Property (real or otherwise) inherited by family or friends is not considered to be taxable by the federal government. The ability to be taxed on a piece of property that is inherited can be a big concern and point of confusion for many people. The lesser known IRS “gift” Basis Step Up, also known as… Continue reading BASIS STEP UP 101
A Family Protection Planner’s Tips on Dealing with the Certainty of Death “Estate planning is for old people.” • “Estate planning is for the wealthy.” • “I’m not going to die young.” We’ve all said those words or heard them said before. These are misconceptions or justifications that we use to put off thinking about… Continue reading TOP 5 ACTION ITEMS FOR FAMILIES WITH MINOR CHILDREN
There is no doubt that everyone loves a bargain when organizing their estate and giving instructions on the distribution of their worldly goods after death. Yes, you can write your wishes on a piece of paper or you can fill out some quick online forms and have either witnessed as a last will and testament… Continue reading Pitfalls of DIY Estate Planning
How to be legally prepared for the new laws that affect you An 18th birthday opens new doors for minors and presents the independence of a fresh adulthood for children. Recognized as a young adult by almost every state in the union, these minors are finally legally able to vote, enter into contracts and make… Continue reading Turning 18 brings big changes for young adults and their parents
Estate planning goes beyond estate taxes and to the heart of protecting what's most important to you; your family's legacy, their goals and dreams.
You've heard of the words "trust" or "will" and probably wondered what they are, and which would fit your situation. Keep reading for some helpful information. A trust is a contract between the owner of assets (the trustor) and the receiver of those assets (the trustee) to hold and administer those assets on behalf… Continue reading Trust or Will?
When a business owner thinks about retirement, he typically settles on one of two plans- sell the business or gift to his children. The choice between the two are usually very personal and will coincide with the goals of the business owner. For each option, there are different considerations, and necessitates the implementation of a… Continue reading Retirement- Things to Consider Beyond Savings
More times than I care to count, I hear this statement from people; “I don’t have anything so I don’t need to do any estate planning right now.” This is a major misconception about estate planning and it permeates not only through the young community but also with seniors as well. Below, I will outline… Continue reading Why Plan Your Estate?
Estate Planning & the Fiscal Cliff: What to expect if Congress and the White House do not reach a compromise. If you have been avidly following the fiscal cliff conversation between Congress and the White House, you will have realized that it is quite probable, even possible, that there will be no action taken to… Continue reading Estate Planning & the Fiscal Cliff: What to expect if Congress and the White House do not reach a compromise.
I just wrapped up my first trust administration and from this experience, this blog entry was born. Based on the questions asked by my client, I realized that many individuals out there are sorely uneducated about this process. Below is a brief explanation of this process.One of the primary misconceptions that I have encountered is… Continue reading Debunking the “Trust Administration Myth”