Here are a few terms that are used in estate planning. I hope these will help clarify a few things for you, but if you would like to know more, then please call and schedule a complimentary consultation.

Terms related to a Last Will and Testament:

Last Will and Testament – A document that directs a probate court how to distribute any property in an estate of a deceased person. The Will has no effect while the creator is alive. It only gets power once a probate court approves it and authorizes a personal representative.

Testator/Tesatrix – This is the person who created the Will. This term applies while they are alive and after they pass away. (The “tor” or “trix” suffix applies to the masculine or feminine, respectively.)

Executor/Executrix/Personal Representative – This is the person nominated in the Will to be in charge of the probate process. The Executor has the responsibility of paying creditors, finding and managing property, and ulitmately distribution to the persons named as devisees/legatees of the estate.

Devisee – A person named in a Will that will inherit real property like land or minerals.

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Heir-at-law -  A person that is related to the testator. The heirs are the people most closely related at the time of death according to state law. For more information, see the Intestate definitions below.

Terms related to Intestate administration

Intestate – This is when a person dies with property, but without a will. Basically the State writes the deceased’s plan for him by setting priorities for an administrator and heirs-at-law.

Administrator – The person who is in charge of the intestate estate. The Administrator has the responsibility of paying creditors, finding and managing property, and ulitmately distribution to the persons named as heirs of the estate. The priority is spouse first, followed by children, grandchildren, parents, siblings, children of siblings, all the way to creditors.

Heirs-at-law – The people who will inherit from the intestate estate. The spouse is considered first, then children. If no children, then parents, siblings, nieces and nephews, and many other relations. If no kin can be found, then property goes to the State.

The Congressional Budget Office just released its latest estimates on the share of taxes paid by income level, giving ovters a way to check the argument that the rich do not pay “their fair share.”

Using 2009 tax year data, CBO’s report shows the amount of income people earned and taxes they paid across different income groups.

Who pays taxes in America

 
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Just something to consider in this next election and as you start planning for future taxes and generations for yourself and your estate.

I am in the middle of one of the most absurd and unfortunate probate cases I have seen in my career, and I want to share the details to show how a little bit of prior planning could have made lasting differences for these clients.

The case involves a husband (for this purpose we will call him “Dagwood”) and wife (“Blondie”)with only one surviving adult child (“Chip”). Dagwood and Blondie farm in one of the surrounding communities. They had two children, but their youngest died in a car accident a few years ago. The death of the youngest sent shockwaves through the family. First, Chip was unable to cope with the loss of his brother and he started having alcohol and temper problems. Next Dagwood and Blondie saw what kind of a nightmare probate could be after his son’s death, so Dagwood didn’t want the others in his family to have to go through the same when he or Blondie died.

Dagwood thought the best way to solve the problem of probate was to put everything in joint tenancy with rights of survivorship, but he knew that if he just named himself and Blondie, it wouldn’t pass to Chip. He solved this by removing Blondie from all of his farms and directly naming Chip as the only other co-owner. This is where the problem really starts to develop.

Punarnwa offers effective cure soft viagra pills for the cardiac diseases, anemia and nervous weakness. Some of them are listed as under: – Prescription pills like that of buy bulk viagra greyandgrey.com, cialis, etc. as prescribed by the doctor. Today, Ds from aged 18 through age buy cialis online 25 will also need to carry out a physical examination in order to fully satisfy their partner. So india viagra pills pop over to this pharmacy shop complete the requirements for your driver’s license. As mentioned before, Chip was unable to cope with his brother’s untimely death, so he developed alcohol problems. These problems led to marital problems, which led to a divorce, which led to having to sell some of the land to keep the ex-wife from claiming portions of all of the family farm, which were now half in Chip’s name.

The next problem that developed is that Dagwood developed cancer. He died shortly thereafter leaving Blondie as a grieving widow. Shortly after his dad died, Chip started having issues with Blondie, his mother, and her guidance on how he should try to straighten out his life (seek alcohol treatment, stop being abusive to the women in his life). Chip used his ultimate trump card and is in the process of trying to kick his own mother out of her long-time home because Chip is now the record owner, due to the poor use of joint tenancy by Dagwood.

So the ultimate situation I am in now and trying to prevent is that a grieving widow has no rights to the home she and her husband occupied because the husband wanted to avoid probate with his assets. He didn’t avoid probate because we are now trying to get any spousal rights available, but he sure has created a rift in the family he left his legacy to.

Another little known tax provision of the Affordable Care Act is a new 3.8% investment income surtax, also called the health care surtax or the Medicare tax; it will go into effect on January 1, 2013.

This new surtax will be assessed on the lesser of a) net investment income or b) the excess of modified adjusted gross income (MAGI) over the “threshold amount.” For married taxpayers filing jointly, the threshold amount is $250,000; married filing separately, $125,000; all other individual taxpayers, $200,000. For trusts and estates, it is the beginning of the top income tax bracket ($11,650 in 2012).

Stated another way: 1) If your modified adjusted gross income (MAGI) is less than or equal to the threshold amount that applies to you, you will not pay this tax. 2) If your modified adjusted gross income (MAGI) is greater than the threshold amount that applies to you, you will pay the 3.8% tax on the lesser of a) your net investment income or b) the amount of your MAGI over the threshold amount.
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Note that the surtax liability is determined on income before any tax deductions are considered. That means your deductions could put you in the lowest income tax bracket, yet you could still have investment income that is subject to the surtax. Also, the capital gain rate is scheduled to increase for high-income taxpayers to 20% in 2013, so the total tax on capitl gains (with the surtax) could be 23.8% in 2013 and beyond.

The good news is that there are some steps you can take this year to help you avoid or reduce the amount of surtax beginning in 2013. Also, 2012 is an exceptional year for estate planning in general. The federal estate tax exemption is $5.12 million, which allows a married couple to transfer as much as $10.24 million from their estate with no estate tax. Under current law, this exemption is scheduled to shrink to $1 million in 2013. Other Bush tax cuts, including income and capital gain taxes, are set to expire at the end of 2012. With the new 3.8% surtax becoming effective in January, 2013 is on track to have the highest tax rates we have seen in years.

The majority (5-4) ruling in the Obamacare Supreme Court case stated that the individual mandate is Constitutional because it is under Congress’s power to tax. While this ruling was seen a minor vicotry because it finally put a cap on what Congress could do in its “regulat[ion] of interstate commerce”, it can also be seen as a vast new mandate given to the federal government.

Under the ruling, there is essentially no limit on what the government can now “force” you to do. If it deems something is in the best interest of the populace, then Congress can say that you must partake in action A or be subject to tax X. There really is no limit, if you think about it, to what will not ultimately be seen as for the public good. It is specifically this argument, when presented to the Administration’s attorneys that resulted in incoherent repsonses.

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You may say that example is reasonable, because the health of the planet is at stake. I don’t believe so, but we can also take this example to the absurd. Let’s focus on health care since it is the basis of the tax. Suppose that Congress now decides that people should not consume any type of processed foods. In order to follow through with this reasoning, Congress passes a 20% tax on any type of processed food (basically anything that comes in a package). Now, we don’t live in a facist country, you still have choices on what you are going to eat, but if you choose the wrong thing, then you have to pay significantly more. That is not the America that our forefathers envisioned for us.