Raising children is a significant financial responsibility. A very small silver lining in this regard is that parenthood also provides valuable tax benefits that parents can take advantage of when filing their returns. Understanding which deductions, credits, and tax...
Most people only need to think about taxes once a year. Sometime between the end of January and the middle of April, they file an annual income tax return with the Internal Revenue Service and the state. They may even receive a sizable refund because their employers...
Estate administration is a complicated and lengthy process. The personal representative of an estate has to locate and review estate planning documents. They need to initiate probate proceedings by filing paperwork with the Georgia probate courts. During probate, they...
Those establishing estate plans often want to leave a long-term and meaningful legacy that positively influences others. They might want to make contributions to charitable causes or provide assets and financial support for family members. Before the beneficiaries of...
A comprehensive estate plan is important for all adults. One of the primary purposes of an estate plan is to provide information about what to do with your assets when you pass away. There are many options available to achieve this end effectively. One option that you...
Taxes are one of many factors that influence someone's estate plan. Beneficiaries may trigger taxes when they sell inherited resources. Both the decedent and the estate could be responsible for income taxes. Very large estates could also be subject to federal estate...
Powers of attorney are typically documents that enable a person to appoint another person to make decisions, access information, and handle certain matters if they cannot do so. Generally, the most common types of powers of attorney are: Financial power of attorney...
When you’re making an estate plan, you have the option to put your assets into a trust. The alternative would be simply listing heirs and assets in your will, which means that those heirs will inherit the assets you have indicated, once your debts have been settled by...
Taxes are due annually, often several times a year if someone is an independent contractor. Paying a significant portion of one's wages to the Internal Revenue Service (IRS) and state government can be a frustrating experience. Hard-working employees and business...
Estate planning is a way to pass your assets on to the next generation, but it also goes far beyond that. It is a complex and wide-ranging plan for the end of your life, and it may address things like medical care, taxes, financial decisions, business ownership and...