved ones elsewhere or in some situations where some get married to a foreigner or invest in foreign countries and all these could make estate planning quite challenging. However, synchronizing your international estates will require legal experts with vast knowledge, understanding and wealth of experience in such issues as estate succession and tax laws in the relevant countries that will affect the effectiveness of a will in the event of death. Difficulties In Estate Planning For Expatriates And Multinational Families In spite of the different estate tax laws in different states in America, however, these differences are barely noticeable because they all are founded on the same foundation in legal matters. But the contrary is the case across nations or internationally. While the Americans use the common law, the Europeans and Africans use the civil law. The common law is a legal system developed by judges through decisions of courts and similar tribunals (also called case law), as distinguished from legislative statutes or regulations promulgated by the executive branch. Whereas civil law is Roman law based on the Corpus Juris Civilis; it is the body of law dealing with the private relations between members of a community; it contrasts with common law. It contrasts with criminal law, military law and ecclesiastical law as well. Common Law Offers Significant Planning Pliability As regards estate planning, common law allows or gives an individual (the trustor) the freedom to decide who and who to receive what and what, he or she has the liberty to decide how his or her properties or estates should be distributed when he or she dies. Hence, a will is very vital as it determines how the estate of the decendent is to be distributed via the probate process. However, a trust can help avoid the probate process and the taxation of the estate likewise. Also based on common law, the estate is normally taxed before it is transferred to the beneficiary or named heir. Meanwhile, in a situation where there's no will, the estate becomes intestate and it is distributed based on the state laws. Civil Law Operates Based On Succession This is similar to the intestate laws followed in common law in the absence of a will when an individual dies. This implies that even while alive an individual cannot determine how his or her estate should be distributed in the event of his or her death. So, a will is almost of no use in civil law unlike in common law. Again, taxation of the estate takes place during distribution unlike in common law where the estates are taxed before distribution. That is, the heirs or beneficiaries of the estate are being taxed in civil law. Meanwhile, a trust is of no relevance when civil law is in operation. Citizenship and Residency An expatriate should have a good understanding of the laws and requirements concerning citizenship and residency in any country he lives and in which he possess properties. The estate plans of an expatriate will not only be altered by relocating to a new place with different laws, but also how long he or she intends to stay in the new location is another contributing factor and likewise how much of his riches he invests in the new location. International Transfer of Tax Credits The transfer tax for an expatriate is determined by the following factors; 1. The type of assets 2. The location of the assets 3. The accessiblity of tax credits in significant areas where there is an overlap of levied taxes 4. The relevance of an estate tax agreement or protocol between the US and the country of residence Usful techniques for international tax estate planning includes; Wills, Trusts, Life insurance, Gifting, personal investment companies, college savings etc. Estate Planning In The Case Of A Non-citizen People live, work and own properties overseas and happen to marry from their country of residence or a foreigner altogether. Sadly, the difficulties in taxation faced by American expatriates also occurs in a situation where they marry foreigners. In spite of having a permanent resident in the US, spouse who are foreigners do not enjoy the unlimited marital deduction on gifts and inheritance transferred to them by their spouse. Although they enjoy the 2019 $11.4 million lifetime exclusion.

After the death of a loved one, the relatives or close friends may find it very hard to settle the estate of that particular deceased individual especially if their estate wasn’t planned well. It may sound a little bit weird to some people but it is often advisable for people to plan for what is […]

4 Reasons Research Says We Should Have 4-Day Workweeks

4 Reasons Research Says We Should Have 4-Day Workweeks

Back in early 2020 when the Corornavirus was still raging and taking a huge chunk out of some company’s working flexibility, workers were advised to stay at home and work remotely if they could. Many people thought working remotely would actually affect most companies, industries and other businesses, the truth here is that it did […]

Widow of Madoff victim sell NYC homes for massive loss

Widow of Madoff victim sell NYC homes for massive loss

Annabella Murphy the widow of hedge funder Charles Murphy, who jumped to his death last year has sold their Upper East Side mansion for $28.5 million. That’s well below its peak $49.5 million asking price from 2016, reports the Real Deal. Charles Murphy snagged the 11,550-square-foot spread for $33 million in 2007 from Seagram heir […]

How to create a Will

How to create a Will

When a person dies, a probate court distributes his assets and debts according to the terms of his will. If a deceased person does not have a will, state inheritance laws dictate how his assets and debts are transferred. To ensure that your assets and debts are distributed in the way that you would like […]