Death

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Revisiting Your Will After a Life Event

2020-07-06T23:48:08+00:00

Whether it’s retirement, the birth of a grandchild, or the death of a loved one, any major life event should have you look at your will with fresh eyes. Oftentimes, people prepare their will, put it away, and never revisit the document. But life changes, and with each of these changes, you should revisit your will and testament.  Retirement and new priorities When you retire, you often gain perspective on your career and your future. It is not uncommon for people to enter retirement totally out-of-touch with their priorities when they were at the beginning of their careers. Revisiting your [...]

Revisiting Your Will After a Life Event2020-07-06T23:48:08+00:00

Death & Income Taxes

2020-06-29T22:12:24+00:00

Death & Income Taxes Everyone knows the old saying that nothing is certain in this world but death and taxes. In this post, I’m going to combine both of those happy topics and discuss some of the special income-tax rules that apply when a person dies. 1. Life insurance and inherited property is excluded from income. The U.S. income tax does not apply to property acquired by bequest, devise, or inheritance. That means that a person’s heirs or devisees do not owe income tax on their inheritances. Of course, this exclusion doesn’t extend to any income generated from such property. [...]

Death & Income Taxes2020-06-29T22:12:24+00:00

What Happens If You Die Without A Plan?

2020-06-29T22:55:55+00:00

What Happens If You Die Without A Plan? Hi there, my name is Bridget MacKay. I'm an attorney serving Novato and San Rafael in California. I practice in the area of estate planning, drafting wills, trusts, and helping elders with elder law. Today, I want to talk to you about dying without planning. What happens? "In this world, nothing can be said to be certain except death and taxes", and that was a quote by Benjamin Franklin, and it's true. Ideally, your death will happen when you're of an old age after a well-lived life but sometimes after illness, [...]

What Happens If You Die Without A Plan?2020-06-29T22:55:55+00:00