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Estate Administration

Estate Planning Should Include Digital Assets

The legal field is still playing catch up when it comes to laws and regulations governing what happens to online accounts after someone dies, and user-service agreements and privacy laws can make gaining access to these accounts even more difficult. Digital accounts can include website domain names, emails, online bank accounts, documents in cloud storage and social media accounts, and even though these are housed on the Internet, they do have value, sometimes financial and other times sentimental.

How Important is a Will to Estate Planning

While an uncomfortable subject for many, proper estate planning is something that should be taken care of sooner than later. No one likes to think about what would happen to their children or their assets after they are gone, but failing to make a will, name an executor or ensure that loved ones will be taken care of after a person's death can be even worse.

Estate Planning in the Northeast Might Mean Moving Out of State

The current federal estate tax exemption limit is $5.34 million for an individual and $10.68 million for married couples. This means that estate taxes are usually only a concern for very wealthy people in the U.S. However, 16 states have estate taxes that set lower exemption limits than the federal levels. People in these states, most of which are in the north, could be subject to estate taxes even if they are only considered to be middle- or upper-middle class.

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