If some of the language in your Will or Trust seems foreign to you, you are not alone. Here’s a rundown of some commonly used terms, and a description of what they mean:
Testator (male) or Testatrix (female): This is you, if this is your Will.
Settlor or Grantor: This is you, if this is your Trust. » Read more..
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Assets inherited by a surviving spouse are not taxed, but the inheritance of others may be.
Some states – such as Iowa — impose an inheritance tax. Other states – such as Minnesota – have an estate tax but not an inheritance tax. Still other states have neither an inheritance nor estate tax. The tax laws of the state where the deceased lived determines which state law applies. » Read more..
Most of us are familiar with income taxes and property taxes, but death triggers the discussion of a jungle of other taxes: estate taxes, inheritance taxes, capital gains taxes and gift taxes. What’s the difference? » Read more..
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