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What is a power of appointment?
What is a medical power of attorney?
What is a power of attorney?
What is a HIPAA release?
What is a directive to physicians?
A patient has a federal constitutional right to refuse medical treatment, even if such refusal is likely to lead to death. This document, popularly known as a “living will” allows you to refuse medical treatment in 2 very specific circumstances:
- You have an irreversible condition
- You have a terminal condition.
These conditions must be diagnosed and certified in writing by the attending physician.
What is a DNR?
What is a revocable living trust?
What is a Trustee?
What is community property?
What is the marital deduction?
What is an irrevocable trust?
What is a Trust Certificate?
What is a fiduciary?
What is joint tenancy with right of surviroship (JTWROS)?
What is the unified credit (applicable exclusion amount)?
A credit is an amount that eliminates or reduces tax. A unified credit applies to both the gift tax and the estate tax. This credit comes into play upon death. You must subtract the unified credit from any gift tax that you owe. Any unified credit you use against your gift tax in one year reduces the amount of credit that you can use against your gift tax in a later year. The total amount used during life against your gift tax reduces the credit available to use against your estate tax. The unified credit amount for 2024 is $13.61M per person/$27.22M per couple (reverts to $5,000,000 in 2026, indexed for inflation, unless Congress acts).
How does it work? During your lifetime you can give away $13.61M without having to pay any estate or gift tax on that money. Once you go over that amount, you will be taxed.
What is the estate tax?
What is the gift tax?
The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not.
The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.
What is the death tax?
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