Wednesday, August 30, 2017

Federal Estate Tax Reform: Will it impact your family?

Talks of tax reform are always ongoing in government. Currently, the federal estate tax, otherwise known as the death tax, has been placed on the chopping block. So, what will it mean for you and your family’s estate plan if the death tax is axed? Read on to discover how the federal estate tax is calculated and how likely it would be to impact your family if repealed.

What is the federal estate tax?

The federal estate tax is a tax on a person’s right to transfer property after death. This tax comes into play after a person dies and before his or her heirs inherit the assets left behind. Assets are everything the deceased owned or had an interest in at the time of their death, such as cash, real estate, insurance, business interests, trusts, and annuities. In order to calculate an individual’s federal estate tax, the fair market value of each asset is added together. The total value of the deceased’s assets is called the Gross Estate. Deductions are then made to the deceased’s Gross Estate total for things like mortgages, debts, estate administration costs, or property passed along to a spouse or charity. Lifetime taxable gifts are then added to the Gross Estate number. Finally, the IRS computes the tax and reduces it by the available unified credit.

What will the federal estate tax cost your heirs in inheritance?

In all likely-hood, the federal estate tax will not cost your heirs a penny of their potential inheritance. This is because the tax is applied based on the value of an individual’s assets. Individuals whose estate’s gross value assets and taxable gifts add up to less than $5,490,000 are not required to fill out an estate tax return so long as their estate is not overly complex. This means that unless your estate’s assets add up to more than $5,490,000 or involve jointly-held property or special deductions, your estate plan will not be effected by the potential repeal of the federal estate tax. Additionally, federal estate tax exemption increases with inflation, so the amount set for exemption typically increases from year to year.

Who will repealing the federal estate tax effect?

Since not all estates are required to pay the federal death tax toll, questions are raised as to who its repeal will effect. The obvious answer is only the wealthiest Americans and a few small businesses. It’s estimated that only 0.1 to 0.2 percent of estates are required to pay the federal estate tax. However, even though the percentage of estates paying the tax is small, the revenue generated isn’t. In fact, the Joint Committee of Taxation estimates repealing the tax would cost $269 billion over a decade. This, in turn, would cause more national debt, which would effect all U.S. citizens. However, before worrying too much about the effect repealing the estate tax could have, it’s important to remember that tax reforms are often talked about and rarely seen through. Despite being on the chopping block, the federal estate tax will probably stick around awhile longer.

More information about the federal estate tax can be found here on the IRS’ website.

 

 

 

 

 

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Wednesday, August 23, 2017

How a Marvel Comic Book Writer Became Part of His Work

A person’s life’s work tends to become a large part of who they are. In Marvel comic book writer Mark Gruenwald’s case, he became a part of his work. Gruenwald died of a heart attack in 1996 at age 42. He made his last wishes very clear to those around him. He wanted to be cremated and turned into comic book ink. Read on to discover who Mark Gruenwald was and how he impacted the world of Marvel comics.

Who was Mark Gruenwald?

Mark Gruenwald was a Wisconsin-born comic book writer and editor. After publishing his own comic, Omniverse, in 1977, Gruenwald began working for Marvel. During his time with Marvel, he successfully moved up within the company and was promoted to editor in 1982. At the time of his death, Gruenwald held the title of senior executive editor.

A history of Gruenwald’s work

Gruenwald performed a variety of tasks on different Marvel comics throughout his career, including working as a writer of the Spider-Woman comic and Contest of Champions series. His artistic side also came into play when he illustrated and wrote the limited edition Hawkeye series in 1983. Some of Gruenwald’s most famous work, though, was done as a writer of the Captain America comics. Gruenwald wrote the shield-throwing American hero’s story line for ten years. Around this time, Marvel also released Gruenwald’s first issue of Squadron Supreme, which tells the story of a parallel world where superhero-like beings try to use their powers to make the world safer but end up creating disaster instead. Squadron Supreme was a limited-edition series with 12 issues. Perhaps his most famous work, Gruenwald fully became apart of the comic upon death.

Gruenwald’s unique burial

Though Gruenwald’s death was a surprise, Marvel’s then editor-in-chief Mark Harras told the LA Times that becoming a part of his work was something Gruenwald “really wanted.”  Gruenwald’s widow, Catherine, echoed Harras’s sentiment. Following his death and cremation, Gruenwald’s ashes were mixed at a printing plant in Ohio. The ink containing Gruenwald’s ashes was then used to create a re print of Squadron Supreme. Following the printing process, the comics hit stores in August of 1997, fulfilling Gruenwald’s wish to become a part of his life’s work.

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Monday, August 21, 2017

How a Marvel Comic Book Writer Became Part of His Work

A person’s life’s work tends to become a large part of who they are. In Marvel comic book writer Mark Gruenwald’s case, he became a part of his work. Gruenwald died of a heart attack in 1996 at age 42. He made his last wishes very clear to those around him. He wanted to be cremated and turned into comic book ink. Read on to discover who Mark Gruenwald was and how he impacted the world of Marvel comics.

Who was Mark Gruenwald?

Mark Gruenwald was a Wisconsin-born comic book writer and editor. After publishing his own comic, Omniverse, in 1977, Gruenwald began working for Marvel. During his time with Marvel, he successfully moved up within the company and was promoted to editor in 1982. At the time of his death, Gruenwald held the title of senior executive editor.

A history of Gruenwald’s work

Gruenwald performed a variety of tasks on different Marvel comics throughout his career, including working as a writer of the Spider-Woman comic and Contest of Champions series. His artistic side also came into play when he illustrated and wrote the limited edition Hawkeye series in 1983. Some of Gruenwald’s most famous work, though, was done as a writer of the Captain America comics. Gruenwald wrote the shield-throwing American hero’s story line for ten years. Around this time, Marvel also released Gruenwald’s first issue of Squadron Supreme, which tells the story of a parallel world where superhero-like beings try to use their powers to make the world safer but end up creating disaster instead. Squadron Supreme was a limited-edition series with 12 issues. Perhaps his most famous work, Gruenwald fully became apart of the comic upon death.

Gruenwald’s unique burial

Though Gruenwald’s death was a surprise, Marvel’s then editor-in-chief Mark Harras told the LA Times that becoming a part of his work was something Gruenwald “really wanted.”  Gruenwald’s widow, Catherine, echoed Harras’s sentiment. Following his death and cremation, Gruenwald’s ashes were mixed at a printing plant in Ohio. The ink containing Gruenwald’s ashes was then used to create a re print of Squadron Supreme. Following the printing process, the comics hit stores in August of 1997, fulfilling Gruenwald’s wish to became a part of his life’s work.

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Monday, August 14, 2017

Willa Cather’s Estate Releases The Nebraska Author’s Letters

As far as famous Nebraskans go, Willa Cather’s name is not among the most easily recognizable. Her work, on the other hand, is. Cather, who grew up in Nebraska, authored multiple books about pioneer life on the plains. Many of her characters are based on real-life people and the events of their lives. But while Cather chose to share the stories of those around her through fiction, she kept her own life relatively private. In fact, Cather included a provision in her will to prevent letters she had written from being published or quoted. A recent policy change by the literary executor of the Willa Cather Trust has opened up access to 3,000 of her personal letters, which reveal details of the Nebraska author’s life.

Who was Willa Cather?

Cather’s Antonia is based on her childhood friend, Annie.

Willa Cather was a Virginian-born writer who grew up on the plains of Nebraska. Cather attended the University of Nebraska at Lincoln where she originally planned to become a doctor. However, her plans changed after a professor submitted one of her essays to a newspaper in Lincoln. Seeing her name in print made Cather want to continue to write, which she did successfully in many genres. Her work as an author extends across multiple literary fields, including print journalism, magazine writing/editing, and fiction.

Why are Cather’s letters important?

Cather’s letters are important to both scholars and everyday readers because they offer insight on the author’s life. By examining her letters, researchers are able to align the events of Cather’s life with her work. One of her letters, for example, was sent to her childhood friend Annie Pavelka. Scholars know that Pavelka is the real-life version of Cather’s Antonia character in her novel, My Antonia. The letter provides solid proof that Cather’s novel is based on real-life.

Additionally, Cather’s letters sent back and forth to other authors of the time provide insight as to who might’ve influenced her writing.

How has the Willa Cather Trust bypassed Cather’s will?

By reading and publishing Cather’s letters, scholars have broken the provision in her will meant to protect her privacy. However, they feel that they are able to read her letters with a clear conscience and without getting into legal trouble because Cather is part of literary history. This is because her novels are reflective of the time she lived in. Additionally, her letters tell the story of her life and the events of her life influenced her writing. So, having access to Cather’s letters gives readers the chance to better understand who the Nebraska author was and how she became a Pulitzer Prize winning author.

Where to find Cather’s letters

A portion of Cather’s letters are compiled into book format and titled “The Selected Letters of Willa Cather.” Scholars added annotations with biographical information to help readers find the missing background clues of Cather’s life. Readers will be able to access all of Cather’s letters in January of 2018 when “The Complete Letters of Willa Cather” begins to be published.

 

 

 

 

 

 

 

 

 

 

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Monday, August 7, 2017

Nebraska’s Digital Asset Laws Evolve Law with Technology

Rapidly advancing technology has given way to new forms of online communication and personal expression. Most people have at least one social media account: Twitter, Facebook, or Instagram, if not all three. Additionally, written communication has rapidly transitioned to a digital format. Emails have replaced letters. Bank statements are now available online instead of through the mail. Consequently, the law has to evolve to keep up with technology. Nebraska Revised Statute 30-501, known as the Uniform Fiduciary Access to Digital Assets Act, places Nebraska at the forefront of the legal evolution created by technology.

So, what exactly is the Digital Assets Act?

Nebraska Revised Statute 30-501 is a law. It was signed by the governor and came into effect January 1, 2017. More specifically, Nebraska Revised Statute 30-501 is a law governing the transfer and ownership of an individual’s digital assets when they die. Digital assets are online accounts, including email, Facebook, blogs, iTunes, and other digital property.

What makes the Digital Assets Act important?

You may be wondering what’s so special about a Nebraska state law. When it comes to 30-501, the answer is a lot. Not only is 30-501 a first-of-its-kind law in Nebraska, it’s among the first of its kind in the United States. As previously mentioned, advances in technology have led to an increase in online communication and digital accounts. This has led to an increase in the amount of digital assets a person owns.

However, federal legislation saying what to do with someone’s digital assets when they die doesn’t exist yet. So, most states use the privacy policy or terms of service of social media and communication platforms to decide what to do with a deceased individual’s digital assets. Nebraska is one of twenty-five states that have created their own laws to govern the digital assets of the deceased.

How does the Digital Assets Act impact you and your family?

Nebraska Revised Statute 30-501 impacts you and your family by allowing a deceased individual’s personal representative or trustee to access and manage their digital assets. This means that you do not have to rely on an online platform’s terms of service or privacy policy to gain control of a deceased loved one’s digital assets. So, overall, Nebraska Revised Statute 30-501 makes the probate process less stressful by granting you easier access to your loved one’s online accounts.

To learn how to remove a deceased loved one’s Facebook page, read our how to blog post here.

 

 

 

 

 

 

 

 

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