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What you need to know about passing your assets to your heirs Reviewed by Chip StapletonFact checked by Pete Rathburn Canada doesn’t have an estate tax like the one in the U.S. It does, however, have a deemed disposition tax, which applies to any capital property owned by someone at the time of their death….
Fact checked by Suzanne Kvilhaug pixdeluxe / Getty Images For high-net worth estates, tactical gifting can save you thousands. The Internal Revenue Service (IRS) has its hand out for tax dollars associated with your generosity, but there are tax-smart loopholes. In fact, the IRS will even let you give away $1 million without sending you…
Fact checked by Suzanne Kvilhaug picture alliance / Getty Images Gold can serve as a timeless store of value, offering stability and diversification in a legacy plan. Stocks and bonds are the usual go-tos for a legacy plan. But families with serious wealth often think bigger. From real estate to Picasso paintings, alternative investments can…
CM Dixon/Getty Images Searching in a field for his lost hammer on a friend’s farm, a Suffolk, England, man discovered more than 15,000 Roman coins instead. Some of the world’s most valuable treasures have surfaced in the most unexpected places. These accidental finds not only rewrite the fortunes of their discoverers but remind us that…
Fact checked by Michael Rosenston Thomas Barwick / Getty Images A revocable trust is a flexible estate planning tool that can be changed as your heirs mature. Do you trust that your heirs are prepared for a lump sum all at once? Or would a slow drop be a smarter approach for them? Or maybe…
Fact checked by Vikki VelasquezReviewed by David Kindness Eliot Wyatt / Investopedia Most people can pass on assets to loved ones tax-free thanks to favorable federal estate and gift tax rules. Everybody needs an estate plan, regardless of their age, state of health, or even the size of their assets. An estate plan ensures that…
Reviewed by Pamela Rodriguez Ridofranz / Getty Images Planning your future often requires turning to a financial advisor whom you can trust as a fiduciary for guidance on personal investing, college trusts, income tax preparation, insurance, retirement planning, or estate planning. Most financial advisors strive to help their clients invest their money in areas that…
