Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
This might more appropriately belong on the Estate Planning board, but there hasn't been any activity there for a month, so here goes:

My wife and I are in our early 50s, in good health, no kids. Our net worth is above $2M and will surpass $3M if the NAS ever does even a partial recovery. I am a U.S. citizen and she is a Canadian citizen with a Green Card (entered U.S. in '74 with no assets). If I kick the bucket, she will be subject to some inheritance tax because she is a non-citizen and doesn't qualify for the spousal deduction (or whatever you call it) that allows a spouse to receive all the goodies tax free.

I know I'm going to have to have an attorney set something up to minimize taxes she might have to pay. I have interviewed several attorneys by phone. Two of them want to sell me estate planning services of sufficient scope as to cover the entire Kennedy family's needs, and a third talked about a simple trust to shelter the money.

Does anybody here have any experience with this?

Thanks.

Neil
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement