Tag Archives: taxes

Domicile – Where You Live Affects Your Taxes

A successful business owner with a large estate passed away in 1976. He had grown up in Texas, moved to California and also lived for many years in Nevada. With a $2.5 billion estate, there were substantial federal and state taxes. While the estate proceedings were held in Nevada, both California and Texas sued to collect state estate tax. The Nevada Court eventually determined that the domicile or personal residence of the businessman was in Nevada. While this was an unusual case with a very large asset value, there are several reasons why you should understand the basic rules of domicile. Where you live can affect both the distribution of your estate assets and your estate taxes. Continue reading

Gifts of Home

Most families purchase their largest personal residence in their mid-forties. Families with children often need the additional space. Other families think they want to purchase a home that they can enjoy for many years. By the time you reach retirement age, you probably have an empty nest. The children or other family members have now moved on and are creating their own homes. Some individuals at that point decide they like their home in their neighborhood and would like to stay there for their lifetime. Others might want to sell the larger property and move to a condo or retirement community. Continue reading

Four Costly Estate Planning Blunders

Think your documents are bulletproof? Check again to avoid these common mistakes. Continue reading

Living Trust Choices

Published December 6, 2013 by The Foundation of the Tennessee and Memphis Conferences of the United Methodist Church

The living trust is becoming quite a popular estate planning strategy. It costs more than a will, but includes many features that are helpful during life and in your estate. Let’s review some of the basic principles of the living trust. Continue reading

Wills – Good and Bad

Published November 2, 2012
United Methodist Foundation for the Tennessee and Memphis Conferences

Where is the Missing Will?

More than 40 wills were submitted to the probate court, with a multitude of potential heirs each claiming to be the true recipient of a wealthy business owner who passed away in 1976. With a $2.5 billion estate at stake, there was an intense interest in the decision of the court.

After extensive review of the 40 documents, the court finally determined that none of the 40 wills were valid. Because there was no valid will, the court divided the $2.5 billion estate among 22 relatives. Court costs, attorney costs, and estate taxes were enormous, but the 22 heirs still each received millions of dollars.

 Why is a Will Important?

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