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Estate Planning

Who gets access to your online accounts after you die?

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You may have a plan for what to do with your physical belongings after you die, but what about your online accounts? In today’s social media-dominated world, your digital presence will likely exist online even after you are gone. But who has the right to access those accounts? States have begun addressing this issue with new digital access laws. Under current Facebook policy, if an account member dies, Facebook will remove the account at the request of “an immediate family member or executor of the account holder”. Facebook also allows “memorializing the account” at the request of “a family member or close friend”....

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Q&A: Is there an estate tax exemption when selling inherited real estate?

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QUESTION: My siblings and I inherited a parcel of land from our parents. We are in the process of selling it, and I was told you can receive up to $250,000 in a lifetime and not have to pay taxes on any capital gains. Is this correct? ANSWER: ESTATE AND INCOME TAX It is important to distinguish the difference between an estate tax and income tax (which includes capital gains). An estate tax is a tax on the net value of the estate of a deceased person before any distribution to the heirs. An income tax is a tax directly on earned and unearned income...

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