Deeding your House to your Child can Backfire
If a child you’ve added to your deed goes through a divorce, has tax issues, is sued by someone, or must declare bankruptcy, your house could be on the chopping block!
July 3, 2023
LLCs can be a useful Tool in your Estate Planning
An LLC is a particularly flexible form of business entity that is governed by statute and most often is organized in the estate planning context as a ‘manager managed’ LLC.
June 28, 2023
Pitfalls of Gifting and Joint Ownership
There is a popular misperception among many seniors that in order to protect their assets from creditors, including the cost of nursing home care, they should consider gifting their assets to their children.
June 19, 2023
You Need to File an Estate Tax Return
The estate tax is a one-time tax due nine months after someone dies, if their assets reach a certain threshold.
June 5, 2023
Adding Children to Joint Account can have Unintended Consequences
Joint accounts may seem like an effective way to prepare if parents need help with finances as they get older, but unexpected problems could crop up.
May 2, 2023
Step-Up in Basis can help Avoid or Reduce Taxes
Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
April 25, 2023
‘When’ play Major role in Retirement
People approaching retirement ponder numerous questions. However, I’ve found that many of the most important questions revolve around the word ‘when.’
April 19, 2023
Asset Protection Trusts can address Long Term Care
The idea of asset protection for the purposes of protecting against long-term care costs is becoming both more sought-after and more necessary.
April 5, 2023
Irrevocable Grantor Trust can reduce Tax exposure
When it comes to your financial legacy, business owners and executives who accumulate a significant amount of their net worth in their company’s stock rely on the current tax law stating that the basis in assets left to heirs is “stepped up” at death, to the fair market value as of the date of death.
March 16, 2023
Consider Portability as a Solution for your Surviving Spouse
A common financial mistake married farm couples make occurs when the first spouse dies, and the surviving spouse fails to ‘elect portability.’
March 1, 2023