One of the most important aspects of your estate planning is to decide how much money to leave your beneficiaries, as well as how to divide the personal belongings you leave behind. Like many Detroit residents, you might wonder if it is acceptable to leave a greater amount to some of your loved ones than you bequeath to others.
While you are planning what to do with your assets after you are gone, it is understandable that you might wish to give gifts to your loved ones while you are alive so you can enjoy seeing them happy. You might also be concerned about leaving your heirs with a tax burden after your death if you have a sizeable estate. At the Bingham Legal Group PC, we are prepared to answer the questions of Detroit residents who want to know about estate tax and gift tax. Is there a way you can award your family members monetary gifts from your estate while you are alive, tax-free?
In last week’s post, we talked about the possibility of inheriting your parents’ debt. While you should not be responsible for anything your parents still owed when they died unless you co-signed on their loan, this does not necessarily stop debt collectors from harassing you. Is there anything that Detroit residents can do to stop unfair or unlawful contact by creditors to collect on a debt that you do not owe?
When you are handling the death of a parent or other family member, the last thing you want to deal with is bill collectors coming after you for debt that your loved one owed. Unfortunately, this is a common occurrence for many Detroit residents. If your family member owed money, are you obligated to pay back his or her debts?
Grandma always said she was going to leave you her heirloom jewelry and Grandpa promised you the 1965 Thunderbird that you helped him restore years ago.